#GarrettJin晒单持有3.2亿美元ZEC The so-called “hedge” is a misnomer; in essence, it is a bullish structure of “large spot holdings + a small short position.” The short position covers only about 19% of the spot holdings.
Assuming ZEC pulls back 20%, the spot holdings would lose about $64 million, while the short position would earn only about $12 million—the hedge would eliminate only about one-fifth of the downside risk. His net exposure remains approximately $260 million in long ZEC, so his overall directional bias is primarily bullish.
The label “ZEC’s largest short” is misleading. He is indeed heavily short on ZEC perpetual contracts, but his spot long position is more than five times the size of the short. The market narrative (largest short) and his actual exposure (a $260 million net long) are completely opposite; this kind of label is itself just market-sentiment noise.
The short position is more like a combination of a “contrarian view + collecting rent,” rather than a textbook hedge. He opened the short near $666, far below the current price, and continued adding to it while sitting on unrealized losses, indicating that he is betting on “the short-term rise having gone too far and a pullback occurring.” Meanwhile, funding rates for perpetual contracts are usually positive during strong rallies—longs pay shorts—so the $60 million short position continues to collect funding payments. In practice, he is betting that his spot holdings will continue generating long-term gains, while accepting some losses on the short in exchange for pullback insurance and funding income.

Signals to note
For him personally: the short position uses 3x leverage, so continued ZEC gains could create margin-call pressure; but the spot holdings are self-custodied, so in the worst case he can simply avoid selling.
For the ZEC market: 202k coins account for approximately 1.3% of the circulating supply, making him both the “largest short” and a major spot holder. If he closes the short and covers (buys) → it will fuel the rise; if he starts selling spot holdings → that is a top signal worth watching. Tracking unusual activity from this address is more useful than watching his position screenshots.
The position disclosure itself: publicly posting a screenshot of a $320 million position inherently contains a narrative element intended to influence sentiment.

From the result, the directional judgment behind this trade was correct: the spot holdings gained $224.5 million, while the short lost $34.5 million, for an unrealized net gain of approximately $190 million. Structurally, it is more like a combined expression of “long-term bullishness + short-term pullback protection,” not some ingenious hedge.
But don’t copy it blindly: his capital size, margin management, and information advantages are all different from those of ordinary investors; whale position disclosures often serve a purpose, and making decisions based on publicly disclosed positions carries significant risk. Treat it only as a signal for observing ZEC’s token distribution and the temperature of market sentiment. #Gate广场中秋团圆局 ‌$ZEC