A Chinese Whale May Have Made Another Large Purchase of an Altcoin That Has Surged Incredibly in Recent Days

While the rise in Zcash (ZEC) price continues in the cryptocurrency market, Garret Jin’s past large-scale ZEC purchases and short position on Hyperliquid have attracted attention.

According to a screenshot shared by Jin from his X account, 68,080 ZEC was withdrawn from Binance on December 24th of last year. At that time, the value of that ZEC was approximately $29.7 million. The same wallet was also seen withdrawing 134,000 ZEC, worth approximately $58.6 million, from Zcash just minutes earlier.

Thus, a total of 202,080 ZEC was transferred to the wallet, with a total value of approximately $88.3 million at the time. According to on-chain data, Jin later moved all of the ZEC to shielded addresses using Zcash’s privacy feature. However, the assets were moved back to transparent addresses within minutes, and all 202,080 ZEC are still under the control of the same investor.

With the ZEC price rising to $1,580, the current value of Jin’s Zcash holdings has reached approximately $320 million. This indicates that the position has gained approximately $232 million in value in dollar terms.

On the other hand, it is stated that Jin also has a short position on Hyperliquid of approximately 38,000 ZEC, currently worth about $60 million. The unrealized loss on this short position is approximately $34.5 million.

This chart suggests that a short position on Hyperliquid could be considered a partial hedge against Jin’s much larger spot ZEC holdings. Thus, in the event of a price drop in ZEC, the profit from the short position could offset a portion of any potential decline in the spot market.

*This is not investment advice.

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