ZEC Short Position Down $33.7 Million: How Did the Bitcoin Trade Diverge?

The account associated with the name Garrett Jin shows a $33.66 million loss on its ZEC short position, while showing a $4.52 million profit on its Bitcoin long trade.

Lookonchain shared the current status of what it identified as the largest ZEC short position. While the account holds a leveraged short position of 38,000 ZEC, a long position opened for 1,333 Bitcoin at the same time is currently in profit.

Loss on ZEC short position exceeds $33 million

According to the on-screen data, the ZEC short position held with 3x cross leverage is valued at approximately $59.17 million. While the entry price of the position appears to be $671.05, the ZEC price has risen to $1,557. This movement has pushed the trade’s open loss to $33.66 million.

The liquidation price shown for the ZEC position on the dashboard is $4,792.01. This value is included as screen data showing the current status of the position.

Bitcoin long position in $4.52 million profit

The 1,333 BTC long position in the same account is valued at approximately $108.57 million. In the trade opened with 3x cross leverage, the profit is shown at the $4.52 million level.