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ZEC near $1,600 is less a simple directional trade than a balance-sheet story. The reported Garrett Jin-linked exposure pairs a roughly 38,000 ZEC short with about 202,000 ZEC spot, which looks consistent with partial hedging rather than outright bearishness. With one whale realizing a large short loss and a profitable long still open, leverage changes and profit-taking may matter more than headline positioning. #ZECPositionsDiverge