Zcash Price Eyes $2,292 as Whale’s ZEC Short Loses $24M

Zcash’s extraordinary rally has turned one whale’s bearish bet into one of the crypto market’s most closely watched positions.

Garrett Jin, identified by blockchain analysts as the trader behind the largest tracked onchain ZEC short, has added another 7,000 coins to his position despite carrying approximately $24 million in unrealized losses.

The additional short was opened near $1,195 per ZEC and was worth roughly $8.4 million. Jin now holds a short position covering 39,760 ZEC, with a notional value of approximately $47 million and a reported liquidation price of $2,292.

That liquidation threshold has become an important reference point for traders, although it should not be interpreted as a standalone Zcash price forecast.

New Trending Crypto Wallet Offers

Whale Raises Average ZEC Short Entry to $576

Data monitored by EmberCN and Lookonchain indicates that Jin’s latest trade raised his average short entry price from approximately $444 to $576.30.

Increasing the position at a much higher price improves the average entry price, but it also increases the trader’s overall exposure if Zcash continues to climb.

Jin’s short reportedly uses 3x leverage. With ZEC trading well above his revised average entry, the position remains deeply underwater despite the improved cost basis.

Garrett Jin, the largest on-chain $ZEC short, is now down over $24M, but he isn't giving up and just added another 7,000 $ZEC($8.4M) to his short.

He is now short 39,760 $ZEC($47.22M), with a liquidation price of $2,292.https://t.co/bLk5NAoS2r pic.twitter.com/ogfJSIyWpK

— Lookonchain (@lookonchain) September 7, 2026

The position would remain open as long as ZEC stays below its liquidation threshold and Jin maintains sufficient collateral.

However, a move to approximately $2,292 could force the platform to close the trade, potentially requiring the purchase of thousands of ZEC into an already rising market.

From a price of $1,176, Zcash would need to gain roughly 95% to reach that level.

The distance provides Jin with some protection from immediate liquidation, but his decision to increase the position shows considerable conviction that the rally will eventually reverse.

Zcash Rally Traps Bearish Traders

Zcash recently climbed above $1,000 for the first time since 2016 and reached a local high of $1,254 following four consecutive days of gains.

At the time of the initial report, ZEC traded near $1,176, representing a 44.1% weekly increase. The privacy-focused cryptocurrency had gained 137% over 30 days and approximately 2,389% over the previous year.

IF YOU BOUGHT $5,000 WORTH OF $ZEC IN JULY 2025…

YOU WOULD NOW HAVE $330,000.

+6,816% 🤯 pic.twitter.com/wcgFnhTCA6

— Crypto Rover (@cryptorover) September 7, 2026

Such a rapid move has placed short sellers under intense pressure. When leveraged bearish positions approach their liquidation prices, exchanges automatically close them by purchasing the underlying asset. Those forced purchases can accelerate an existing rally and trigger further liquidations.

Jin is not the only trader caught on the wrong side of the move.

According to Lookonchain, an address identified as “0x362a” opened a short position covering 15,785 ZEC, valued at approximately $18.95 million.

The position incurred a paper loss of around $5.27 million over three days, despite the trader having previously recorded 26 consecutive winning trades.

Is $2,292 a Zcash Target or Liquidation Marker?

The growing attention around $2,292 largely reflects the size of Jin’s position rather than a technical ZEC price target.

If Zcash reverses below Jin’s average entry, the trade could recover substantially. If the rally continues, however, mounting unrealized losses could pressure him to reduce the position before liquidation becomes unavoidable.

The median altcoin is 58% below its price at the BTC high.

The privacy sector is 213% above it, and not only because of $ZEC. https://t.co/7wiIHJEo3Y

— glassnode (@glassnode) September 7, 2026

Jin’s simultaneous Bitcoin long, reportedly opened near $77,089, suggests he is not broadly bearish on crypto.

Instead, the positions point to a relative-value strategy betting that Bitcoin will outperform Zcash or that ZEC’s rapid appreciation has become unsustainable.

For now, Zcash remains far below the whale’s liquidation price.

But the combination of limited liquidity, strong momentum, and increasingly trapped short sellers means the path toward $2,292 could become more dangerous, and potentially more explosive, the further ZEC rises.

Zcash Price Eyes $2,292 as Biggest ZEC Short Doubles Down Despite $24M Loss

Whale Raises Average ZEC Short Entry to $576

Zcash Rally Traps Bearish Traders

Is $2,292 a Zcash Target or Liquidation Marker?

Related