Due to Garrett Jin closing his short position at market price, ZEC rose about 2.7% in 1.5 hours.

BlockBeats news, September 21: Garrett Jin, the agent for the "BTC OG Insider Whale," closed all 38,000 ZEC short positions via market orders within 1.5 hours, driving the ZEC price from $1,490 to $1,530, an increase of about 2.7%, while the funding rate on Hyperliquid rose to over 170% annualized.

The short position had been held for nearly three months. Garrett Jin previously stated that it was part of a partial hedge, but the closure ultimately resulted in a loss of about $35 million, and he did not sell his spot ZEC holdings during the period.