A Chinese Whale May Have Made Another Large Purchase of an Altcoin That Has Surged Incredibly in Recent Days

While the rise in Zcash ($ZEC) price continues in the cryptocurrency market, Garret Jin’s past large-scale $ZEC purchases and short position on Hyperliquid have attracted attention.

According to a screenshot shared by Jin from his X account, 68,080 $ZEC was withdrawn from Binance on December 24th of last year. At that time, the value of that $ZEC was approximately $29.7 million. The same wallet was also seen withdrawing 134,000 $ZEC, worth approximately $58.6 million, from Zcash just minutes earlier.

Thus, a total of 202,080 $ZEC was transferred to the wallet, with a total value of approximately $88.3 million at the time. According to on-chain data, Jin later moved all of the $ZEC to shielded addresses using Zcash’s privacy feature. However, the assets were moved back to transparent addresses within minutes, and all 202,080 $ZEC are still under the control of the same investor.

With the $ZEC price rising to $1,580, the current value of Jin’s Zcash holdings has reached approximately $320 million. This indicates that the position has gained approximately $232 million in value in dollar terms.

On the other hand, it is stated that Jin also has a short position on Hyperliquid of approximately 38,000 $ZEC, currently worth about $60 million. The unrealized loss on this short position is approximately $34.5 million.

This chart suggests that a short position on Hyperliquid could be considered a partial hedge against Jin’s much larger spot $ZEC holdings. Thus, in the event of a price drop in $ZEC, the profit from the short position could offset a portion of any potential decline in the spot market.

*This is not investment advice.