Whale Shorts $4.92M ZEC Bet While BTC Long Bleeds $20.90M 🐳

A trader known as Garrett Bullish opened a fresh 2x leveraged short on Zcash worth $4.92 million at $417.80, renewing a bearish stance on ZEC after banking $11.66 million in realized profits from two earlier trades. The high-profile positioning came as the same wallet continued to carry a 1,268 BTC long valued at $76.45 million, a position sitting roughly $20.90 million underwater. Market participants closely tracking Garrett Bullish's trades have frequently pointed to his track record of timing prior corrections.

Derivatives data told a different story from the headline short. The 90-day Futures Taker CVD stayed buyer-dominant across the period, indicating aggressive participants continued lifting offers rather than hitting bids and absorbed available liquidity more forcefully than sellers. ZEC's taker activity signaled demand had not disappeared even as price struggled to reclaim higher levels, and sustained buying pressure alone had not yet translated into a decisive trend reversal against cautious broader sentiment.

On the chart, ZEC continued to trade below a broken ascending channel after failing to recover the former support structure, with the breakdown leaving $520 as the nearest major resistance and $335.50 as the next significant support. Downside pressure appeared to slow as price stabilized near $413 instead of extending lower, and the Stochastic RSI dropped to 4.03 and 6.45, placing both lines deep in oversold territory and reflecting exhausted selling conditions. The Parabolic SAR, by contrast, remained below the price, pointing to a broader trend that still favored buyers despite the recent pullback.

Garrett Bullish's latest multi-million-dollar short has reinforced bearish sentiment around ZEC, but derivatives data has not fully supported that view. A reclaim of the broken channel and a push above $520 would weaken the bearish thesis, while failure to overcome that resistance would likely keep $335.50 in focus as the next downside target.