Zcash experienced significant whale accumulation activity this week, with one large holder purchasing approximately 12.87K ZEC valued at $13.65 million across Binance, OKX, Kraken, and Gate.io. The whale subsequently transferred the holdings to a fresh wallet, removing the position from exchange liquidity.
The accumulation coincided with broader spot market strength. Data shows spot taker volume remained buyer-dominant, indicating aggressive market participants crossed the spread to acquire ZEC rather than waiting for lower prices. This demand extended beyond the single whale purchase, suggesting wider market interest.
Mining Economics Strengthen Network Participation
Zcash mining economics improved substantially throughout 2026, attracting increased network participation. According to Grayscale estimates, Zcash miners earn approximately $2 million daily compared to roughly $35 million for Bitcoin miners. Despite this difference in absolute terms, Zcash delivered nearly twice Bitcoin's mining rewards per rig.
The ZEC protocol also generated around four times Bitcoin's rewards per megawatt-hour, improving relative energy economics. This profitability correlated with mining activity increasing by more than 250% throughout 2026, with particularly rapid expansion noted in the latest phase of the year.
Technical Price Structure Awaits Confirmation
On the 24-hour chart, Zcash's price structure had completed four waves of a developing Elliott impulse sequence. Wave (1) advanced toward $850 before retracing to $813.95 in Wave (2). Wave (3) then drove higher, reaching the $1,295–$1,298 resistance zone.
Wave (4) pulled the price toward $1,054.72 without overlapping Wave (1)'s peak. At press time, ZEC traded at $1,138.89. A sustained advance above the $1,295–$1,298 resistance zone would confirm Wave (5) and potentially open further upside. Conversely, a break below $1,054.72 support would challenge the current wave count.
