BlockBeats reported on Sept. 21 that Garrett Jin, described as the agent of a "BTC OG insider whale," closed an entire 38,000 ZEC short position with market orders over roughly 1.5 hours. The move pushed ZEC from $1,490 to $1,530, a gain of about 2.7%. At the same time, the funding rate for ZEC on Hyperliquid rose to more than 170% annualized. According to the report, the short had been held for nearly three months. Garrett Jin had previously said the position was part of a partial hedge. The closeout resulted in an estimated loss of about $35 million, while his spot ZEC holdings were not sold during the period.
BlockBeats reported on Sept. 21 that Garrett Jin, described as the agent of a "BTC OG insider whale," closed his entire 38,000 ZEC short position with market orders over 1.5 hours.
The buying pushed ZEC from $1,490 to $1,530, for a gain of about 2.7%. On Hyperliquid, the funding rate climbed to more than 170% on an annualized basis.
The report said the short had been open for nearly three months. Garrett Jin had previously described it as part of a partial hedge. This closeout ended with a loss of about $35 million, and he did not sell his spot ZEC holdings during the period.
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