Zcash Crossed $1,000 for the First Time in Nearly a Decade. 3 Whales Wish It Hadn't

Zcash’s (ZEC) triple-digit rally has put pressure on short sellers, who now watch their positions sink deeper into the red. ZEC has gained 120% in the past month alone and trades near $1,124. It crossed $1,000 last week for the first time in nearly a decade.

Zcash (ZEC) Price Performance. Source: BeInCrypto Markets Follow us on X to get the latest news as it happens ZEC Shorts Sink Further as Zcash Leads the Only Winning Sector  The rally has proved costly for traders positioned against ZEC.

Hyperliquid data shows trader Garrett Jin, wallet 0x92ea…50e9, short 39,760 ZEC worth $44.86 million from an average entry of $576.30. “Garrett Jin just closed his entire 1,332  BTC  ($105.4M) long for a $2.7M profit and is now fully focused on shorting ZEC,” Lookonchain posted.

Garrett Jin’s ZEC Short Position. Source: Hypurrscan That trade is down $21.94 million and liquidates at $2,540.47. A second wallet, 0xdd53…2b13, is short 27,557 ZEC from $644 and is sitting on a paper loss of $13.33 million.