A trader with an 89% win rate still lost $10.68 million due to shorting Zcash. The sharp rally in Zcash (ZEC) is inflicting heavy losses on short sellers. One trader, who had previously won 26 consecutive trades with an 89% win rate, was forced to close a short position of 12,285 ZEC, incurring a $10.68 million loss and wiping out over $9 million in accumulated profits. Meanwhile, Garrett Jin still holds a short position of approximately 37,999 ZEC, valued at $59.37 million on Hyperliquid, with an unrealized loss of about $33.87 million. Other wallets are also reporting losses of $10–12 million from betting against ZEC. Short squeeze pressure emerged as ZEC surged nearly 178% in just one month, trading around $1,563 and rising into the top 10 cryptocurrencies by market cap. Notably, Zcash investment products attracted $98.2 million in inflows during the week ending September 18—the highest among 14 tracked products—indicating that the rally is driven not only by leveraged speculation but also by spot and institutional capital. With open interest for the $ZEC perpetual contract on Hyperliquid at approximately $885 million, volatility may remain elevated as large short positions have yet to be fully closed.