Whale Garrett Jin loses $35 million on Zcash short

Crypto whale Garrett Jin has closed his entire short position on Zcash with a significant loss of $35.44 million. Jin, one of the biggest players on the decentralised derivatives platform Hyperliquid, until recently held the largest short on ZEC, worth around $58.5 million.

In brief:

• Whale Garrett Jin closes his entire ZEC short position with a loss of $35.44 million
• Jin still holds 202,078 Zcash worth approximately $309.25 million
• On his current holdings he has an estimated $221 million in unrealised profit

Massive loss on closed short position

The whale had speculated on a further decline in the ZEC price by taking the short position. However, this strategy did not work out as hoped. With the closing of the position worth $58.5 million, Jin now realises the loss of more than $35 million.

The loss is notable given Jin’s experience as one of the most active traders on Hyperliquid. The platform is known for its large positions and high leverage, which can deliver both large profits and losses.

Still billions in holdings

Despite the loss on the short position, Jin continues to hold substantial wealth. With 202,078 Zcash coins worth approximately $309.25 million, he still has a gigantic direct position in ZEC.

On these holdings, Jin has an estimated unrealised profit of $221 million. This means that the total value of his ZEC investments is significantly higher than the price he paid for these coins at the time. Even though he is losing billions on his short position, his long position in ZEC largely compensates for this.