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Privacy coin Zcash (ZEC) broke through $1,400 for the first time in its history on the 17th, surging 14.62% from the previous day to trade at $1,427.73. The price is up 21.28% from a week earlier. The same day, BitForex founder Garrett Jin withdrew 35,001 Ethereum (approximately $85 million) from Binance and deposited it into the decentralized exchange Hyperliquid. Market participants are closely watching whether he will use these funds to maintain his Zcash short position. With Zcash’s sharp rally heightening liquidation risk for short positions, and Jin already facing insider trading allegations from last October’s massive liquidation event, attention is focused on the background behind this latest fund movement.
Key Elements
Privacy coin Zcash (ZEC) has crossed the $1,400 mark for the first time in its history. According to CoinMarketCap data on the 17th, Zcash was trading at $1,427.73, up 14.62% from the previous day. The price is up 21.28% compared to a week earlier.
The sharp rally drew market attention as it coincided with a large-scale fund movement by Garrett Jin, founder of BitForex. According to Lookonchain, he withdrew 35,001 Ethereum (ETH) from Binance and deposited it into the decentralized exchange (DEX) Hyperliquid (HYPE). The transfer was valued at approximately $85 million at the time.
Market participants are focusing on the possibility that Jin is using this Ethereum to maintain his Zcash short position. With Zcash’s surge increasing liquidation risk for investors holding short positions, the interpretation is that he may have moved funds to secure additional collateral.
Zcash’s upward momentum has accelerated in recent weeks. The coin is a leading cryptocurrency centered on privacy protection features, and analysts point to shifting regulatory environments and growing demand for privacy coins as factors influencing its price.
Meanwhile, Jin has been under suspicion of profiting from insider trading during last October’s record-breaking crypto liquidation event. Observers note that this latest large-scale transfer could reignite controversy over the nature and intent of his positions.
With Zcash’s rally and Jin’s fund movement occurring simultaneously, market volatility in Zcash could expand further in the short term. If short-position liquidations cascade, they could create additional upward price pressure.
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Source: finance.biggo.com