From Bitcoin Long to Zcash Short High-volume trader Garrett Jin (@GarrettBullish) has closed out a $105.4 million long position in $BTC and redirected significant capital into a leveraged sho
High-volume trader Garrett Jin (@GarrettBullish) has closed out a $105.4 million long position in $BTC and redirected significant capital into a leveraged short on Zcash ($ZEC). According to trade data, Jin liquidated 1,332 $BTC and secured a net profit of $2.7 million before rotating into the privacy-coin sector with an aggressive bearish stance.
The move is part of a broader pattern for Jin, who has repeatedly traded $ZEC from both sides this year. In May, he placed limit orders to short more than $36 million of ZEC, then closed that position on June 7 for a profit of roughly $11.24 million. He flipped short again in early July at $444, and ZEC drifted sideways near $400 for much of the summer.
Jin has since increased his Zcash short position on Hyperliquid to 39,760 $ZEC, worth approximately $47.22 million. The original copy puts the market valuation at $46.65 million with a liquidation price of $2,540.28, reflecting a deeply bearish outlook on the token's near-term price action.
The timing of the position carries considerable risk. ZEC went vertical in late August after Grayscale converted its Zcash Trust into ZCSH, the first U.S. spot exchange-traded fund holding the token, which began trading on NYSE Arca on August 25 and reached $414.7 million in assets by September 3. That catalyst sent $ZEC sharply higher, putting pressure on existing short sellers.
On-chain analyst Ember described the address behind the trade as part of a "Garrett Jin whale entity," though this attribution is treated as Ember's assessment rather than an independently established fact. Jin has not publicly confirmed ownership of the wallet.
Whether the trader's bearish conviction ultimately pays off will depend on whether $ZEC sustains its momentum or reverts. For now, the position stands as one of the largest short bets on Zcash on any decentralized venue.
Sources:Bitcoin.com News: Zcash's $1,200 Push Sustains, Sending Garrett Jin's Short $25.7M UnderwaterCoinPedia: Zcash Price, Garrett Jin Adds to $47M Losing Short Position
