Around September 4, 2026, several Chinese media outlets and on-chain monitoring tools identified the address 0x92ea19eceb7a8de0f50978a1583a5d8b018050e9 as related to Garrett Jin. This address holds highly leveraged positions in both BTC and ZEC: on one side, about 1,330 BTC with a 3x leveraged long position, nominal exposure of about $108 million, which has brought about $5.15 million in unrealized gains as BTC received support around $76,600 and broke through $79,000, facing pressure near $82,500; on the other side, about 32,760 ZEC with a 2x leveraged short position, an average opening price of about $444, while the current ZEC price has risen to about $1,004–1,025, leading to an unrealized loss that has ballooned to about $18.36 million to $19.03 million, far exceeding the profit direction from BTC, making the overall unrealized PnL around -$13.21 million, showing a net loss pattern of “BTC long profits, ZEC short massive losses.” Concurrently, according to BitcoinTreasuries.NET data, the stock price of MSTR, under the Strategy brand, broke above $142 for the first time in about four months, corresponding to an unrealized profit from its Bitcoin holdings of about $4.6 billion, outlining a sharply divergent risk-return distribution under the backdrop of this BTC rebound.
BTC Long Profits but Weighed Down by ZEC Shorts
From the leverage structure, the direction of address 0x92ea19eceb7a8de0f50978a1583a5d8b018050e9 in BTC was correct. This address holds about 1,330 BTC with a 3x leveraged long position, nominal exposure of about $108 million, which, during this rebound, saw BTC rise from about $76,600 to $79,000 and launch an attack on the $82,500 resistance level. According to cross-statistics from various on-chain monitors and media, the unrealized profit from this long position is currently about $5.15 million. Looking solely at this leg, it represents a typical large high-leverage trend long position that is currently profitable on the books.
The problem is that the ZEC direction from the same address almost completely offsets this profit. Previously, it established a short position of about 32,760 ZEC with 2x leverage, an average opening price of about $444, corresponding to a nominal size of about $32.9 million to $33.58 million. As ZEC embarked on an independent strong trend, breaking through the $1,000 to about $1,004–1,025 range, many monitoring tools have estimated that the unrealized loss on this short position has expanded to about $18.36 million to $19.03 million, significantly higher than the profit volume from the BTC long. The combined unrealized PnL for both positions is approximately -$13.21 million, with the ZEC short clearly outweighing the BTC long in scale, resulting in an overall state of “correct direction in BTC but dragged into net loss by ZEC direction.”
ZEC Breaks $1,000: Short Leverage Becomes a Loss Amplifier
According to AiCoin data, ZEC has surged from several hundred dollars in this round of market activity, currently trading in the range of $1,004–1,025, with an increase of more than double compared to the average opening price of around $444. For the address holding about 32,760 ZEC and using 2x leverage to short, the doubling of the underlying asset price means nominal losses have drastically magnified; given no reduction in the position, multiple monitoring tools estimate the unrealized loss of this short position at around $18.36 million to $19.03 million. Some statistical measures have cited a lower limit of about $17.16 million in losses, but mainstream reports and on-chain monitoring data primarily focus on the range “above $18 million,” highlighting the amplifying effect of leverage in the event of a trend reversal.
It is important to emphasize that this ZEC short is currently still in an unrealized loss state, and public materials have not disclosed its margin ratio and specific liquidation parameters; outsiders can only see the direct product effect of price and position size. Coupling this with Bitcoin being in a rebound phase, receiving support from around $76,600 and pushing above $79,000, ZEC—being a privacy-oriented asset—has demonstrated a relatively independent strength by breaking through $1,000, resulting in this address being correct in the overall market direction (BTC long unrealized profit of about $5.15 million) but choosing wrong in asset selection (ZEC short massive loss of over $18 million), ultimately presenting an overall net loss result. This also reminds market participants that when using leverage and switching assets, it is essential to simultaneously assess trend strength and asset independence.
Whales Publicly State Prices: Who Misses Out and Who Holds the Bag
In this round of rebound, Garrett Jin, described by multiple Chinese media as the “BTC OG/1011 Insider Whale Proxy” under the X account, publicly provided his judgment on key price levels: he highlighted that BTC showed clear defense around $76,600, subsequently breaking through $79,000 and creating a higher high, but faced pressure near the $82,500 resistance zone. More provocatively, he specifically mocked those traders who suggested “waiting for $75,000 to buy” near $76,000, questioning whether they truly had real market operations, thus highlighting the psychological misalignment of “most people missing the BTC rebound.”
However, on-chain data gives a different picture: according to AiCoin data, the address 0x92ea19eceb7a8de0f50978a1583a5d8b018050e9 associated with his X account, recorded an unrealized profit of about $5.15 million for about 1,330 BTC with 3x leverage long position at the time he commented on BTC price levels, while the around 32,760 ZEC with 2x leverage short was subjected to an unrealized loss exceeding $18 million, resulting in an overall unrealized PnL of about -$13.21 million, indicating a net loss state. In other words, while he mocked “missed opportunities” for market participants on X, he was simultaneously bearing significant unrealized losses on his ZEC short on-chain without showing any public adjustment to either position. The disconnect between his on-chain positions and public statements must not be ignored when assessing the credibility of his bullish signals.
MSTR Hits Four-Month High: Bitcoin Heavyweights Are the Biggest Winners
If we shift focus from on-chain addresses back to the traditional market, the profit landscape from this BTC rebound presents a completely different side. According to BitcoinTreasuries.NET data, the stock price of MSTR, a publicly traded company under Strategy, recently broke above $142 for the first time in about four months, corresponding to an unrealized profit of about $4.6 billion from its Bitcoin holdings. Due to MSTR's long-term high allocation in BTC, its stock price has historically shown a strong correlation with BTC movements, and this rebound has once again amplified the exposure effect of heavily concentrated single-asset holdings, making such listed companies some of the most direct beneficiaries in the traditional market.
In contrast to MSTR achieving substantial unrealized profits on a single asset, the address associated with Garrett Jin presents a divergence of returns under multi-asset leveraged hedging during the same round of BTC rebound: on one hand, the approximately 1,330 BTC's 3x leveraged long position recorded unrealized profits of about $5.15 million, while on the other hand, the approximately 32,760 ZEC's 2x leveraged short faced over $18 million in unrealized losses, resulting in a combined unrealized PnL of about -$13.21 million for both positions. In comparing the outcomes, while traditional market heavyweights concentrated in BTC and the on-chain large player who simultaneously went long BTC and short ZEC are both exposed to the same BTC rebound, they showcase starkly contrasting profit curves, emphasizing that market interpretations of so-called “bullish signals” must be contextualized with the specific position structure and risk exposure.
Price Points and Position Risks: What to Watch Next
In summary, the structural signals under this BTC rebound show that one side is the address 0x92ea19eceb7a8de0f50978a1583a5d8b018050e9 simultaneously exposing about $108 million in BTC 3x long and about $32.9 million to $33.58 million in ZEC 2x short imbalance, while the other side is a traditional market Bitcoin heavyweights represented by MSTR synchronously profiting at both price and position levels, effectively widening the gap in risk management and quality of returns during the same move. The hard indicators to track moving forward are relatively clear: first, can BTC stabilize above the support area around $76,600 and further solidify its attempt to break through the $79,000 level, or will it show directional choices near the $82,500 resistance area; second, will ZEC continue to operate at or above the $1,000 high range, thus maintaining ongoing pressure on the approximately 32,760 short positions, or will there be a trend reversal alleviating the unrealized losses for that address; third, according to AiCoin data, there’s currently no indication that this address has explicitly reduced, added to, or closed positions on ZEC shorts or BTC longs, so any subsequent appearance of margin replenishment, leverage adjustments, or size changes on-chain will directly affect the risk profile of this composite position. It is important to emphasize that current public materials lack multi-source cross-validation of the precise liquidation price, margin call processes for the ZEC shorts, as well as the historical trading profitability records of this address, which means our analysis of its “bullish signals” can only be concluded within limited data boundaries. A more reasonable approach in the short term is to view the performance of key BTC price levels, ZEC price trends, and this address’s on-chain position adjustments as a cohesive framework for judging risks and signal strength.
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