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Zcash's $1,200 Push Sustains, Sending Garrett Jin's Short $25.7M Underwater
Zcash's price rose above $1,200, causing trader Garrett Jin's short position on Hyperliquid to show a $25.7 million paper loss. The position was 32,760 ZEC opened in early July at an average entry price of $444.
Published:
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What happened
Zcash's price rose above $1,200, causing trader Garrett Jin's short position on Hyperliquid to show a $25.7 million paper loss. The position was 32,760 ZEC opened in early July at an average entry price of $444.
Confirmed
Global impact / market context
A short seller borrows an asset hoping to buy it back cheaper later. This large loss may force Jin to buy ZEC to cover, which could push the price even higher and squeeze other traders betting against the cryptocurrency.
Analyst inference
ZEC's sharp rise above $1,200 from a $444 entry point shows strong buying pressure. This move affects Hyperliquid, the trading platform where the position sits, and signals that cryptocurrency prices can swing rapidly, impacting traders who bet on price declines.
Analyst inference
What to watch
- Watch whether ZEC's price stays above $1,200 or falls back, since the article confirms it pushed past this level and the short position's loss depends on the current price. Confirmed
- Consider whether Garrett Jin will close his short position to limit losses, which would mean buying ZEC and potentially adding more upward pressure on the price. Proposed
- Watch for other large short positions on Hyperliquid, as a continued ZEC rally could trigger more forced buybacks, creating a cycle that further boosts the price. Analyst inference
Affected assets
- HYPE — Hyperliquid
- ZEC — Zcash