Garrett Jin’s market-price short covering pushed ZEC up approximately 2.7% in 1.5 hours.
The agent of the self-proclaimed "BTC OG insider whale" Garrett Jin closed all 38,000 ZEC short positions via market orders within 1.5 hours, pushing ZEC’s price up roughly 2.7% from $1,490 to $1,530. Meanwhile, the funding rate on decentralized exchange Hyperliquid surged to over 170% annualized. The short position had been held for nearly three months. Garrett Jin had earlier stated the short was part of a partial hedge, but the position closing ultimately resulted in an approximate $35 million loss, with no spot ZEC holdings sold during the period.
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Altcoins extend their rally, with FTT surging over 34% and NEAR rising another 17%.
According to HTX market data, fueled by the sustained recovery in the cryptocurrency market, altcoins have extended their rally. Specifically: FTT surged over 34% in the past 24 hours, pushing its market cap to $89 million; SAGA rose more than 48% in the same period, hitting a market cap of $39 million; LUNA gained over 19% in 24 hours, with its market cap reaching $68 million; S climbed over 18% in the past day, now boasting a market cap of $113 million; KMNO increased by over 17% in 24 hours, with its market cap standing at $283 million; NEAR rose more than 17% in the past 24 hours, reaching a market cap of $5.456 billion; AVAX gained over 11% in the same period, hitting a market cap of $5.009 billion; MINA also rose over 11% in 24 hours, with its market cap at $152 million.
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Qatar says the US hopes to reach an agreement with Iran.
Qatar's Foreign Ministry spokesperson Majid Al Ansari said on the 20th that Qatar is in communication with the U.S. and Iran to push for the resumption of U.S.-Iran talks. He added that multiple U.S. government officials have indicated the U.S. aims to reach an agreement and end the conflict.
Speaking during the Qatar Economic Forum held in New York, U.S., Ansari stated that over the past weeks, Qatar has been exchanging views with both the U.S. and Iran, and is working to bridge their differences. However, he did not provide a timeline for the resumption of negotiations.
"We have heard statements from multiple U.S. government officials confirming that the U.S. wants to reach an agreement and find a solution to end this war," Ansari said. He noted that any solution must ensure regional stability, while also driving the international community to reach a consensus on protecting strategic waterways including the Strait of Hormuz. He pointed out that the Bab el-Mandeb Strait is also currently affected by regional conflicts.
Source: Jin10
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Gemini’s stock price has dropped approximately 80% from its IPO peak, with its market capitalization falling to $753 million, sparking acquisition rumors.
Cryptocurrency exchange Gemini’s stock price has fallen roughly 80% from its post-IPO peak, bringing its market value to around $753 million and fueling growing acquisition speculation. Gemini’s Q2 platform revenue dropped 38% year-over-year to $12.5 million, spot trading volume fell 66% to $3.8 billion, and the platform’s total assets shrank from $18.2 billion to $8.4 billion. ARK Invest Digital Asset Research Director Lorenzo Valente previously suggested on X that Hyperliquid could acquire Gemini, leveraging its regulatory credentials as a compliant entry point into the U.S. market to expand its perpetual contract and prediction market operations. However, there are no current indications Hyperliquid is pursuing such a deal. Despite Gemini’s ongoing trading business contraction, its entities hold multiple regulatory licenses and approvals, which potential buyers likely value for their hard-to-replicate regulatory infrastructure, custody capabilities, and customer base. In April this year, media reports revealed potential buyers had considered acquiring Gemini’s shuttered European and UK operations, primarily to secure the associated regulatory licenses, though no deal has been finalized to date. Additionally, the Winklevoss brothers collectively hold approximately 94.5% of Gemini’s voting rights, meaning any sale transaction effectively requires their joint approval—this streamlines negotiation counterparties while making shareholder-driven sales or hostile takeovers nearly impossible.
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Garrett Jin closed out his ZEC short position, incurring a loss of $36.13 million, and still holds 13,300 BTC long positions.
According to monitoring by Onchain Lens, Garrett Jin, the agent of the so-called "BTC OG Insider Whale", has closed his ZEC short position that he had held for approximately three months, incurring a loss of around $36.13 million. The historical cumulative loss of this account address has reached $12.77 million. Currently, this address holds approximately 1,330 BTC long positions, valued at roughly $107.8 million, with an unrealized profit of about $3.71 million.
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Maji cuts long positions in ETH and BTC, increases long positions in HYPE, bringing total positions down to $95.16 million.
Per TradingBeats monitoring, crypto personality "Big Brother Ma Ji" Huang Licheng trimmed his long positions in ETH and BTC while adding to his long HYPE positions, bringing his total positions down to $95.16 million. His current positions are as follows: ETH long positions worth ~$67.75 million, with an unrealized profit of ~$1.81 million and an entry price of $2,526.46; BTC long positions of ~$15.02 million, with an unrealized loss of ~$30,000 and an entry price of $80,923.4; HYPE long positions of ~$12.44 million, with an unrealized loss of ~$160,000 and an entry price of $92.64.
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