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 reached a multi-year peak exceeding $1,000 in a single day, marking its highest level in eight years and delivering gains of more than 21% within 24 hours. The surge caught trader Garrett Jin in a costly short position: he held 32,760 ZEC, now valued at over $33 million, having established the trade at substantially lower prices and added to it as the asset climbed. Jin's position crystallized into a loss exceeding $18.5 million, making it the largest individual casualty in a broader wave of short liquidations totaling $36 million.
The move came as part of a sharp recovery for the privacy coin. Zcash has doubled in value since mid-August, when it traded near $500, and the current rally appears to reflect a shift in market sentiment that caught leveraged short positions off guard. Jin's losses represent roughly half of all ZEC short liquidations during the surge.
What triggered the acceleration in buying pressure remains unspecified in available reporting, as does the timeline and circumstances of Jin's entry and subsequent position management.