Prominent Bitcoin early adopter Garrett Jin has significantly adjusted his market exposure following a successful trade on the privacy-focused asset Zcash (ZEC). After netting over $1.2 million in profit through a strategic short position, data indicates that the trader has now shifted to a bullish outlook on the token. However, while transitioning to a long position on ZEC, Jin's existing large-scale Bitcoin (BTC) holdings are currently facing substantial market pressure.
Strategic Shift and ZEC Long Position
According to on-chain monitoring service Onchain Lens, Garrett Jin—recognized in the industry as a "10/11" Bitcoin OG—has opened a new long position on the decentralized exchange HyperLiquid. Following his million-dollar gain from the previous decline in ZEC prices, he has now deployed a 2x leveraged long position involving a total size of 27,300 ZEC.
HyperLiquid is a decentralized perpetual exchange that allows traders to utilize leverage on various digital assets without traditional intermediaries.
The move suggests a reversal in sentiment regarding the short-term price action of Zcash. The trade details highlight:
- A transition from a profitable short to a leveraged long.
- The use of 2x leverage for the ZEC position.
- A total exposure of 27,300 tokens in the current trade.
Bitcoin Holdings Face Floating Losses
Despite the successful execution of the previous Zcash trade, Jin’s broader portfolio remains under stress due to the current volatility of the primary cryptocurrency. Reports indicate that he continues to hold a 5x leveraged BTC long position, which has not mirrored the success of his ZEC short.
As of June 9, 2026, this Bitcoin position is reportedly underwater, with a floating loss exceeding $1.46 million. A floating loss refers to an unrealized loss that exists on paper while the trade remains open; the loss is only "realized" once the position is closed. This discrepancy between the ZEC and BTC trades underscores the high-risk nature of leveraged trading in the current market environment.
The performance of these positions is closely watched by the community as an indicator of "smart money" movements. While the ZEC profit demonstrates a successful contrarian play, the BTC floating loss highlights the risks associated with high-leverage exposure during periods of Bitcoin price consolidation or correction. Readers are reminded that leveraged trading involves significant capital risk and requires a deep understanding of market mechanics.
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For educational purposes only. Nothing here constitutes financial or investment advice. Crypto markets are highly volatile — always DYOR before making any decisions.
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