Zcash surpasses $1,500 as major short position faces $30 million in unrealized losses

Zcash (ZEC) surged past $1,500 on September 18, putting significant pressure on short sellers. A major short position on Hyperliquid, linked to trader Garrett Jin, has seen unrealized losses grow to approximately $30 million. Despite the losses, the position remains far from liquidation. The rally is attributed to factors including the upcoming NU7 upgrade, which proposes shortening block times to 25 seconds, and public confirmation of ZEC holdings by Paradigm co-founder Matt Huang.