Zcash Hits $1,200 as Garrett Jin’s Short Faces $25.7M Loss
Zcash (ZEC)
Editor:
Eugene Serbin
news.bitcoin.com reports that Zcash has surged past $1,200, placing Hyperliquid trader Garrett Jin’s short position $25.7 million underwater. Jin entered the short at $444, and the position has grown from an $18.5 million loss three days prior when ZEC crossed $1,000. The asset has risen 4% in 24 hours, 45% in seven days, and 134% over 30 days, reaching a market cap of approximately $20 billion.
Onchain analyst EmberCN highlighted that Jin, who previously profited $11.24 million in June, flipped short again in early July when the price was near $400. The rally accelerated in late August following the launch of the ZCSH ETF on NYSE Arca. Another trader, 0x362a, is also down $5.27 million on a short position with a liquidation price near $1,317.
Open interest hit a record $2.4 billion in early September, triggering $38 million in short liquidations as the price passed $1,000. EmberCN noted that Jin holds other assets to fund the position, making forced liquidation unlikely despite the mounting losses. The arithmetic is intense, with every $1 gain adding $32,760 to the shortfall. Jin’s position now serves as fuel for the ongoing squeeze.
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 trading at $1,227.60 with a 1-hour buy ratio of 62.2%, indicating strong immediate buying pressure compared to the 4-hour ratio of 46.2%. The 24-hour buy ratio sits at 52.9%, showing that buying interest remains dominant over the full day. Volume delta reflects this activity with a positive $1,970,581 in the last hour and a substantial $24,631,548 over 24 hours. The Cumulative Volume Delta for the 24-hour close is +$13,104,733, confirming that buyers are aggressively absorbing sell orders. This flow suggests that momentum is currently favoring the long side of the market.
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.
Over the preceding week, the average buy ratio was 49.9%, making today’s 1-hour reading of 62.2% an unusual spike in buying activity. Volume has surged to 2.36 times the weekly average, highlighting a significant increase in trading intensity. The price has risen 47.0% over eight days, driven by a total volume delta of +$20,352,448. While three of the last seven days saw net buying, the current 24-hour volume of $425,579,207 marks a distinct acceleration in market participation.