Zcash (ZEC) broke past $1,200 on Thursday, and one trader is feeling the squeeze. Garrett Jin holds the largest short position on the token on Hyperliquid, now sitting on a paper loss of $25.7 million, according to onchain analyst EmberCN.
The Short That Went Wrong
Jin's position is 32,760 ZEC, opened in early July with an average entry price of $444. That means he bet the price would fall. Instead, ZEC has more than doubled since then, and the loss keeps growing as the token climbs.
EmberCN reported the details as ZEC traded above $1,200. The analyst didn't say whether Jin has added to the position or trimmed it, only that the loss is unrealized — a paper loss, not a closed one.
What's Driving ZEC Higher
The rally has been sharp. ZEC's move past $1,200 marks a level it hasn't seen in years, though the facts here don't specify a timeline for the surge. What's clear is that the short seller's timing was off — he entered when the token was below $500, and it's now more than 2.5 times that.
Hyperliquid is a decentralized derivatives platform, and large shorts like this one can draw attention. When a position gets this underwater, traders often watch for a potential squeeze — where the short seller is forced to buy back, pushing the price even higher. But there's no indication Jin is closing out.
The Risk of a Squeeze
If ZEC keeps climbing, Jin's loss grows. If it reverses, he could cover at a profit. The math is simple: his break-even is $444, and the current price is $1,200. That's a $756 per token gap, and with 32,760 tokens, the paper loss adds up fast.
EmberCN's report didn't include any commentary from Jin or Hyperliquid. The exchange hasn't issued a statement about the position. So far, it's just a number on a screen — but a big one.
What happens next depends on where ZEC goes from here. The token's momentum is strong, but a sharp pullback would ease the pressure on Jin's short. For now, the market watches the price ticker and the position size.
