Largest On-Chain ZEC Short Increases Position Amid $24 Million Unrealized Loss
According to on-chain data, the trader behind the largest tracked Zcash (ZEC) short position has added to his bet despite mounting unrealized losses. Garrett Jin, identified by analytics platform Lookonchain, deposited an additional 7,000 ZEC worth approximately $8.4 million into his short position. The move comes after the position accumulated more than $24 million in unrealized losses as ZEC’s price surged.
Jin’s total short exposure now stands at 39,760 ZEC, with a nominal value exceeding $47 million. The reported liquidation price for the position is $2,292.
Garrett Jin, the largest on-chain $ZEC short, is now down over $24M, but he isn’t giving up and just added another 7,000 $ZEC($8.4M) to his short.He is now short 39,760 $ZEC($47.22M), with a liquidation price of $2,292.https://t.co/bLk5NAoS2r pic.twitter.com/ogfJSIyWpK
— Lookonchain (@lookonchain) September 7, 2026
Zcash Rally Forces Bears Out of Leveraged Positions
Jin’s short has become one of the most closely watched positions in the market after Zcash staged a powerful rally. At the time of writing, ZEC was trading at $1,176, up 1.2% in the last 24 hours and 44.1% over the past week. The privacy token cleared the $1,000 level on Friday for the first time since 2016, triggering a wave of forced liquidations among leveraged short traders.
Zcash has gained 137% over the last 30 days and is up 2,389% on a one-year basis.
Short Entry Point and Liquidation Threshold
The rally reached a high of $1,254 on Sunday, marking a four-day climb that carried the price well above the $576 level where Jin originally opened his 3x leveraged short. Despite the substantial paper loss, Jin set his liquidation price at $2,292 — a level that would require a 95% increase from current prices.
Market observers note that Jin is an informed trader who also holds a long position in Bitcoin (BTC) entered at $77,089, suggesting his strategy extends beyond a single-asset bet. As long as ZEC remains below $2,292, the position avoids forced liquidation, though unrealized losses continue to accumulate.
Other ZEC Bears Also Trapped by Rally
Jin is not the only trader caught on the wrong side of Zcash’s ascent. Lookonchain data shows another trader, identified as 0x362a, shorted 15,785 ZEC worth $18.95 million three days ago and is now sitting on a $5.27 million loss. That trader previously held an excellent track record with 26 consecutive winning trades.
