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【Not Fighting Alone — Three Short Whale Giants Collectively Crushed by ZEC】 $ZEC is consolidating around 1105 today, $ZEN rebounded to 6.41, up 1.86%. The short whale Garrett Jin we’ve been tracking hasn’t changed much in his situation these days, but a deeper look reveals he’s not fighting alone — there are two other whales shorting ZEC on-chain, and together they have an unrealized loss approaching $39 million. This is no longer an isolated case of "a trader’s misjudgment," but a whole batch of capital bearish on privacy coins being collectively schooled by the same market move. What’s truly worth pondering is the industry comparison behind this: while the entire crypto market generally pulled back 30-50% from the peak in October 2025, the privacy coin sector actually rose 213% against the trend. What does this indicate? During this cooling period of the broader market, capital didn’t fully exit risk assets but rotated sectors, moving money from mainstream narratives to privacy narratives — ZEC alone captured 62% of the entire sector’s share, almost becoming the absolute representative of this "privacy coin revival." The collective defeat of the three short whales is, to some extent, the most direct annotation of this sector rotation: when most people are still judging a niche sector through the lens of "weak overall market," that’s often when they’re most vulnerable to being taught a lesson in reverse. DYOR, not investment advice. #ZEC机构资金入场，高位杠杆开始出清 #ZEC跻身前十，机构化进程提速