ZEC Surges Above $1,200 as Whale Shorts Lose Millions

Zcash (ZEC) has risen from about $400 to above $1,200 in three months, intensifying a major short squeeze. On-chain data from EmberCN shows trader Garrett Jin opened a short position of 32,760 ZEC at an average price of about $444 in early July. The position now carries an unrealised loss of roughly $25.7 million. Jin also holds a Bitcoin (BTC) long position worth about $107 million. It has generated approximately $4.42 million in unrealised gains, although funding fees have reduced returns by about $2.05 million. The trade may have been intended as a ZEC short and BTC long hedge, but ZEC’s rally has increased liquidation risk. The move has been linked to reported interest from major Bitcoin mining pools, including Foundry USA, ViaBTC, F2Pool and Antpool. DCG, BCH Digital and Grayscale have also been cited as potential sources of institutional demand. ZEC briefly overtook Dogecoin (DOGE) by market capitalisation. A separate whale reportedly held about $106.6 million in short positions on Hyperliquid, including ZEC and HYPE. Unrealised losses approached $19.62 million, while total losses over 20 days were estimated at $20.17 million. Traders should monitor ZEC funding rates, open interest, liquidation levels and spot volume. Continued momentum could intensify the ZEC short squeeze, while a reversal could trigger rapid deleveraging.