A crypto whale identified as Garrett Jin has closed his entire long position of 1,331 BTC, which he had held for approximately 3.5 months. It is reported that he made a profit of $1.02 million from the position, which was worth approximately $107 million.
After closing the BTC position, the investor was left with only a heavily losing Zcash (ZEC) short position. According to the data, the whale is carrying approximately $24 million in unrealized losses on a short position of 39,760 ZEC, worth about $47 million.
Another noteworthy detail was that the investor added to his losing short position even though the ZEC price rose during the day. Garrett Jin later closed his profitable BTC long position entirely, while choosing to hold onto his losing ZEC position.
ZEC is among the most talked-about altcoins recently. In addition, privacy-themed cryptocurrencies are also among the most popular in the sector.
*This is not investment advice.
