Garrett Jin, known on X as @GarrettBullish, has placed limit orders to short more than $36 million worth of ZEC while also setting up fresh HYPE buy orders, turning two of the market’s most active altcoins into a direct whale-positioning story.
The latest ZEC and HYPE order update follows an earlier move in which Jin deposited the remaining 30 million USDC into Hyperliquid. That earlier deposit raised the question of whether the capital would support more BTC exposure or rotate into HYPE. The new orders suggest a more defined strategy: bearish pressure on ZEC, fresh demand for HYPE and a heavier footprint on Hyperliquid’s order book.
The trade is being tracked through onchain and exchange-order monitoring, so the Garrett Jin attribution should be treated as tracker-level identification rather than a public statement from Jin confirming the strategy. The size still makes the setup hard for traders to ignore, especially because ZEC has been one of the strongest recent large-cap movers and HYPE is still trading close to record territory.
ZEC is trading near $657, down about 2.4% over 24 hours but still up around 20% over the past week. Its market cap sits near $10.96 billion, with roughly $792 million in 24-hour volume. A $36 million short order stack is not enough to control the market by itself, but it can matter around thin liquidity pockets if other traders start leaning into the same side.
HYPE Becomes The Other Side Of The Trade
The HYPE leg gives the story a different tone. Hyperliquid’s token is trading near $57.41, up about 1.4% over 24 hours and 23.7% over the past week. CoinGecko places HYPE’s all-time high at $62.18, leaving the token less than 10% below its peak while volume remains elevated near $1.44 billion.
That puts Jin’s reported HYPE orders inside a crowded momentum trade rather than a quiet accumulation zone. HYPE has already pulled strong attention after recent whale accumulation and its move toward the $59 resistance area. Fresh limit orders from a high-profile trader add another layer to a market where buyers are already watching whether HYPE can reclaim its all-time high.
Hyperliquid’s derivatives activity also gives the trade a wider market-structure backdrop. Its futures exchange is processing about $8.75 billion in 24-hour volume, with open interest near $9.57 billion. Large visible orders can become magnets for short-term flows because traders can watch liquidity, liquidation levels and execution attempts in real time.
The ZEC short remains the riskier side of the setup if the privacy-coin rally continues. ZEC’s seven-day strength means short orders can quickly turn into squeeze fuel if buyers push through nearby resistance. HYPE carries the opposite risk: late buyers are entering close to record highs, where failed breakouts can bring sharp pullbacks.
Jin’s order book now gives traders concrete levels to track rather than vague whale speculation. If ZEC rolls over while HYPE holds the high-$50s, the rotation trade starts working quickly. If ZEC keeps climbing and HYPE rejects below its prior high, the same setup could force rapid adjustments across both sides of the book.
