ZecZcashOne of Zcash’s most watched short positions may not be the bearish bet it first appears to be.
Garrett Jin has shared records showing Binance withdrawals of approximately 134,000 ZEC and 68,076 ZEC — roughly 202,100 ZEC in total, currently worth more than $300 million.
At the same time, Jin is associated with a Hyperliquid short of roughly 38,000 ZEC, worth around $60 million, currently carrying approximately $34 million in unrealized losses.
The key detail: the short is much smaller than the reported spot position.
That suggests it may be a partial hedge — protecting part of a much larger ZEC exposure rather than representing a straightforward bet against Zcash.
There’s also a privacy angle. The reported ZEC movements involve transparent addresses and activity around Zcash’s shielded pool. Once funds enter the shielded domain, however, their exact path and ownership cannot simply be followed through the public transaction graph.
So the viral “massive ZEC short” story has another side:
Jin reports holding 200K+ ZEC while shorting roughly 38K ZEC — a position consistent with partially hedging a much larger spot holding.
Source: Garrett Jin / public Hyperliquid data / on-chain monitoring
⚡ $ZEC | #Zcash
🔒 Privacy • Freedom • Financial Sovereignty
🔥 @ZecZcash
