Garrett Jin Adds 2x ZEC Short as BTC Long Still Shows -$20M

Published: 2026-06-27 05:37:09 |

Crypto trader Garrett Jin (@GarrettBullish) has opened a new 2x leveraged short on Zcash (ZEC) for 11,780 ZEC (about $4.92M) via a tracked Hyperliquid address. The move flips him back to bearish ZEC exposure after two earlier ZEC trades closed profitably. Lookonchain data cited by the article puts total profit from the prior ZEC trades at about $11.66M, following ZEC’s sharp Orchard-driven selloff and subsequent recovery. At the time of reporting, ZEC was around $416, with a 24-hour range roughly $394–$424—placing the short’s notional value near the stated $4.92M. The article frames the trade as a test of whether ZEC’s rebound after the Orchard shielded-pool issue will hold, noting ongoing debate around confidence, shielded balances, and exchange-linked flow risk. The same account also holds a much larger BTC long: 1,268 BTC (about $76.45M) with an unrealized loss near $20.09M. That creates split-direction risk (short ZEC vs long BTC). The piece highlights that large, visible Hyperliquid positions can attract market attention—potentially influencing short-term liquidation levels, funding, and copy-trading behavior. Bottom line: this is a fresh bearish bet on ZEC while BTC exposure remains heavy and under water.

Bearish

The article centers on a new, sizable 2x ZEC short (11,780 ZEC, ~$4.92M) placed by a highly visible trader, which is a direct near-term bearish signal for ZEC. While ZEC has rebounded after the Orchard-related shielded-pool issue, the trade suggests the market is still not fully convinced that the recovery will sustain—especially given lingering concerns about confidence, shielded balances, and exchange-linked flow. At the same time, the account’s large BTC long (1,268 BTC) being deeply underwater (~$20.09M unrealized loss) increases risk of broader portfolio de-leveraging if BTC weakness accelerates. This can indirectly pressure ZEC too, even if the two positions are hedged in different directions. Historically, when prominent leveraged “whale” positions re-open against a recovering asset, short-term price action often becomes more reactive: traders watch funding/liquidation clusters and may front-run either squeeze or follow-through. Longer term, if ZEC’s fundamentals and post-Orchard market confidence continue improving, this bearish stance may fade; but based on the setup described, the expected impact on trading and volatility is more likely negative for ZEC in the near term.