Garrett Jin, the former CEO of BitForex, moved 35,001 ETH from Binance to Hyperliquid in September 2026. This transfer, valued at approximately $85 million, strengthens an existing short position on Zcash (ZEC).
Jin's ZEC short position now holds roughly 37,760 ZEC, with a notional value of around $51 million. He expanded this position while ZEC was experiencing an upward price trend.
The current ZEC short is underwater by more than $25 million in unrealized losses. At the time of the trade, ZEC was trading near $1,400, with Jin's liquidation threshold set at approximately $2,631. For Jin's position to face forced liquidation, ZEC would need to rally about 88 percent from his entry price.
Jin has a history of aggressive trading and a reluctance to cut losses quickly. On-chain analysts have closely tracked his wallet movements for several months. In May 2026, Jin deposited approximately 577,000 ETH to Binance. This move, valued at around $1.35 billion based on an average price of $2,337, represented one of the largest individual capital movements to centralized exchanges during the cycle. The current 35,001 ETH withdrawal maintains a consistent directional pattern of collateral flowing from Binance to active trading positions.
Earlier in 2026, Jin closed a long ETH position, incurring a realized loss of approximately $250 million. His response was to continue active trading. A major Bitcoin short position in late 2025 generated meaningful profits. He also accumulated over $11 million in cumulative profits from prior ZEC short positions before his current trade turned unfavorable.
Jin has stated that some of the funds associated with his wallets belong to clients rather than his personal capital. On-chain data cannot distinguish between proprietary and client assets, though operational links between entities are visible in transaction patterns.
The ZEC market lacks the depth of major digital assets, making a $51 million short position a significant market presence. A short of this size can contribute to suppressing price action. If the position moves closer to liquidation, covering such a large short would require buying ZEC in size, which would accelerate price increases against his position. When liquidation levels become widely known, markets often test them.
