TLDRZEC climbed above $1,200, leaving a tracked Hyperliquid short position with $25.7 million in unrealized losses.The wallet opened a 32,760 ZEC short at an average entry price near $444 back in July 2026.Analyst Ember links the address to Garrett Jin, though this attribution is not independently confirmed.The same wallet holds a $107 million Bitcoin long showing $4.42 million in unrealized profit.Funding fees of roughly $2.05 million have cut into the Bitcoin position’s effective return.A large trader on Hyperliquid is sitting on an estimated $25.7 million paper loss after Zcash’s price pushed past $1,200. The figure comes from a Sept. 7 assessment by on-chain analyst Ember.The wallet in question shorted 32,760 ZEC. It entered the position in early July 2026 at an average price near $444.Since then, ZEC has risen from around $400 to over $1,200. That move represents an increase of roughly 170% over about two months.At $1,200, the gap between entry price and market price would produce a loss near $24.8 million before fees. Ember’s $25.7 million figure suggests ZEC was trading closer to $1,228 when the snapshot was taken.Zcash Price on CoinGeckoThe Bitcoin position tells a different storyThe same address also holds a Bitcoin long worth about $107 million. That trade shows an unrealized gain of $4.42 million.The wallet has paid around $2.05 million in funding fees on the Bitcoin trade. That cost reduces the position’s effective profit once accounted for.Even combined, the Bitcoin gain does not offset the ZEC short’s loss. The two positions together remain deeply negative at the reported snapshot.This does not reflect the wallet’s full trading history. Other closed trades, deposits or withdrawals are not included in the calculation.Ember attributes the wallet to a “Garrett Jin whale entity.” No signed message, filing or public statement from Jin confirms this connection, so it remains the analyst’s assessment rather than a verified fact.ZEC 太猛了，$1,200+ 了~不过 [Garrett Jin 巨鲸实体] 应该是不太开心的：因为作为最大的 空单持有者的他们，现在浮亏 $2570 万了都。他们是在 7 月初就开空了 3.276 万枚 ZEC，开空价格 $444。结果 ZEC 3 个月时间从 $400 猛涨到了 $1,200+，他们浮亏 $2570 万。另外他们手上还有价值 $1.07… pic.twitter.com/eq74XQCL5n— 余烬 (@EmberCN) September 7, 2026What has driven the ZEC rallyZcash’s advance followed rising institutional interest in the asset. Grayscale converted its Zcash Trust into the ZCSH exchange-traded fund, which began trading on NYSE Arca on Aug. 25.Grayscale charges the fund a 2.5% annual sponsor fee. ZEC traded near $855 shortly after the launch, with exchange volume topping $1.2 billion in one 24-hour period.The price later pushed through $1,000, adding pressure on remaining short positions. Zcash has since moved into the ranks of the market’s largest assets by capitalization.Spot buying, derivatives positioning and short covering may all have played a role in the rally. No single factor has been confirmed as the sole cause.The wallet’s short position remains open. Its exact liquidation price was not available from Ember’s post, and no liquidation had occurred at the time of publication.If ZEC keeps rising, the loss and required margin could grow further. A price pullback would reduce the paper loss and could return part of the position to profit.Traders are watching the wallet’s collateral levels, ZCSH fund flows and ZEC derivatives open interest for signs of what happens next.The post Zcash (ZEC) Price: Whale Short Position Shows $25.7 Million Unrealized Loss appeared first on Blockonomi.