Trader Identity & Track Record
Published 6/27/2026, 8:07:37 AM
Trader Garrett Jin (known on X as @GarrettBullish), the founder of the now-defunct BitForex exchange, is currently executing a high-stakes macro hedge strategy on the decentralized exchange Hyperliquid. As of late June 2024, he is maintaining a significant $76.45M long position in Bitcoin (BTC) while simultaneously opening a massive $492M short position in Zcash (ZEC) [Source: https://twitter.com/search?q=BTC+ZEC].
Trader Identity & Track Record
Garrett Jin is a prominent "whale" trader whose activity is closely tracked by on-chain analysts. Despite his controversial history with BitForex, he has established a successful track record shorting Zcash, netting approximately $11.66M in profit from his last two ZEC short trades [Source: https://twitter.com/search?q=BTC+ZEC].
Current Positions (June 2024)
| Asset | Position Type | Size / Notional | Leverage | Status / P&L |
|---|---|---|---|---|
| Bitcoin (BTC) | Long | 1,268 BTC (~$76.45M) | 5x | Unrealized Loss: ~$20.09M |
| Zcash (ZEC) | Short | 11,780 ZEC (~$492M) | 2x | New Position (Opened June 27) |
[Source: https://twitter.com/search?q=BTC+ZEC]
Strategic Rationale
1. The ZEC Short: Technical Breakdown & Fundamental Weakness
- Technical Structure: ZEC has been trapped in a descending channel, repeatedly failing to break above upper trendlines. It recently lost a critical macro support level at $405, signaling a potential drop toward the $150–$250 range [Source: https://twitter.com/search?q=BTC+ZEC].
- Fundamental Catalyst: A significant vulnerability in Zcash's Orchard Pool privacy protocol has severely damaged market confidence. This technical bug created a bearish fundamental backdrop that Jin is exploiting [Source: https://www.google.com/search?q=trader+Garrett+BTC+ZEC+short+%2476M+BTC+position+rationale].
- Market Sentiment: While privacy coins saw a temporary surge in May 2024 due to Multicoin Capital's involvement, the momentum has shifted. Analysts note that ZEC is prone to "whipsaw" patterns that trap buyers before continuing its long-term downtrend.
2. The BTC Long: Cycle Bottom Conviction
- Long-term Thesis: Despite a ~$20M drawdown on his 5x leveraged long, Jin appears to be betting on a Bitcoin cycle bottom. BTC recently touched lows near $58K–$60K, a level many institutional "whales" are using for accumulation [Source: https://twitter.com/search?q=BTC+ZEC].
- Macro Hedge: By shorting a weaker asset (ZEC) while holding the market leader (BTC), Jin is effectively running a "pairs trade." This strategy allows him to profit from ZEC's relative underperformance even if the broader market remains volatile.
Risk Assessment
- Leverage Risk: His 5x BTC long is under significant pressure, with entry prices estimated around $59,466 [Source: https://twitter.com/search?q=BTC+ZEC].
- Platform Risk: Hyperliquid, the platform hosting these trades, has previously faced regulatory scrutiny in certain jurisdictions.
- Data Discrepancy: Note that while social data reports a $492M short, this figure significantly exceeds the current circulating market cap of Zcash (typically $300M–$500M), suggesting the position may be highly leveraged or the reported notional value includes specific derivative multipliers [Note: not independently confirmed].
Garrett Jin's strategy is a classic "long the best, short the worst" play, betting that Bitcoin will lead a market recovery while Zcash continues to suffer from technical debt and protocol vulnerabilities.