Zcash Rally Leaves Short Sellers Deep In The Red

Zcash (ZEC) has surged 120% in the past month to near $1,124, pushing several short sellers into heavy losses as the token crossed $1,000 last week for the first time in nearly a decade. According to BeInCrypto, trader Garrett Jin’s 39,760 ZEC short is down $21.94 million, while two other wallets are also underwater, leaving the three positions with about $39 million in unrealized losses. Privacy coins have outperformed broader crypto markets, and Grayscale’s US spot Zcash ETF on NYSE Arca has gathered $463 million.