Garrett Jin Closes $58.5M Zcash Short With $35.4M Loss

Garrett Jin closed his entire 38,000 ZEC short on Hyperliquid after nearly three months, taking an estimated $35.44 million realized loss as his market orders briefly pushed Zcash higher.

The position was worth roughly $58.5 million when it was closed. Jin covered the short through market orders over approximately 90 minutes, lifting ZEC about 2.7% from $1,490 to $1,530 during the execution window.

The exit ends a trade that had grown substantially since Jin rebuilt his ZEC short in June with an initial 11,780 ZEC position worth about $4.92 million. He continued adding exposure as Zcash climbed, eventually taking the position to roughly 40,000 ZEC earlier this month.

ZEC Rally Turns Short Into $35 Million Loss

Jin had previously made more than $11 million from bearish ZEC trades, including an $11.24 million profit following Zcash’s June selloff.

The latest position moved in the opposite direction. ZEC climbed from below $500 when the short began building to more than $1,500 this month, leaving the trade with increasingly large unrealized losses before its closure.

Lookonchain placed the final realized loss at $35.44 million. Separate Onchain Lens tracking estimated approximately $36.13 million, reflecting differences in how the position’s executions and costs were calculated.

Hyperliquid’s annualized ZEC funding rate briefly exceeded 170% during the closing activity as the large short was removed from the market.

Jin Still Holds $309 Million in Spot ZEC

The derivatives loss sits alongside a much larger profitable spot position. The wallet tracked as Jin still holds 202,078 ZEC onchain, valued at approximately $309 million when Lookonchain checked the position.

Those coins were withdrawn from Binance about nine months ago when ZEC traded near $437. At roughly $1,530 per ZEC, the position carried approximately $221 million in unrealized profit.

Jin did not sell the spot ZEC while closing the short. He had previously described the bearish derivatives position as a partial hedge against his broader ZEC exposure.

Zcash’s rally has accelerated alongside stronger institutional demand. Grayscale’s Zcash ETF recently recorded $46.6 million in daily inflows as ZEC approached $1,600.

The tracked Hyperliquid account also holds a roughly 1,330 BTC long valued near $107.8 million, with about $3.7 million in unrealized profit at the latest check. ZEC traded near $1,455 early September 21 after reaching $1,595 on September 19.

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