Garrett Jin Loses $35.4M on ZEC Short

| cryptoadventure.com
Garrett Jin closed a 38,000 ZEC short on Hyperliquid after nearly three months, realising an estimated loss of $35.44 million. A separate estimate put the loss at $36.13 million. The position was worth about $58.5 million when closed. Jin covered the ZEC short with market orders over roughly 90 minutes. The buying briefly lifted ZEC 2.7%, from $1,490 to $1,530. The trade had been rebuilt in June at 11,780 ZEC, worth about $4.92 million, before Zcash rallied from below $500 to above $1,500. Jin previously made more than $11 million from bearish ZEC trades. He still holds about 202,078 ZEC, valued near $309 million, with estimated unrealised gains of $221 million. The spot holdings were not sold and had been described as a hedge against the derivatives position. His account also holds a Bitcoin long worth about $107.8 million; an earlier report estimated 1,330 BTC and roughly $3.71 million in unrealised profit. Hyperliquid’s annualised ZEC funding rate briefly exceeded 170% during the exit. ZEC later reached $1,595 amid strong demand, including $46.6 million in daily inflows into Grayscale’s Zcash ETF. The forced short covering created short-term buying pressure, but the event alone does not confirm a lasting ZEC trend.
Neutral
Jin’s ZEC short covering created immediate buying pressure and briefly pushed ZEC higher by 2.7%. The move was amplified by market-order execution, a funding rate above 170%, and strong reported ETF inflows. These factors may support short-term momentum and trigger further short liquidations. However, the position closure is a single trader’s risk-management event, not proof of sustained demand. Jin still holds a large ZEC spot position, and the unrealised gains indicate that his overall exposure remains closely linked to ZEC’s price. High funding costs and sharp prior gains could also encourage profit-taking and volatility. Therefore, the short-term reaction may be bullish, but the broader price impact is best classified as neutral without confirmation from wider spot flows, volume, and continued institutional demand.