Zcash (ZEC) has climbed 177.8% in a month, and the traders betting against it are paying for that move. One short was closed at a $10.68 million loss this week, and the largest position still open sits $33.87 million underwater on Hyperliquid. Lookonchain flagged the closed trade before the exit, citing 26 consecutive wins and an 89% rate across 47 trades.
That record had produced more than $9 million in profit. The short covered 12,285 ZEC and was worth $18.31 million earlier, with liquidation set at $1,550.66. Hyperliquid data shows the account now holds no positions at all.
Garrett Jin holds the largest short still open, covering 37,999 ZEC worth $59.37 million. He built the position at an average price of $671.05, so it now shows an unrealized loss of $33.87 million. His 1,333 BTC long is up $4.41 million, which cushions part of the damage.
Jin still has room, because his liquidation price of $4,789.42 sits above the 2016 record of $3,191.93. Other addresses are also seeing sharp losses. One account (0xdd53...2b13) is down $12.53 million on a 13,487 ZEC short opened at $644.39.
Another (0xad59...ba81) shorted 8,425 ZEC at $330.91 with 10 times leverage and now sits $10.47 million underwater. Follow us on X to get the latest news as it happens The rally that caused the damage has made ZEC the strongest performer among the 10 largest cryptocurrencies. The token trades near $1,563 and ranks ninth by market value at $26.47 billion.
The move has real buying behind it from both retail whales and institutions. Lookonchain reported that one address withdrew 15,860 ZEC worth $22.69 million from Binance in a day. Another moved 7,081 ZEC over two days.
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