A wallet believed to be associated with Bitkub co-founder Sakolkorn Sakavee has transferred 34,000 Zcash ( $ZEC ), valued at approximately $26.1 million, to the Hyperliquid exchange over the past 24 hours. According to blockchain analytics firm Lookonchain, the address then sold 24,000 $ZEC —worth about $18.5 million—and acquired 238 Bitcoin ( $BTC ) with the proceeds.

Transaction Details and Current Holdings

Lookonchain’s monitoring shows that the wallet still holds roughly 10,000 $ZEC, valued at approximately $7.6 million, on Hyperliquid. In addition, a sell order for the remaining $ZEC has been placed at around $780 per coin. The transfer of such a large amount of $ZEC to an exchange is often viewed as a sign of an intended sale, while the move into $BTC indicates a shift in the holder’s portfolio.

The transaction comes during a period of relative stability for Zcash, which has recorded moderate trading volumes. Bitcoin, by contrast, continues to draw institutional interest and remains the largest cryptocurrency by market capitalization. For market watchers, the size of the transfer is notable not because it guarantees a broader trend, but because large on-chain moves are among the few signals that can be observed before an order is fully executed. The co-founder’s move from $ZEC to $BTC may reflect a broader preference for Bitcoin as a store of value.

Market Context and Implications

Large exchange deposits are closely watched by traders because they can precede volatility. Even so, the effect of this particular transfer may be limited given Zcash’s lower liquidity compared with major assets such as Bitcoin and Ethereum. The trade also highlights the rising use of decentralized perpetual exchanges like Hyperliquid, which support leveraged trading without a central order book.

Hyperliquid has become popular among large crypto traders because of its low fees and fast execution. Its ability to process a trade of this size without significant slippage points to the strength of its infrastructure. The move also reflects a broader pattern of high-net-worth individuals and early crypto adopters rebalancing portfolios in response to market conditions.

Why This Matters to Investors

For retail investors, whale movements are often treated as a signal of possible market direction. Although a single transaction is not definitive, the conversion of $ZEC to $BTC may indicate a preference for assets with stronger network effects and wider institutional adoption. It also underscores the value of on-chain analysis in tracking market activity.

Observers should note that the wallet owner has not been officially confirmed by Sakavee or Bitkub. Lookonchain’s attribution is based on prior labeling and observed patterns, and misidentification remains possible. As with similar reports, official confirmation or additional on-chain evidence would be needed to verify the link.

Conclusion

The transfer of 34,000 $ZEC to Hyperliquid and the subsequent acquisition of 238 $BTC by a wallet linked to a Bitkub co-founder is a notable development in the cryptocurrency market. It highlights the growing role of decentralized exchanges in handling large trades and offers a window into the portfolio actions of early crypto participants. While the exact motivation is unclear, the transaction adds to the ongoing picture of Bitcoin’s position as a preferred digital asset.

FAQs

Q1: Who is Sakolkorn Sakavee? Sakolkorn Sakavee is a co-founder of Bitkub, one of Thailand’s largest cryptocurrency exchanges. He has been active in the crypto industry since the exchange’s launch in 2018.

Q2: What is Hyperliquid? Hyperliquid is a decentralized perpetual futures exchange that allows users to trade with leverage. It is known for fast order execution and low fees, making it popular with professional and high-volume traders.

Q3: Why did the wallet sell $ZEC for $BTC? The exact reason is not known, but such moves are often linked to market outlook, liquidity needs, or portfolio rebalancing. Bitcoin’s stronger market position and broader institutional adoption may have influenced the decision.