According to monitoring by on-chain analyst Ai Yi, reported by Odaily, privacy coin leader ZEC (Zcash) suffered a staggering 43% drop in 24 hours, erasing nearly all gains accumulated over the past two months. In this sharp decline, well-known trader Garret Jin’s massive short position realized extraordinary profits.
The short, worth $19.45 million, was initiated at an average price of $626.47. With ZEC's price collapsing to $327.59, the unrealized profit ballooned to $16.48 million, delivering a return of 137.8%. Remarkably, this profit almost entirely covers his current floating loss in Bitcoin (BTC), which stands at $18.14 million, effectively demonstrating a classic hedge maneuver.
Thanks to this trade, Garret Jin now ranks as the top account on the decentralized derivatives exchange Hyperliquid by unrealized PnL on ZEC contracts. Hyperliquid's on-chain transparency allowed analyst Ai Yi to track and unveil this dramatic position.