Zcash Surge Triggers Massive Short Losses, Including $10.68 Million Hit for High‑Win‑Rate Trader

Zcash (ZEC) surged 177.8% over the past month, becoming the top performer among the ten largest cryptocurrencies. The rally has turned short sellers into heavy losers.

High‑Win‑Rate Trader Takes $10.68 Million Hit

Lookonchain highlighted a trader who had achieved 26 consecutive wins and an 89% success rate across 47 trades, generating more than $9 million in profit. The trader covered a short of 12,285 ZEC, originally valued at $18.31 million, and incurred a $10.68 million loss when the position was closed.

Largest Open Short Now Underwater

Garrett Jin holds the biggest remaining short, covering 37,999 ZEC worth $59.37 million at an average entry price of $671.05. The position is currently underwater by $33.87 million, though a long position of 1,333 BTC provides a $4.41 million gain that partially offsets the loss. Jin’s liquidation price of $4,789.42 remains above the 2016 record low of $3,191.93.

Other Significant Short Losses

• Address 0xdd53…2b13 is down $12.53 million on a short of 13,487 ZEC entered at $644.39.
• Address 0xad59…ba81 shorted 8,425 ZEC at $330.91 with 10× leverage, now $10.47 million underwater.

Buying Pressure Behind the Rally

Retail and institutional buying have supported the price rise. One address moved 15,860 ZEC ($22.69 million) from Binance in a single day, and another transferred 7,081 ZEC over two days. Zcash ETFs attracted $98.2 million in inflows during the week ending September 18, the largest among 14 products, raising total assets to $914.5 million.

Market Context

ZEC now trades near $1,563, ranking ninth by market cap at $26.47 billion. Open interest on Hyperliquid’s ZEC perpetual contracts stands at 574,045 ZEC (≈$885 million), indicating substantial leveraged activity on both the long and short sides.