Long-Term Zcash Whale Deposits 22,840 ZEC to Binance at a 20x Gain After ZEC Crosses $1,000
Key Takeaways
- •A whale transferred 22,840 ZEC to Binance in a transaction worth approximately $23.11 million after ZEC surpassed $1,000.
- •The tokens were acquired at an average price of $48.44, yielding an estimated profit of roughly $21.96 million, about a 20-fold return.
- •The funds moved from a shielded address to a transparent address before reaching Binance, making the transfer traceable on public block explorers.
- •Zcash, launched in 2016, uses zk-SNARK zero-knowledge proofs, a technology later adopted across the industry including Ethereum layer-2 solutions.
- •Analyst il Capo expects a correction in ZEC and potentially the broader cryptocurrency market following the price rise.
After Zcash ($ZEC) surpassed the $1,000 level, a large whale who had been holding the token at a low cost for more than two years made a noteworthy transfer, according to on-chain data.
The whale in question moved 22,840 $ZEC, held at an average cost of $48.44, to Binance in a transaction worth approximately $23.11 million. Based on the average acquisition price, the investor is estimated to have realized a profit of roughly $21.96 million, representing an approximately 20-fold increase on the original position.
On-chain records show that the whale accumulated $ZEC through Binance between 2021 and 2024, collecting the tokens at an average price of $48.44. After $ZEC crossed the $1,000 mark today, large holders began taking profits. The data indicates that the 22,840 $ZEC were first sent to a private, shielded address, then transferred to a new address with the privacy feature removed, and finally deposited to Binance.
Zcash is a privacy-focused cryptocurrency launched in 2016 that uses zero-knowledge proofs, specifically zk-SNARK technology, to allow transactions in which the sender, recipient, and amount can be shielded from public view. The option to move funds between shielded and transparent addresses is a built-in feature of the protocol, and transfers to transparent addresses are visible on public block explorers, which is how on-chain analysts were able to trace the movement. Notably, the same zk-SNARK zero-knowledge proof technology pioneered by Zcash has since been adopted more widely across the crypto industry, including in Ethereum's layer-2 scaling solutions, making Zcash one of the earliest production implementations of the technique.
Deposits of this size to a major exchange such as Binance are commonly watched by market observers as an indicator of potential sell-side activity, since tokens held on exchanges are typically positioned to be traded or sold, though an on-chain transfer alone does not determine the holder's intent. Whale profit-taking after sharp price rallies has historically been tracked by on-chain analytics firms as one signal among many used to gauge market sentiment.
Commenting on the price action, crypto analyst il Capo stated that he expects a correction following the rise in $ZEC price, and that such a correction could also encompass the broader cryptocurrency market.
*This is not investment advice.
