Garrett Jin reportedly quickly closes ZEC long position, losing approximately $79,000 again
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AT A GLANCE
According to Lookonchain, Garrett Jin closed a ZEC long position about 7 hours after chasing the price higher, losing approximately $79,000.
Article
Garrett Jin reportedly attempted to chase ZEC higher by going long after previously shorting it, losing approximately $79,000 again
PANews reported on September 23, citing Lookonchain, that Garrett Jin (X account “GarrettBullish”), who previously lost $35.44 million shorting ZEC, recently attempted to reverse course and chase ZEC higher by going long. However, he quickly closed the position about 7 hours after opening it, incurring another loss of approximately $79,000. The account had previously recorded a substantial loss when closing a short position of 38,000 ZEC. It still holds 202,078 ZEC in spot holdings on-chain, which remain in an unrealized-profit position.
PANews said the information was sourced from Lookonchain.
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Garrett Jin recently attempted to chase ZEC higher by going long after reversing his position.
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He quickly closed the position about 7 hours after opening it, losing approximately $79,000.
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The account previously lost $35.44 million shorting ZEC.
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The account previously closed a short position of 38,000 ZEC.
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It still holds 202,078 ZEC in spot holdings on-chain, which are in an unrealized-profit position.
AI-assisted interpretation
The following is analysis, separate from reported facts. Verify important claims independently.
Going long means betting that the price will rise, while going short means betting that it will fall. The report says the account previously lost money shorting ZEC, then switched to chasing the price higher by going long, but quickly closed the position and incurred another loss; its remaining ZEC spot holdings show an unrealized profit.
Why it matters to readers
This report illustrates that rapidly changing trading direction can still result in losses, while distinguishing realized losses from unrealized gains on unsold spot holdings.
Beginners should note that an “unrealized profit” is only a current book gain and does not mean profits have been realized; chasing price increases and short-term trading can also lead to rapid losses.
Risks and unknowns
The trading data and account attribution are claims by PANews citing Lookonchain; the supplied material provides no on-chain details for independent verification.
The report does not specify the long position's size, price, or leverage.
The specific amount of the unrealized profit on the spot holdings and the calculation price were not disclosed.
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