ZEC rallies as largest short whale faces $25.7m unrealized loss
Zcash (ZEC)
Editor:
Eugene Serbin
lookonchain.com reports that Zcash is rallying sharply, creating a $25.7 million unrealized loss for Garrett Jin, the entity holding the largest native short position on the ZEC blockchain. According to Yu Jing Monitoring, Garrett Jin entered a short position for 32,760 ZEC in early July at an entry price of $444. Over the past three months, the price of ZEC has surged from $400 to over $1,200, significantly impacting this short position.
While the short position is underwater, Garrett Jin also holds a long Bitcoin position worth $107 million, which has generated an unrealized profit of $4.42 million. However, this long BTC position has cost the entity $2.05 million in funding fees. The privacy sector's total market cap has surged to $33.6 billion.
ZEC has jumped 2496% in a year, emerging as this year's biggest winner in the sector. Other notable market movements include a trader using 50x leverage to long BNB and ASTER on Aster_DEX for substantial returns. Additionally, a $PEPE whale transferred all 2.1T tokens worth $52M to a new address after being dormant for 600 days.
How the market reacted
Whalio's own Binance spot order flow for ZEC, measured when this story was written up on 7 September 2026. Not the outlet's figures.
Zcash is currently trading at $1,227.60 with a 24-hour buy ratio of 52.9%, indicating sustained buying interest over the day. Short-term pressure shows a 1-hour buy ratio of 54.6% and a 4-hour ratio of 52.1%, suggesting that buying intensity is slightly elevated in the immediate term compared to the daily average. Volume delta reflects this strength, with +$592,830 in the last hour and +$1,221,843 over four hours, contrasting with a massive +$24,631,548 over 24 hours. The cumulative volume delta (CVD) for the 24-hour period closed at +$11,240,956, confirming net positive flow. Buyers have been dominant for 14 out of the last 24 hours, contributing to a total spot volume of $425,579,207. This activity resulted in 1,041,255 trades in the last day, showing high liquidity and participation.
The latest daily buy ratio of 52.9% sits at the 82nd percentile of the last 322 days, against a median of 50.2% - stronger buying than most days.
Was that an ordinary day?
The same Binance spot measurements for ZEC, averaged over the days leading up to the story.
Compared to the preceding week, today's buy ratio of 52.9% is 3.0 percentage points higher than the 7-day average of 49.9%. Volume has also accelerated, with today's activity running at 2.36 times the weekly average. This surge in volume delta supports a price change of +47.0% over the last 8 days. While net buying occurred on only 3 of the past 7 days, today's metrics indicate a distinct shift toward stronger buying pressure relative to the recent average. This represents an unusual day of heightened accumulation compared to the typical weekly pattern.