Garrett Jin Shorts ZEC Again With $4.92M Position As BTC Long Sits $20M Down

Garrett Jin, known on X as @GarrettBullish, has opened a new 2x short on 11,780 ZEC, worth about $4.92 million, through a tracked Hyperliquid address.

The new position puts Garrett back on the bearish side of Zcash after two earlier ZEC trades closed in profit. A Lookonchain-tracked update placed his combined profit from those two ZEC trades at $11.66 million, including the earlier ZEC short win that followed Zcash’s sharp Orchard-driven selloff.

ZEC traded near $416 when checked, with a 24-hour range between roughly $394 and $424. At that price, the 11,780 ZEC short lines up with the reported notional value near $4.92 million.

The trade is smaller than Garrett’s earlier ZEC exposure, but it comes after the privacy coin recovered from its post-Orchard collapse. That makes the new short less about chasing the first crash and more about whether ZEC’s rebound can hold after the market absorbed the security shock.

Prior ZEC Wins Keep Trader In Focus

Garrett’s earlier ZEC short became one of the most visible whale trades on Hyperliquid after Zcash patched an Orchard shielded-pool flaw and the token collapsed. The Orchard flaw turned from a protocol-security issue into a market-confidence crisis, pushing ZEC through one of its steepest drawdowns of the year.

The follow-up market stress continued after a large Zcash withdrawal moved value out of the Orchard pool, keeping attention on supply confidence, shielded balances and exchange-linked flow risk. That context made ZEC one of the market’s most watched privacy-coin trades.

Garrett’s new short now tests whether the recovery has gone too far. ZEC bulls can point to the rebound from the crash, renewed privacy-coin interest and the market’s ability to price the Orchard fix without a confirmed supply loss. Bears can point to the same history as unfinished damage, especially if traders continue treating every rebound as a chance to sell into lower confidence.

The position also follows an earlier period when Garrett’s book combined ZEC exposure with HYPE and BTC trades. His visible HYPE accumulation made the account a broader Hyperliquid focus rather than a single-asset ZEC trade.

BTC Long Adds Risk To The Same Book

Garrett is also holding a 1,268 BTC long worth about $76.45 million, with an unrealized loss near $20.09 million. BTC traded near $60,298 when checked, with the 24-hour range stretching from about $58,761 to $60,621.

That makes the account a split-risk book: short ZEC, long BTC. If Bitcoin stabilizes while ZEC weakens, both sides can help the position. If BTC keeps falling while ZEC rebounds, the account faces pressure from both directions.

Large visible positions on Hyperliquid can quickly become market magnets because traders can watch size, direction and unrealized PnL in public. That visibility does not make the trade right, but it can affect short-term market behavior as other traders monitor liquidation levels, funding, copy trades and counter-positioning.

Garrett’s new ZEC short is now live at 11,780 ZEC, worth about $4.92 million at 2x leverage, while his BTC long remains the much larger exposure. The account holds 1,268 BTC worth about $76.45 million with a reported $20.09 million unrealized loss, leaving the ZEC short tied to a broader leveraged book rather than a standalone privacy-coin bet.

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