An Altcoin Whale Is $224.5 Million in Profit: How Was This Profit Generated?

Lookonchain reported that the whale associated with Garrett Jin holds $224.5 million in profit on a spot position of 202,078 ZEC.

Lookonchain revealed that Garrett Jin, whom they associated with the largest short position in ZEC, holds 202,078 ZEC worth approximately $312.8 million. According to the source, these assets were withdrawn from Binance about nine months ago when the ZEC price was around $437.

The post stated that the position carries $224.5 million in unrealized profit compared to its current value.

Amount of ZEC Withdrawn from Binance Draws Attention

Arkham data also shows that a total of approximately 202,076 ZEC was sent from addresses labeled Binance Hot Wallet to the relevant address nine months ago. This movement stands out as an on-chain record supporting the history of the large ZEC holdings reported by Lookonchain.

The post also shows that the short position of approximately 38,000 ZEC associated with Garrett Jin is separate from the spot holding of 202,078 ZEC.