Zcash (ZEC) reached a local high of $1,284 before easing to around $1,277, up 2.3% over the past 24 hours.
Whale Activity
Data from Lookonchain shows a single whale purchased 3,052 ZEC for approximately $3.8 million on the spot market, indicating strong conviction from that buyer.
Broader Spot Flows
CoinGlass reports net spot inflows of about $20 million, with $110 million in deposits versus $89 million in withdrawals. The increased exchange deposits raise the amount of ZEC available for potential sale, adding selling pressure despite the whale’s purchase.
Derivatives Market
The same whale opened a 2x leveraged long position on 8,000 ZEC valued at $10.16 million. Across the derivatives market, open interest rose 6% to $2.5 billion and volume increased 19% to $4.03 billion. Futures inflows exceeded $954 million, and futures net flow jumped 1,205% to $11.4 million, indicating heightened capital inflow.
Technical Outlook
Technical analysis shows ZEC trading below its short‑term moving averages, creating resistance near $1,318. Increased exchange deposits could push the price toward $1,208 if selling pressure persists.
Summary
A whale’s $3.8 million spot purchase and $10.16 million leveraged long highlight bullish intent, but rising exchange deposits and short‑term technical resistance may limit ZEC’s recovery toward higher levels.
