TLDR
- Garrett Jin has opened a $21.73M Zcash short position on Hyperliquid at $418.90 per coin
- So far, $4.93M of the order has been filled, with $16.8M still pending
- If fully executed, Jin would become the largest ZEC holder on Hyperliquid
- His two previous ZEC trades together earned him $11.66M in profit
- Jin is also holding a 1,268 BTC long opened at $76,117 that is currently down $20.09M
Crypto whale Garrett Jin has placed a large short order on Zcash through the Hyperliquid decentralized exchange. The order is set at $418.90 per coin and totals $21.73 million.
Garrett(@GarrettBullish) is shorting $ZEC again.
He just opened a 2x short on 11,780 $ZEC($4.92M).
His previous two $ZEC trades were both profitable, earning him a total of $11.66M.
He is also holding a 1,268 $BTC($76.45M) long, which is currently down $20.09M.… pic.twitter.com/fA5fpH56se
— Lookonchain (@lookonchain) June 27, 2026
On-chain analyst Yujin reported the trade. At the time of the report, $4.93 million of the position had already been filled. The remaining $16.8 million was still pending.
What the Position Could Mean for Hyperliquid
If the full order is executed, Jin would become the largest Zcash holder on Hyperliquid. That would mark a notable concentration of one trader’s exposure on the platform.
Lookonchain, which tracks on-chain activity, confirmed the position. It noted that the current active short uses 2x leverage and covers 11,780 Zcash coins, worth around $4.92 million at the time of the report.
Lookonchain also pointed out that Jin’s two earlier Zcash trades were both profitable. Those two trades combined for $11.66 million in gains.
The latest short follows that same pattern. Jin appears to be betting that Zcash prices will fall from the $418 level.
Jin’s Bitcoin Position Is Under Pressure
While Jin has had success with Zcash trades, his Bitcoin position tells a different story right now. He is holding a long position of 1,268 Bitcoin opened at $76,117 per coin.
That trade is currently underwater. The loss on the Bitcoin long sits at around $20.09 million at the time of reporting.
Bitcoin was trading near $60,411 at the time, which is well below Jin’s entry price of $76,117. That gap accounts for the unrealized loss on the position.
The two positions paint a mixed picture. Jin has profited from Zcash shorts in the past, but his larger Bitcoin bet is currently losing money.
Jin’s activity is tracked closely because of the scale of his trades. On-chain analysts like Lookonchain and Yujin regularly flag his moves as they happen on Hyperliquid.
The $21.73 million Zcash short has not been fully filled yet. Whether Jin completes the order will be watched closely by traders following his activity.
Zcash was trading at $407.65 at the time of this report, slightly below Jin’s short entry price of $418.90. That gap currently puts the trade in a small profit.
His Bitcoin long remains the larger concern. At over $20 million in unrealized losses, it represents a significant open risk in his current portfolio.
