- Garrett Jin (@GarrettBullish) holds a 37,760 ZEC short worth $51.5M — now down over $26M unrealized loss
- Jin added to his ZEC short position 11 hours before this report despite being deeply underwater
- Liquidation price sits at $2,631.53 — a breach forces automatic buyback of 37,760 ZEC on open market
- Full position is publicly trackable on Hypurrscan wallet 0x92ea19eceb7a8de0f50978a1583a5d8b018050e9
BREAKING
A single on-chain short position is driving the Zcash (ZEC) narrative on September 17, 2026. Garrett Jin (@GarrettBullish), identified by Lookonchain as the largest on-chain ZEC short, is now down over $26 million on a position that has grown — not shrunk — as ZEC price has moved against him.
Rather than closing the trade, Jin added to his short position approximately 11 hours before this report. He now holds a 37,760 ZEC short with a notional value of $51.5 million, according to on-chain data from Hypurrscan.
The Position — $51.5M Short, $26M Underwater
The full structure of Garrett Jin’s current ZEC short, as tracked on-chain via Hypurrscan, is as follows:
| Metric | Value |
|---|---|
| Short Size (ZEC) | 37,760 ZEC |
| Notional Value | $51.5 million |
| Unrealized Loss | Over $26 million |
| Liquidation Price | $2,631.53 |
| Position Added | ~11 hours before report |
Source: Hypurrscan on-chain data | Lookonchain, September 17, 2026
Why a Losing Short Adds Upward Pressure on ZEC
When a short position of this scale remains open and underwater, it creates a mechanical pressure dynamic. If ZEC continues to rise toward Jin’s liquidation price of $2,631.53, the position faces forced closure — a short squeeze. That forced buyback of 37,760 ZEC on the open market would add significant buy-side volume, potentially accelerating the move that triggered the liquidation in the first place. This is the same mechanic explained in detail in CoinsProbe’s earlier coverage of SYN’s 163% short squeeze.
The decision to add to the position rather than reduce it — 11 hours before this report — signals one of two things: conviction that ZEC will reverse, or an attempt to average into a lower effective short price. Either way, the notional exposure now stands at $51.5 million, making this one of the largest single on-chain directional bets against any mid-cap asset currently visible on Hypurrscan.
Is the Short Position at Risk of Liquidation?
The liquidation price of $2,631.53 is the critical number. As long as ZEC trades below that level, the position remains technically solvent — though the $26 million in unrealized losses represents a substantial drawdown on capital deployed. The on-chain wallet address (0x92ea19eceb7a8de0f50978a1583a5d8b018050e9) is publicly trackable in real time on Hypurrscan, meaning market participants can monitor margin levels and any further position changes as they occur.
What makes this position structurally significant is its size relative to ZEC’s market. A forced liquidation of 37,760 ZEC — executed by a protocol automatically, not a trader choosing timing — would represent a sudden, non-discretionary buy order. Traders watching this position are effectively watching a loaded spring. Similar dynamics played out in CoinsProbe’s coverage of Machi Big Brother’s ETH long, where a large underwater position created cascading market implications.
The metric to track: Hypurrscan’s real-time margin and unrealized PnL data for wallet 0x92ea19eceb7a8de0f50978a1583a5d8b018050e9 will update continuously and will show any additional position changes before they register on price charts.
Garrett Jin’s $51.5M ZEC short is now $26 million underwater after adding to the position rather than cutting losses. The liquidation price of $2,631.53 remains the only level that forces a resolution — and with 37,760 ZEC in notional exposure, a forced liquidation at that price would not be a quiet event. Watch the Hypurrscan wallet in real time for margin changes and any further position adjustments.
Frequently Asked Questions
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Source: Lookonchain · Published by CoinsProbe Markets Desk
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