Zcash surged past $1,000 for the first time in eight years, triggering $36M in short liquidations including an $18.5M loss for trader Garrett Jin.
Macro & Markets ·
Zcash rallied to just over $1,000, its highest level in eight years, delivering a 21% gain over the preceding 24 hours. The move triggered forced closures across short positions in the token, with total liquidations reaching $36 million. Trader Garrett Jin absorbed half that loss, realizing over $18.5 million in losses on a short of 32,760 ZEC now valued at over $33 million.
Jin had opened his short position at prices substantially below current levels, near $444. As ZEC's value climbed over successive days, he continued adding to the trade before the break above $1,000 forced the position into severe negative territory. The token's breakout began in mid-August, when it traded around $500, doubling in value before reaching the $1,020 peak.
The scale of Jin's individual losses relative to the broader market dislocation—comprising half of all ZEC short liquidations—underscores the volatility concentrated in a single trader's exposure.