ZEC rally leaves major whale short down $25.7 million

Zcash’s move above $1,200 left a large Hyperliquid trader with approximately $25.7 million in unrealized losses on a 32,760 ZEC short position, according to an on-chain analyst’s Sept. 7 assessment. Summary ZEC climbed above $1,200, leaving a tracked Hyperliquid short with $25.7 million in unrealized losses reportedly. The wallet shorted 32,760 ZEC at an average entry price near $444 in July 2026. Ember attributes the address to Garrett Jin, but public blockchain data cannot confirm ownership independently. The same address held roughly $107 million in Bitcoin longs with $4.42 million unrealized profits observed. Funding payments on the Bitcoin position totaled about $2.05 million, reducing its effective trading return materially. Blockchain analyst Ember reported that the wallet opened its ZEC short in early July at an average entry price near $444. ZEC subsequently advanced from approximately $400 to more than $1,200. At $1,200, the difference between the reported entry price and market price would produce a loss of roughly $24.8 million on 32,760 ZEC before fees. Ember’s $25.7 million estimate implies that ZEC was trading closer to $1,228 when the position was observed. The posi...