Whale Who Lost $35 Million on Altcoin Profits $8 Million in 3 Days on Bitcoin!

The account associated with Garrett Jin, which closed its Zcash short with a loss of approximately $35 million, has this time secured over $8 million in profit from a Bitcoin long that lasted nearly three days.

According to a September 21 post by Lookonchain, the 1,333 BTC long position associated with Garrett Jin has been closed. The transaction, which the source stated was approximately $113 million in size, resulted in a realized profit of $8.38 million. The long position aimed to profit from an increase in the price of Bitcoin.

The shared completed trades screen shows that the Bitcoin position remained open for 72 hours and 56 minutes, slightly more than three days. Therefore, the gain is not an unrealized profit appearing in an open position, but the result of a closed trade.

Loss in Altcoin, Profit in Bitcoin

A previous Lookonchain post cited by the new update reported that the Zcash (ZEC) short associated with the same investor was closed with a loss of $35.44 million. On the current trade screen, this loss is listed in a separate line below the Bitcoin profit.

The $8.38 million profit from Bitcoin corresponds to approximately one-quarter of the loss from the previous ZEC short; it does not cover that loss on its own. However, comparing these two trades does not provide the net result of the investor’s entire portfolio. The previous post also mentioned unrealized profits in ZEC spot holdings; these old balances and values are not updated data from the recent Bitcoin closure.

The new development in the news is not the ZEC trade, but the closing of the Bitcoin long at a profit. Since Lookonchain did not share the reason for the closure, this move cannot be interpreted on its own as the investor starting to expect a decline in Bitcoin.