{"id":77827,"date":"2026-09-07T09:28:02","date_gmt":"2026-09-07T09:28:02","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/zcashs-1200-push-sustains-sending-garrett-jins-short-25-7m-underwater-bitcoin-news\/"},"modified":"2026-09-07T09:28:02","modified_gmt":"2026-09-07T09:28:02","slug":"zcashs-1200-push-sustains-sending-garrett-jins-short-25-7m-underwater-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/zcashs-1200-push-sustains-sending-garrett-jins-short-25-7m-underwater-bitcoin-news\/","title":{"rendered":"Zcash&#8217;s $1,200 Push Sustains, Sending Garrett Jin&#8217;s Short $25.7M Underwater \u2013 Bitcoin News"},"content":{"rendered":"<p><b>(Originally posted on : Bitcoin News )<\/b><br \/>\n<\/p>\n<div>\n<div class=\"@container mb-[25px] rounded-sm overflow-clip py-0.5 pr-0.5 pl-2.5 bg-success-100\">\n<div class=\"flex flex-col gap-m overflow-clip rounded-[6px] !bg-success-10 p-3 @[420px]:p-m\">\n<h2 class=\"m-0 flex items-center gap-s text-[19px] !text-[#1c1c1c] md:text-[20px]\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"16\" height=\"10\" viewbox=\"0 0 16 10\" fill=\"none\" class=\"shrink-0 text-success-100\" aria-hidden=\"true\"><path d=\"M1 1.5h14\" stroke=\"currentColor\" stroke-width=\"2.5\" stroke-linecap=\"round\"\/><path d=\"M1 8.5h10\" stroke=\"currentColor\" stroke-width=\"2.5\" stroke-linecap=\"round\"\/><\/svg><span>Key Takeaways<\/span><\/h2>\n<ul class=\"m-0 flex list-none flex-col gap-m pl-0\">\n<li class=\"m-0 flex items-start gap-s !text-[#434248]\"><span class=\"mt-2 size-2 shrink-0 rounded-full bg-success-100\" aria-hidden=\"true\"\/><span class=\"text-body\">Prominent whale Garrett Jin\u2019s 32,760 ZEC short, opened near $444 in July, is $25.7M underwater as of today.<\/span><\/li>\n<li class=\"m-0 flex items-start gap-s !text-[#434248]\"><span class=\"mt-2 size-2 shrink-0 rounded-full bg-success-100\" aria-hidden=\"true\"\/><span class=\"text-body\">ZEC hit $1,249 over the past 24 hours and is up 134% in 30 days. The asset ranks ninth by market cap at $20B.<\/span><\/li>\n<li class=\"m-0 flex items-start gap-s !text-[#434248]\"><span class=\"mt-2 size-2 shrink-0 rounded-full bg-success-100\" aria-hidden=\"true\"\/><span class=\"text-body\">Jin made $11.24M shorting ZEC in June; with open interest at a record $2.4B, each $100 higher costs him $3.3M.<\/span><\/li>\n<\/ul>\n<\/div>\n<\/div>\n<h2>The Position, Line by Line<\/h2>\n<p>Onchain analyst EmberCN <a href=\"https:\/\/x.com\/EmberCN\/status\/2096754182912872656\" target=\"_blank\" rel=\"noopener noreferrer\">posted the tally<\/a> as ZEC printed above $1,200, noting:<\/p>\n<ul>\n<li>32,760 ZEC short, average entry $444, opened in early July<\/li>\n<li>Unrealized loss $25.7 million<\/li>\n<\/ul>\n<p>Three days earlier, the same position was $18.5 million in the red, as ZEC first crossed $1,000, when the short was worth $33.11 million. Roughly $7 million of additional pain arrived over a single weekend.<\/p>\n<p><\/p>\n<p>As things stand, ZEC trades near $1,200, up 4% in 24 hours, 45% in seven days and 134% in 30 days. The 12-month gain is 2,433%. The market cap is about $20 billion, good for ninth place.<\/p>\n<h2>How He Got Here<\/h2>\n<p>Jin, who trades under the handle \u2018GarrettBullish,\u2019 has been on both sides of this coin all year. In May, he <a href=\"https:\/\/x.com\/lookonchain\/status\/2057674429799530524\" target=\"_blank\" rel=\"noopener noreferrer\">placed limit orders<\/a> to short more than $36 million of ZEC and then on June 7 he closed that short for a profit of roughly $11.24 million. Then he flipped short again in early July at $444, per Ember, and ZEC obliged by drifting sideways near $400 for most of the summer.<\/p>\n<p>The asset then went vertical in late August as Grayscale converted its Zcash Trust into ZCSH, the <a href=\"https:\/\/news.bitcoin.com\/featured\/grayscales-zcash-etf-begins-trading-on-nyse-arca-with-spot-zec\/\">first U.S. spot exchange-traded fund (ETF) holding the token<\/a>, which began trading on NYSE Arca on Aug. 25 and reached $414.7 million in assets by Sept. 3. Bitcoin.com News <a href=\"https:\/\/news.bitcoin.com\/market-updates\/zcash-tops-1000-hayes-hougan-privacy-trade\/\">reported ZEC at $1,046<\/a> on Sept. 4 with a $17 billion market cap. It has since added about $3 billion in value.<\/p>\n<p>In addition to Jin, onchain sleuths have <a href=\"https:\/\/x.com\/lookonchain\/status\/2096763498701492527\" target=\"_blank\" rel=\"noopener noreferrer\">also flagged another trader, 0x362a<\/a>, who shorted 15,785 ZEC ($18.95 million) three days ago after 26 straight winning trades and is now down $5.27 million, with a liquidation price of about $1,317.<\/p>\n<p>Longs are crowded too, given open interest in ZEC hit a record $2.4 billion in early September and about <a href=\"https:\/\/news.bitcoin.com\/market-updates\/bitcoin-spikes-above-82k-after-heavy-short-liquidations\/\">$38 million of shorts were liquidated<\/a> as the price crossed $1,000. Arthur Hayes, Bitwise\u2019s Matt Hougan and Alliance DAO\u2019s Qiao Wang have all <a href=\"https:\/\/news.bitcoin.com\/market-updates\/zcash-tops-1000-hayes-hougan-privacy-trade\/\">publicly backed the privacy trade<\/a> in the past week, with Wang saying his personal crypto holdings consist of bitcoin and zcash only.<\/p>\n<h2>What $1,300 Means<\/h2>\n<p>EmberCN noted the Jin holds other assets that have kept the position funded through a near-tripling of the price, so a forced liquidation is not the base case. The arithmetic behind it all is quite intense, as every $1 that ZEC gains adds $32,760 to the loss. At $1,300, the shortfall passes $28 million. At $1,332, three times the entry, it reaches $29.1 million.<\/p>\n<p>In June, Jin covered and pocketed $11.24 million when ZEC rolled over. This time, the coin is doing the rolling, and the biggest short on the venue is the fuel every squeeze is looking for.<\/p>\n<\/p><\/div>\n<p><a href=\"https:\/\/news.bitcoin.com\/crypto-news\/zcashs-1200-push-sustains-sending-garrett-jins-short-25-7m-underwater\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : Bitcoin News ) Key Takeaways Prominent whale Garrett Jin\u2019s 32,760 ZEC short, opened near $444 in July, is $25.7M underwater as of today. ZEC hit $1,249 over the past 24 hours and is up 134% in 30 days. The asset ranks ninth by market cap at $20B. Jin made $11.24M shorting [&hellip;]<\/p>\n","protected":false},"author":3947362404,"featured_media":77828,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[32],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/77827"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/3947362404"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=77827"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/77827\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/77828"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=77827"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=77827"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=77827"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}