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Zcash’s rally above $1,200 has pushed a major Hyperliquid short position about $25.7 million into the red after the trader bet against 32,760 ZEC near the start of July.
The wallet entered the position at an average price of roughly $444. ZEC has since almost tripled, while the short remains open with a substantial unrealized loss.
32,760 ZEC Short Was Opened Near $444
On-chain analyst Ember tracks the wallet at 0x92ea…050e9 and attributes it to an entity associated with Garrett Jin. Public blockchain records show the wallet’s positions but do not independently establish who controls it.
At a ZEC price above $1,200, the short carries a notional value of around $39 million. The move from its roughly $444 entry has left the trader with about $25.7 million in unrealized losses.
The position remained open during the latest rally. Its reported liquidation level was near $2,571 based on the latest tracking data.
ZEC Short Loss Rises From $10.7M to $25.7M
The same position was already losing about $10.7 million on August 26, when ZEC traded near $770.
By September 4, the unrealized loss had climbed above $18 million as the token crossed $1,000. ZEC then extended its rally beyond $1,200 over the weekend, adding roughly another $7 million to the paper loss.
The $25.7 million remains unrealized and will continue changing with ZEC’s price until the trader reduces, closes or is liquidated from the position.
$107M Bitcoin Long Offsets Part of ZEC Loss
The wallet is also holding a Bitcoin long position valued at about $107 million. That trade was showing roughly $4.42 million in unrealized profit in the latest tracking data, while accumulated funding fees stood at about $2.05 million.
The Bitcoin profit offsets part of the ZEC loss, but the 32,760 ZEC short remained the wallet’s largest visible losing position in the latest data. Its reported liquidation level remained near $2,571.
