Zcash Surge Wipes Out $10.68M From Trader With 89% Win Record

Zcash (ZEC) has gained 177.8% in a month, and traders who shorted it are now paying the price.

A single short position was closed this week at a $10.68 million loss, while the largest outstanding short on Hyperliquid is down $33.87 million.

Zcash Short Positions Crumble as Token Surges 177% in a Month

Lookonchain highlighted the trade before it was closed, noting 26 straight wins and an 89% success rate out of 47 trades. Those results had generated more than $9 million in profit.

The short involved 12,285 ZEC, worth $18.31 million at one point, with a liquidation threshold of $1,550.66. Hyperliquid data indicates the account now holds no open positions.

As $ZEC keeps pumping, this guy was forced to close his short, taking a $10.68M loss.

Shorting $ZEC has turned his $9M+ profit into a $1.57M loss!https://t.co/nRwjMnnXso pic.twitter.com/4Otk3lOCmu

— Lookonchain (@lookonchain) September 19, 2026

Garrett Jin holds the biggest open short, involving 37,999 ZEC valued at $59.37 million. He opened the position at an average price of $671.05, leading to an unrealized loss of $33.87 million.

His long position of 1,333 BTC has gained $4.41 million, offsetting some of the loss. Jin still has margin left, as his liquidation price of $4,789.42 is above the 2016 high of $3,191.93.

Other wallets are also experiencing heavy losses. One address (0xdd53…2b13) has lost $12.53 million on a 13,487 ZEC short initiated at $644.39. Another (0xad59…ba81) shorted 8,425 ZEC at $330.91 with 10x leverage and is now down $10.47 million.

Spot Purchases, ETF Inflows, and a Single Loud Timeline

The surge that triggered these losses has turned ZEC into the top performer among the ten biggest cryptocurrencies. The token is now trading around $1,563, placing ninth by market cap at $26.47 billion.

The rally is supported by genuine buying from retail whales and institutional investors. Lookonchain noted that one address withdrew 15,860 ZEC, worth $22.69 million, from Binance in a single day. Another address transferred 7,081 ZEC over two days.

Institutional buying mirrors Zcash ETF flows, which brought in $98.2 million in the week through September 18, the largest inflow among 14 funds. Total assets climbed 40.5% to $914.5 million.

Interest has tracked the price move. Santiment reported Zcash's social volume reaching a one-month peak on September 17. Mentions on X were 6.8 times the 29-day average, compared to 1.7 times on other platforms.

“The price found buyers. The attention found one timeline,” the post read.

Traders are now monitoring whether spot demand holds. Open interest on ZEC perpetuals on Hyperliquid is 574,045 ZEC, approximately $885 million, indicating that leveraged positions remain substantial on both sides.