ZEC’S BIGGEST SHORT JUST CLOSED

Garrett Jin has closed his entire 38,000 ZEC short position, worth roughly $58.5M, realizing an estimated $35.44M loss.

According to Lookonchain, the position was closed through market orders over roughly 90 minutes, during which ZEC moved about 2.7% from $1,490 to $1,530.


But there’s an important detail:
Jin still holds 202,078 ZEC spot on-chain — valued at roughly $309M at the time of the report, with around $221M in unrealized profit.

So this wasn’t simply a ZEC bear capitulating. The short had been described as a partial hedge against a much larger spot position.

38,000 ZEC short: closed.
~$35.44M realized loss.
202,078 ZEC spot: still held.

Source: Lookonchain, Sep. 21, 2026

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