High-Profile Trader Suffers Major Loss from Zcash Short Position
A trader with an impressive track record of 89% win rate across 47 trades has lost $10.68 million after shorting Zcash (ZEC). The position, covering 12,285 ZEC tokens and initially valued at $18.31 million, was liquidated as the price surged past expectations. Zcash's recent performance has been extraordinary, rising by 177.8% in a month to trade near $1,563 with a market cap of around $26.47 billion. This rally has led to significant losses for short positions on platforms like Hyperliquid. Garrett Jin holds the largest open ZEC short at over $33 million unrealized loss. Institutional and retail buying activity is supporting this upward trend, including large withdrawals from exchanges and record inflows into Zcash ETFs. Social media attention has also spiked, indicating strong market sentiment.
Topics: Hyperliquid Lookonchain shorting trading losses Zcash