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Garrett Jin (@GarrettBullish), the largest $ZEC short, is now sitting on a $33.66M unrealized loss! Liquidation price: $4,792.01 But his 1,333 $BTC ($108.57M) long is now up $4.5M.
A trader known as Garrett Jin holds the largest short position on ZEC, a cryptocurrency, and currently has an unrealized loss of $33.66 million. His long position on Bitcoin, with 1,333 BTC worth $108.57 million, is instead up by $4.5 million.
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What happened
A trader known as Garrett Jin holds the largest short position on ZEC, a cryptocurrency, and currently has an unrealized loss of $33.66 million. His long position on Bitcoin, with 1,333 BTC worth $108.57 million, is instead up by $4.5 million.
Confirmed
Global impact / market context
If the ZEC short is forced to close at liquidation, it will buy back ZEC, which can push the price up and squeeze other short sellers. Meanwhile, the profitable Bitcoin bet may attract more buyers, supporting Bitcoin's price and shifting investment away from ZEC.
Analyst inference
A large trader's loss on ZEC and gain on Bitcoin highlights divergent sentiment: capital may flow from ZEC to Bitcoin. This could pressure ZEC's price further, increasing the risk of a short squeeze, while strengthening Bitcoin's position as a preferred asset.
Analyst inference
What to watch
- Watch whether ZEC's price approaches the $4,792.01 liquidation level, as crossing it triggers automatic closing of the short position, potentially causing abrupt price spikes. Confirmed
- Monitor whether Garrett Jin adjusts his ZEC short or takes profit on his Bitcoin long, which could signal a change in market expectations and trigger volatility in both assets. Proposed
- If the trader's Bitcoin long continues to profit, it may attract more buyers to Bitcoin, while ZEC could face further selling pressure, widening the performance gap between the two cryptocurrencies. Analyst inference
Affected assets
- BTC — Bitcoin