Zcash Crossed $1,000 for the First Time in Nearly a Decade. 3 Whales Wish It Hadn't
Zcash's (ZEC) triple-digit rally has put pressure on short sellers, who now watch their positions sink deeper into the red.
ZEC has gained 120% in the past month alone and trades near $1,124. It crossed $1,000 last week for the first time in nearly a decade.
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ZEC Shorts Sink Further as Zcash Leads the Only Winning Sector
The rally has proved costly for traders positioned against ZEC. Hyperliquid data shows trader Garrett Jin, wallet 0x92eaโฆ50e9, short 39,760 ZEC worth $44.86 million from an average entry of $576.30.
"Garrett Jin just closed his entire 1,332 BTC ($105.4M) long for a $2.7M profit and is now fully focused on shorting ZEC," Lookonchain posted.
That trade is down $21.94 million and liquidates at $2,540.47. A second wallet, 0xdd53โฆ2b13, is short 27,557 ZEC from $644 and is sitting on a paper loss of $13.33 million.
A third, 0x362aโฆ1d9f, is down $4.12 million on 15,785 ZEC. Together, the three sit on roughly $39 million in unrealized losses.
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