Zcash's largest tracked onchain short seller, Garrett Jin, has expanded his bearish position to $47 million despite carrying roughly $24 million in unrealized losses, putting his $2,292 liquidation price in focus. Jin added 7,000 ZEC worth about $8.4 million at $1,195 per coin, raising his total short to 39,760 ZEC and lifting his average entry price from $444 to $576.30. The position, which uses 3x leverage, would be liquidated if ZEC reaches approximately $2,292, a level that would require a 95% gain from the current price of $1,176. Another trader, identified as 0x362a, also opened a short of 15,785 ZEC valued at $18.95 million, incurring a paper loss of $5.27 million. Analysts note that the $2,292 figure is a liquidation marker rather than a price target, and Jin's simultaneous Bitcoin long suggests a relative-value strategy rather than a broad bearish stance.