According to onchain data, the largest tracked on-chain ZEC short has added to his position despite increasing losses.
Jin's ZEC short has become one of the most closely watched positions after Zcash staged a strong rally.
At the time of writing, Zcash was up 1.2% in the last 24 hours to $1,176 and up 44.1% weekly after clearing $1,000 on Friday for the first time since 2016, with its recent rise forcing a significant number of short traders out of leveraged positions. The privacy token has gained 137% in the last 30 days and is up 2,389% on a 1-year basis.
Zcash bears trapped
ZEC reached a high of $1,254 on Sunday in a four-day climb, marking a major continuation of a rally that has taken the cryptocurrency beyond the $576 price, which marked the entry point for Jin's ZEC short position with 3x leverage.
Jin's decision to put his liquidation price at $2,292 may not be a mistake, as he is an informed trader himself. He also opened a Bitcoin long position at $77,089, suggesting that his bets are not only restricted to Zcash.
Zcash reaching $2,292 from its current price would mark a 95% increase, with this level now crucial in this particular short trade.
If the ZEC price remains below $2,292, Jin's short bet stays unliquidated, although the position is already facing substantial losses. If Zcash hits $2,292 while his position remains open, it could face forced liquidation.
