Garrett Jin adds to an existing ZEC short
On-chain analyst EmberCN reported that the entity tracked as the “Garrett Jin whale” increased its ZEC short position around one hour ago, after first opening the trade nine days earlier. The wallet now holds a ZEC short with a notional value of $15.08 million, entered at an average short price of $444. The position is currently showing an unrealized loss of about $530,000.
The latest move suggests the trader is maintaining a bearish stance on ZEC despite the position being underwater for now. Based on the disclosed figures, the address remains actively engaged in directional trading and is willing to scale into size even after the initial entry has moved against it.
Previous ZEC trades were both profitable
The same entity previously recorded profits on its two earlier ZEC trades. In the first case, it opened a $36 million ZEC short at $626 in late May. ZEC later dropped sharply during a vulnerability-related incident, allowing the trader to close the position with a profit of $11.24 million.
In the second trade, the whale switched to the long side, opening a $22 million ZEC long at $439 and closing it at $447. That trade generated a profit of $420,000. Taken together, the trading history shows that the wallet has recently been active on both sides of the ZEC market and has so far realized gains in each of its previous completed ZEC positions.
BTC long loss narrows as Bitcoin rebounds
Separately, the entity is also holding a BTC long position. As Bitcoin has rebounded by more than $5,000 recently, the unrealized loss on that BTC long has narrowed from $23 million to $16 million. The address therefore appears to be running a mixed book at the moment, with a ZEC short and a BTC long held at the same time.