Zcash (ZEC) has pushed past $1,200, marking a dramatic reversal for one of the cryptocurrency's largest short sellers on Hyperliquid. Garrett Jin, trading under the handle 'GarrettBullish,' holds a 32,760 ZEC short position opened near $444 in early July that now faces a $25.7 million unrealized loss.
ZEC hit $1,249 over the past 24 hours and is up 134% over the past 30 days. The asset ranks ninth by market cap at approximately $20 billion, with a 12-month gain of 2,433%.
The Position's Evolution
Jin's current short represents a significant reversal of fortune. In June, he closed a previous short for a profit of roughly $11.24 million before re-entering with a new short position at $444 in early July, when ZEC drifted sideways near $400 through much of the summer.
The asset rallied sharply in late August following Grayscale's conversion of its Zcash Trust into ZCSH, the first U.S. spot exchange-traded fund holding the token. ZCSH began trading on NYSE Arca on August 25 and reached $414.7 million in assets by September 3.
Market Dynamics and Liquidation Risk
Open interest in ZEC hit a record $2.4 billion in early September. With this volume, each $100 increase in ZEC's price costs Jin $3.3 million on his position. Roughly $38 million of shorts were liquidated as the price crossed $1,000.
A second trader, 0x362a, shorted 15,785 ZEC worth $18.95 million three days ago and is now down $5.27 million, with a liquidation price near $1,317.
According to onchain analysis, Jin holds other assets that have maintained funding for his position through the sustained rally. At $1,300, the loss would exceed $28 million; at $1,332—three times the entry price—the loss would reach $29.1 million.
