Shorting a rally: how is a ~$59M ZEC short holding up? 🧐
An address labeled Garrett Jin is short 38,000 ZEC at an entry of ~$671. With ZEC near $1,557, that's about $33.7M in unrealized loss (Hypurrscan, Lookonchain). The same address also holds a 1.33K BTC long, up ~$4.5M.
Quick math:
📉 $ZEC short: ~-$33.7M
📈 $BTC long: ~+$4.5M
➡️ Net: ~-$29M
💰 Wallet overview: ~$142M
The catch: liquidation sits around $4,792, roughly 3x the current price. Earlier reports had it near $2,631, which suggests more collateral was added. Some reports link this to an ~$85M ETH transfer to Hyperliquid, but that is unconfirmed.
Why it matters: a large, publicly visible short can add buying pressure if it gets covered, but it can also win if the rally fades. Neither outcome is guaranteed.
Would you have cut this trade earlier, or held? 👇
Data changes by the minute. Not financial advice.
