Zcash Rally Puts Massive ZEC Short More Than $33M Underwater

One of the largest publicly tracked Zcash short positions is now sitting on more than $33 million in unrealized losses as ZEC continues to trade far above the position’s entry price.

The position has been linked by on-chain trackers to Garrett Jin and remains one of the most closely watched bearish bets against Zcash.

According to the latest publicly shared position data, the ZEC short is roughly 38,000 ZEC in size, with tens of millions of dollars in exposure. The reported liquidation price is around $4,792 — still far above ZEC’s current market price.

That distinction matters.

The size of the unrealized loss does not mean liquidation is imminent. It does, however, make the position increasingly interesting from a market-structure perspective.

If a large short is eventually reduced or closed, the trader must buy ZEC back. A forced liquidation would similarly require the position to be unwound. In either case, that buying can add upward pressure to the market.

But there is currently no evidence that this single position is responsible for ZEC’s rally.

The more accurate takeaway is simpler:

A major bearish ZEC position remains open while the market continues moving against it — and the larger the gap becomes, the more closely traders will watch what happens next.

Source: Lookonchain / publicly tracked on-chain derivatives data

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