Trader Garrett Jin Bets Big Against Zcash as Losses Mount

Trader Garrett Jin is doubling down on his bet against Zcash. He recently increased his short position on the Hyperliquid exchange to nearly 40,000 ZEC. With the position now worth over 47 million dollars, the trader is facing significant pressure as the asset price continues to climb.

Zcash has rallied recently, pushing past the 1,000 dollar mark. This move has pushed the short position deep into negative territory. Records show that Jin has a liquidation price of 2,292 dollars, which leaves him some breathing room as the token currently trades near 1,190 dollars.

This aggressive move comes after the trader previously booked over 11 million dollars in profits from earlier trades. Market watchers are now keeping a close eye on the ZEC price action. Whether the coin continues its upward momentum or pulls back will determine if this massive bet pays off or leads to a major liquidation.