Zcash (ZEC) has climbed 177.8% in a month, and the traders betting against it are paying for that move.
One short was closed at a $10.68 million loss this week, and the largest position still open sits $33.87 million underwater on Hyperliquid.
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Zcash Shorts Collapse as the Token Jumps 177% in a Month
Lookonchain flagged the closed trade before the exit, citing 26 consecutive wins and an 89% rate across 47 trades. That record had produced more than $9 million in profit.
The short covered 12,285 ZEC and was worth $18.31 million earlier, with liquidation set at $1,550.66. Hyperliquid data shows the account now holds no positions at all.
As $ZEC keeps pumping, this guy was forced to close his short, taking a $10.68M loss.
Shorting $ZEC has turned his $9M+ profit into a $1.57M loss!https://t.co/nRwjMnnXso pic.twitter.com/4Otk3lOCmu
— Lookonchain (@lookonchain) September 19, 2026
Garrett Jin holds the largest short still open, covering 37,999 ZEC worth $59.37 million. He built the position at an average price of $671.05, so it now shows an unrealized loss of $33.87 million.
His 1,333 BTC long is up $4.41 million, which cushions part of the damage. Jin still has room, because his liquidation price of $4,789.42 sits above the 2016 record of $3,191.93.
Other addresses are also seeing sharp losses. One account (0xdd53…2b13) is down $12.53 million on a 13,487 ZEC short opened at $644.39. Another (0xad59…ba81) shorted 8,425 ZEC at $330.91 with 10 times leverage and now sits $10.47 million underwater.
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Spot Buyers, ETF Flows and One Very Loud Timeline
The rally that caused the damage has made ZEC the strongest performer among the 10 largest cryptocurrencies. The token trades near $1,563 and ranks ninth by market value at $26.47 billion.
Zcash (ZEC) Price Performance. Source: BeInCrypto Markets
The move has real buying behind it from both retail whales and institutions. Lookonchain reported that one address withdrew 15,860 ZEC worth $22.69 million from Binance in a day. Another moved 7,081 ZEC over two days.
Institutional buying has moved in the same direction Zcash ETFs took in $98.2 million in the week ending September 18, the largest inflow among 14 products. Assets rose 40.5% to $914.5 million.
Attention has followed the price. Santiment recorded Zcash social volume at a one-month high on September 17. Mentions on X ran 6.8 times their 29-day baseline, against 1.7 times elsewhere.
“The price found buyers. The attention found one timeline,” the post read.
Traders now watch whether spot demand holds. Open interest in ZEC perpetuals on Hyperliquid stands at 574,045 ZEC, worth roughly $885 million, so leveraged positions remain large on both sides.