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One Zcash holder has nearly doubled its position during the token’s slide this month. According to Ambcrypto, the address t1ZLg bought $21.8 million in ZEC on Binance and a further $10.2 million on Kraken over the weekend, lifting its total holdings from 24,000 to 54,400 tokens — a position now worth $66.75 million.
The purchases came as ZEC traded roughly 34% below its recent peak. The same address had been accumulating since mid-September, according to Arkham data, slowed its buying between September 22 and 26 — a pause that lined up with a price high near $1,700 — then resumed with steady bids through October.
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Key facts
- The whale address t1ZLg spent $21.8 million on Binance and $10.2 million on Kraken over the weekend.
- Its ZEC holdings rose from 24,000 to 54,400 tokens, now valued at $66.75 million.
- Accumulation began in mid-September and paused around a $1,700 price peak before October bids resumed.
- U.S. spot ZEC ETFs posted $123 million in net outflows over two straight weeks.
- Nansen data showed whale interest on Hyperliquid’s derivatives market down 14% over seven days, while smart money traders rose 134%.
Broader whale interest stays thin
The large purchase is not mirrored across the wider market. CryptoQuant’s spot data showed normal-sized orders during the pullback rather than the large whale orders that coincided with easing declines in March, August and September — a pattern that may lower the odds of a sharp rebound or of ZEC holding the $1,000 level.
Derivatives tell a similar story. Whale interest on Hyperliquid fell 14% over the past week, per Nansen, even as smart money traders increased 134%, suggesting some sophisticated players treated the discount as an entry point. Net Position Change was not positive, indicating caution rather than conviction on both spot and derivatives.
Also read: Bitcoin ETFs post four-day outflow streak as BTC fails to hold $65,000
ETF outflows and CPI risk
Institutions have also pulled back. U.S. spot ZEC ETFs recorded $123 million in net outflows across two consecutive weeks, according to SoSo Value, leaving the market exposed to U.S. CPI inflation data due this week. A hotter-than-expected reading could add macro volatility and raise liquidation risk, putting the $1,100 and $1,000 support levels in line for another test.
Why it matters
The divergence between one whale’s aggressive buying and the caution elsewhere means ZEC’s near-term direction may hinge less on this single position and more on whether institutional flows stabilize. ETF outflows of this size can weigh on spot prices even when large holders add, and thin whale participation during pullbacks has historically made recoveries slower to arrive.
What to watch
The main near-term trigger is this week’s U.S. CPI release. A soft print could ease macro pressure on ZEC and its $1,000 support; a hot one may extend the current outflows and test whether the whale’s discounted entries pay off.
This article is informational only and is not financial advice. Cryptocurrency markets are volatile and uncertain, and readers should do their own research before making any decisions.
Reported by ambcrypto.com.
Source: AMBCrypto