preferred on
Point of Focus
- Garrett Jin added 7,000 ZEC to his short at approximately $1,195.
- The position now carries a notional value above $47 million.
- Jin’s additional trade raised his average short entry price from about $444 to $576.30.
Garrett Jin, a former BitForex executive and crypto entrepreneur whom onchain analysts have linked to several major Hyperliquid positions, has increased his Zcash short position despite carrying approximately $24 million in unrealized losses, according to onchain monitoring accounts EmberCN and Lookonchain.
Jin added 7,000 ZEC at an entry price of roughly $1,195, increasing the position by approximately $8.4 million.
The transaction lifted his total short exposure to 39,760 ZEC, carrying a reported notional value of more than $47 million.
Jin raises average entry price to $576
Adding the new short position at a substantially higher ZEC price increased Jin’s average entry level from approximately $444 to $576.30, EmberCN reported.
The higher average entry price reduces the distance between the position’s cost basis and ZEC’s current market value. However, the trade remains deeply underwater after the privacy coin’s rapid advance.
Garrett Jin(@GarrettBullish) just closed his entire 1,332 bitcoin:native ($105.4M) long for a $2.7M profit and is now fully focused on shorting $ZEC.
His 39,760 $ZEC($46.65M) short now has a liquidation price of $2,540.28.
Will he get liquidated?https://t.co/lEVQwvh3v4 pic.twitter.com/VbEKWXGjNN
— Lookonchain (@lookonchain) September 7, 2026
Lookonchain described Jin as the largest tracked onchain ZEC short seller and placed his unrealized loss above $24 million. The monitoring platform reported a liquidation price of $2,292.
That level sits approximately 95% above the $1,176 price quoted when Lookonchain published its analysis. The reported liquidation level does not guarantee that the position will remain open until ZEC reaches exactly $2,292, as changes in collateral, leverage or position size could alter it.
Jin reportedly uses three-times leverage for the trade. He has also taken positions in other assets, including a Bitcoin long opened at approximately $77,089.
ZEC rally traps short sellers
Jin increased his bearish position after ZEC climbed above $1,000 for the first time since 2016. The token reached $1,254 on Sunday following four consecutive days of gains.
At the time of the transation, ZEC traded near $1,176, representing a 44.1% weekly gain. It had also risen 137% over 30 days and 2,389% over the preceding year.
IF YOU BOUGHT $5,000 WORTH OF $ZEC IN JULY 2025…
YOU WOULD NOW HAVE $330,000.
+6,816% 🤯 pic.twitter.com/wcgFnhTCA6
— Crypto Rover (@cryptorover) September 7, 2026
The move through Jin’s revised $576.30 average entry pushed the position further into negative territory.
His latest addition indicates that he expects ZEC eventually to decline enough for the enlarged short to recover some or all of its losses.
Another successful trader faces a $5M loss
Jin is not the only trader caught on the wrong side of ZEC’s rally.
Lookonchain reported that an address identified as “0x362a” shorted 15,785 ZEC, worth approximately $18.95 million, three days before the update. The position subsequently accumulated an unrealized loss of around $5.27 million.
[Garrett Jin 巨鲸实体] 刚刚平掉了他价值 $1.07 亿的 BTC 多单 (1,331 枚 BTC)！
这个 BTC 多单拿了 3 个半月，实现 $102 万的盈利。现在他手上就只有亏损严重的 ZEC 空单了：39,760 枚 ($4700 万) ZEC 空单，浮亏 $2400 万。
他下午才给亏损严重的 ZEC 空单补了仓，晚上又把有盈利的 BTC… https://t.co/x5erruUPXu pic.twitter.com/apRc0NKkHu
— 余烬 (@EmberCN) September 7, 2026
The address had previously completed 26 consecutive profitable trades, according to the monitoring platform.
For Jin, the immediate risk remains clear: continued ZEC gains would deepen the paper loss and push the position closer to its reported $2,292 liquidation level. A decline below his average entry price, meanwhile, would be necessary for the overall short to move into profit.
Share
Most read articles
