Zcash short sits on more than $24 million in unrealized losses

One of the most watched positions in crypto right now is a short bet against Zcash that’s deep underwater. Trader Garrett Jin is sitting on a 39,760 ZEC short, worth around $47 million. That position’s paper loss has climbed past $24 million. Each time Zcash rises another dollar, the loss grows by almost $40,000. The focus now is whether this single, oversized short can handle the pressure as Zcash keeps advancing.

Zcash’s 1-hour candles start at just over $1,016 and close at nearly $1,146. Support sits around $1,083, resistance up at $1,313, with current price action above support and pressing higher.

What stands out is that Jin added to the short as Zcash kept climbing, increasing the risk instead of reducing it. That turns this into a live test of conviction: either the position gets trimmed, or he keeps sitting through more upside while the pressure builds.