Garrett Jin withdraws 35,001 ETH from Binance to fuel $51M ZEC short on Hyperliquid
Garrett Jin, former CEO of BitForex, moved 35,001 ETH from Binance to Hyperliquid in September 2026 to expand a $51M short position on Zcash (ZEC). The position is currently underwater by over $25M, with a liquidation threshold at around $2,631. Jin's trading activity has drawn attention due to its scale and on-chain visibility.
How this was made
The 30-second read
Why it matters
The disclosed short size is sizable relative to ZEC's liquidity, suggesting possible price influence and risk of liquidation.
Market read
New information on a large ZEC short informs crypto traders about potential downside pressure and liquidation risk.
What to watch
Potential client asset involvement may limit Jin's ability to adjust the position quickly.
Background
The article reports on a high‑profile on‑chain trader's recent activity, providing insight into margin dynamics between centralized and decentralized venues.
Ticker impact
Garrett Jin withdrew 35,001 ETH to fund a $51M short position on ZEC, revealing a sizable bearish stance.
Potential short-term downside pressure on ZEC if Jin adds more margin.
The disclosed $51M short is a material position in a thin market, likely to influence price dynamics.
Market effects
Highlights concentration risk in crypto short positions within the privacy coin sector.
Primarily affects global crypto markets; no specific regional bias.
Relevant to traders monitoring large on‑chain positions across major exchanges.
Counterpoint
If ZEC rallies sharply, Jin's short could trigger forced buying, creating a short‑squeeze opportunity.
Key entities
- individualGarrett Jin
Former BitForex CEO and active on‑chain trader.
- platformHyperliquid
Decentralized exchange where the ZEC short is held.
