ZEC Whale Loses $35 Million: Still Holds $309 Million in Assets

Lookonchain has reported that a Zcash (ZEC) short position associated with Garrett Jin has been fully closed at a loss of $35.44 million.

According to a September 21 post by the on-chain data platform, the position, which aimed to profit from a price decline, was approximately 38,000 ZEC in size. While the loss on this transaction was realized upon closing, the spot ZEC assets associated with Jin continue to be held.

Short Closed at a Loss, Spot Position in Profit

According to Lookonchain, the 202,078 ZEC Jin holds on-chain was worth approximately $309.25 million at the time of the post. The platform noted that the unrealized profit on these spot assets was about $221 million.

As a result, two different outcomes emerged for the same altcoin: the bearish trade was terminated at a loss, while the directly held ZEC assets continued to carry a profit. Since the spot profit has not yet been realized through a sale, it is not the same type of result as the loss from the closed short trade.

In a previous post dated September 19, Lookonchain reported that these spot assets were withdrawn from Binance approximately nine months ago. The new development in the latest update was not the restatement of the spot balance, but the full closure of the open short position.