Garret Jin’s ZEC Short Carries $33.66 Million Unrealized Loss as Zcash Surges

Garret Jin, who is reported to hold the largest short position on Zcash’s ZEC token, is facing an unrealized loss of $33.66 million as the cryptocurrency extends a sharp rally.

According to information shared by Coin Bureau, Jin’s ZEC short has a liquidation price of $4,792. The position has come under increasing pressure as ZEC has risen nearly 225% over the past month.

The loss remains unrealized, meaning the position has not been closed at that level. Jin’s reported exposure also includes more than 210,000 ZEC, worth over $300 million, which provides important context for the size and structure of the short position.

ZEC Rally Puts Pressure on Large Short

Zcash has recorded a substantial increase in value over the past month, with ZEC up nearly 225% according to the figures cited by Coin Bureau.

That move has placed large short positions under pressure. A short position generally loses value as the underlying asset rises, while the trader remains exposed to the possibility of additional losses until the position is closed or otherwise adjusted.

Jin’s reported liquidation price of $4,792 is considerably above the level at which ZEC has recently traded. The liquidation figure represents the price at which the position would become subject to forced closure under the applicable margin conditions.

Recent markets monitoring has also documented the scale of the position. Lookonchain reported that Jin’s ZEC short had reached an unrealized loss of $33.83 million, with a liquidation price near $4,790, showing that the reported loss has continued to fluctuate with ZEC’s price.

More Than 210,000 ZEC Held

The size of Jin’s reported ZEC holdings is central to understanding the position.

Coin Bureau said Jin holds more than 210,000 ZEC, with the holdings valued at more than $300 million. The short position can therefore be viewed in the context of a much larger exposure to the same asset.

Coin Bureau described the short as a hedge against Jin’s substantial ZEC holdings. Under such a strategy, gains or losses on the short can offset part of the price exposure associated with the underlying holdings, although the effectiveness of any hedge depends on the size, entry price and structure of both positions.

Separate monitoring published on September 19 put Jin’s spot holdings at 202,080 ZEC, valued at approximately $320 million, while his Hyperliquid short was reported at around 38,000 ZEC.

Liquidation Level Remains a Key Figure

The $33.66 million figure represents an unrealized loss rather than a finalized trading loss. The position's eventual outcome would depend on how it is managed and how ZEC moves relative to its entry price and liquidation threshold.

Jin’s reported exposure has attracted attention because the short sits alongside one of the largest disclosed ZEC holdings. The combination means the position cannot be assessed solely by looking at the short’s losses without considering the broader exposure to Zcash.

For now, the key figures remain the $33.66 million unrealized loss, the $4,792 liquidation price and Jin’s reported holdings of more than 210,000 ZEC. With ZEC having gained nearly 225% over the past month, further changes in the token’s price will continue to determine the value of the open position.

Writer: Victoria Hale
Technology & Blockchain Writer

Victoria Hale writes about blockchain technology, digital infrastructure, and the intersection of emerging technologies with finance. Her articles explore how new protocols and systems are shaping the evolving digital economy.

She prioritises clarity and accuracy when explaining technical developments to a general audience.