Zcash (ZEC) has climbed 120% over the past month to about $1,124, leaving major short sellers on Hyperliquid with roughly $39 million in combined unrealized losses. Garrett Jin’s 39,760-ZEC short, opened at an average of $576.30, is down $21.94 million in detailed Hyperliquid data and faces liquidation at $2,540.47; an earlier summary put the loss at $21.78 million. Funding payments have offset part of the losses, with Jin receiving $554,850. ZEC crossed $1,000 last week for the first time in nearly a decade as privacy assets became the only sector above its October 2025 level. Glassnode said the sector rose 213% to $33.6 billion, with ZEC representing 62% of its market capitalization. Grayscale’s first U.S. spot Zcash ETF, listed on NYSE Arca on August 25, has attracted $463 million. Futures open interest of $2.56 billion leaves both short and long traders exposed if the rally reverses.