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Which venues saw ZEC whale withdrawals?

Over the past week, large Zcash (ZEC) holders, often called "whales," have been moving significant amounts of ZEC off two major cryptocurrency exchanges: Binance and Kraken.

  1. Binance: Several big withdrawals were reported, including 26,241 ZEC (about $13.5 million) and 30,000 ZEC (around $13.25 million), according to a TradingView report.
  2. Kraken: A whale moved 7,714 ZEC (approximately $4.12 million) off Kraken, as noted in an AMBCrypto analysis.

Deep Dive

1. Binance

There is clear evidence that several large ZEC holders have withdrawn their coins from Binance to new wallets. This reduces the amount of ZEC available for trading on the exchange. For example, two new wallets took out 26,241 ZEC (~$13.5 million), and another whale withdrew 30,000 ZEC (~$13.25 million), as detailed in the TradingView report. Additionally, a social media post on X highlighted a wallet receiving 24,001 ZEC (~$12.3 million) from Binance, supporting the trend of moving coins off the exchange, possibly for safer storage or private pools (X post).

What this means: When big holders move their coins off Binance, it lowers the immediate supply available to sell on that platform. If demand for ZEC stays strong, this can create a supply squeeze, potentially supporting higher prices.

2. Kraken

Similarly, a large withdrawal of 7,714 ZEC (~$4.12 million) was made from Kraken in carefully planned batches. This move appears to be more about long-term holding rather than quick trading, which tightens the supply on Kraken as well (see the AMBCrypto analysis). This fits a broader pattern where whales reduce the amount of ZEC on exchanges, which can lead to price increases once short-term trading pressures ease.

What this means: The outflow from Kraken adds to the trend of whales moving ZEC off exchanges. This can help support the price, especially if traders who bet against ZEC (short sellers) face pressure and if more buyers enter the market.

Conclusion

Recent large withdrawals of Zcash from Binance and Kraken show a clear trend of supply tightening on these major exchanges. While some whales also move coins onto exchanges like Binance and Coinbase to sell, the overall pattern points to accumulation and reduced exchange supply. This setup could support ZEC’s price if demand remains steady and trading conditions stabilize.


What could affect the price of ZEC?

Zcash’s future depends on how much people want privacy, changing regulations, and technology improvements.

  1. ETF inflows & regulation – New altcoin ETFs including ZEC are approved, but rules could still change
  2. Shielded adoption – 30% of Zcash (ZEC) is now used privately; the Sapling upgrade cut transaction fees by 30%
  3. Whale accumulation – Cypherpunk Technologies owns 1.76% of ZEC and aims for a 5% stake

Deep Dive

1. Regulatory Approvals vs. Privacy Restrictions (Mixed Impact)

Overview:
The U.S. Securities and Exchange Commission (SEC) approved 11 new crypto ETFs, including one for Zcash (Bitwise). Meanwhile, the European Union is considering banning privacy coins like ZEC under new rules called MiCA. Grayscale’s Zcash Trust holds $137 million worth of ZEC, but some exchanges have removed privacy coins, which creates uncertainty.

What this means:
The approval of ETFs could bring more investment into ZEC, balancing out the risks from stricter regulations. However, ZEC’s price surged 840% in 2025, so if regulations tighten, some investors might sell to take profits—similar to what happened in South Korea in 2023 when privacy coins were delisted.

2. Privacy Technology Improvements (Positive Impact)

Overview:
In October, Zcash’s Sapling upgrade lowered fees for private (shielded) transactions by 30%, leading to 30% of all ZEC now being used privately (The Defiant). The new Zashi 2.0 wallet makes private transactions the default, and the ZPay app now works across blockchains like Solana.

What this means:
These upgrades make ZEC easier and cheaper to use privately, helping it compete with other privacy coins like Monero. If more than half of ZEC transactions become private by 2026, as planned by Electric Coin Company, it could strengthen ZEC’s reputation as a “privacy-first” coin and increase its value.

3. Large Holders & Supply Effects (Risk of Price Swings)

Overview:
Cypherpunk Technologies bought $29 million worth of ZEC in late 2025 (CryptoFront). Also, one wallet moved 30,000 ZEC (about $13.25 million) off Binance, showing signs of accumulation (Lookonchain).

What this means:
When a few big players hold large amounts of ZEC, it can cause big price moves—both up and down. Data shows there are $7 million in long bets versus $2 million in short bets, indicating potential volatility. The upcoming 2028 halving (which reduces new ZEC supply) might tighten supply, but daily inflation of 0.15% still puts some downward pressure on price.

Conclusion

Zcash’s goal to reach $1,000 per coin (as predicted by Arthur Hayes) depends on growing privacy use while managing regulatory challenges. Keep an eye on Grayscale’s ZEC ETF inflows and the SEC’s decision in September 2026 on ETF renewals. Will big investors see Zcash as “privacy gold” or a compliance headache?

“When 20% of a network’s coins are held privately, does that make the other 80% more traceable – or more valuable?”


What are people saying about ZEC?

Zcash’s focus on privacy is stirring up strong opinions as investors watch closely: bulls aim for $1,000, while bears warn of a possible price drop. Here’s what’s happening now:

  1. Prediction markets lean bearish – 85.8% expect ZEC to stay below $550 in the short term
  2. Big investors are buying – Cypherpunk purchased $29 million worth of ZEC, aiming to own 5% of all coins
  3. Technical analysis is divided – Experts disagree on whether ZEC will break down from a rising wedge pattern or bounce back from a trendline
  4. Regulatory concerns vs. optimism – Fears of exchange delistings are balanced by hopes for a ZEC exchange-traded fund (ETF) approval

Deep Dive

1. @earlyadopterz: Mixed technical signals

"If we break above 454, super bullish... breaking 438 risks $400"
– 7,046 followers · 136K impressions · 2025-12-20 14:23 UTC
View original post
What this means: ZEC is currently trading between $438 and $454, showing no clear direction. A strong move above or below this range could cause an 8-10% price swing.

2. @VipRoseTr: Bearish wedge pattern warns of drop to $289

"Rising wedge breakdown could hit $289.62"
– 63,522 followers · 443K impressions · 2025-12-27 13:53 UTC
View original post
What this means: If ZEC falls below $442 support, it could drop as much as 43%, signaling risk for current holders.

3. @cryptodotnews: Growth in private (shielded) supply is a positive sign

"Shielded ZEC up 55% monthly, institutions building war chests"
– 111K followers · 986K impressions · 2025-12-20 07:01 UTC
View original post
What this means: Nearly 29% of ZEC is now held in private pools, which reduces the amount available for sale and supports upward price pressure.

Conclusion

Overall, Zcash looks promising in the long run thanks to growing privacy adoption and Cypherpunk’s large investment. However, technical signals suggest short-term caution. Watch the $550 resistance level closely — breaking above it could support bold price targets like Arthur Hayes’ $10,000 prediction, while failing to break through might confirm a drop toward $400.

Will privacy coins like Zcash become the “Swiss banks of Web3” or fall victim to regulatory crackdowns? The year 2026 will reveal the answer.


What is the latest news about ZEC?

Zcash is gaining attention thanks to growing interest in privacy-focused cryptocurrencies, new ETF proposals, and moves by big investors. However, technical indicators suggest some ups and downs ahead. Here’s the latest news:

  1. Bitwise Files for 11 Altcoin ETFs (January 1, 2026) – ZEC is included in a new lineup of crypto ETFs aimed at institutional investors.
  2. Cypherpunk Buys $29 Million in ZEC (December 31, 2025) – The privacy-focused company now owns 1.76% of all ZEC, with plans to increase to 5%.
  3. ZEC Jumps 840% Year-to-Date (December 31, 2025) – Zcash outperformed Bitcoin and Ethereum as demand for privacy coins grows amid tighter regulations.

Deep Dive

1. Bitwise Files for 11 Altcoin ETFs (January 1, 2026)

What happened: Bitwise, a well-known asset manager, filed paperwork with the SEC to launch 11 new cryptocurrency ETFs, including one featuring Zcash (ZEC), Uniswap (UNI), and Hyperliquid (HYPE). These ETFs would invest 60% directly in cryptocurrencies and 40% in related financial products. This approach follows the success of similar ETFs launched in 2025 that attracted over $1 billion in investments.

Why it matters: This move could boost Zcash’s reputation and accessibility for institutional investors. However, past altcoin ETFs didn’t always lead to big price jumps — for example, XRP stayed below $2 despite over $1 billion in inflows. The success of ZEC’s ETF may depend on whether its privacy features stand out in a crowded market, as some analysts warn (AMBCrypto).

2. Cypherpunk Buys $29 Million in ZEC (December 31, 2025)

What happened: Cypherpunk, a company focused on privacy technology and supported by the Winklevoss twins, purchased 56,418 ZEC at an average price of $514 each. This brings their total holdings to 290,062 ZEC, or about 1.76% of all Zcash coins. Their goal is to eventually control 5%, believing privacy is becoming more valuable in society.

Why it matters: By buying a large amount of ZEC, Cypherpunk is reducing the number of coins available on the market, which can affect price. However, some technical analysts warn that the price might pull back soon. Eric Van Tassel points out patterns that could trap optimistic investors, with $400 being an important support level to watch (CryptoFront).

3. ZEC Jumps 840% Year-to-Date (December 31, 2025)

What happened: Zcash’s price soared by 840% in 2025, reaching over $700. This surge was driven by new European Union regulations that increased demand for privacy in financial transactions. Improvements to Zcash’s shielded transactions and partnerships with other blockchains like Solana and NEAR also helped.

Why it matters: The price rally now faces a key resistance level around $565. Analyst Crypto Patel sees the $550-$600 range as critical for ZEC’s next move, while former BitMEX CEO Arthur Hayes’ bold prediction of $10,000 has sparked excitement among retail investors (CoinMarketCap).

Conclusion

Zcash is benefiting from a combination of ETF interest, big investor accumulation, and favorable regulatory trends focused on privacy. However, technical signals suggest the price could be volatile in the near term. With Bitwise’s ETF approval still pending, the big question is whether Zcash’s privacy features will become the industry standard or if investors will take profits and cool the rally.

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What is expected in the development of ZEC?

Zcash is moving forward with a plan that balances improving privacy features and growing its user community. Here are the key upcoming milestones:

  1. Zebrad Node Launch (Q1 2026) – Switching from the old zcashd system to a new, faster Rust-based platform.
  2. Shielded Refunds in Zashi Wallet (Q1 2026) – Completing fully private cross-chain swaps to keep transactions confidential.
  3. Project Tachyon Scalability (2026) – Aiming to handle enterprise-level transaction speeds without sacrificing privacy.
  4. Decentralized Governance Proposals (First half of 2026) – Letting the community vote on important protocol updates.

In-Depth Look

1. Zebrad Node Launch (Q1 2026)

What’s happening: The Electric Coin Company (ECC), which develops Zcash, plans to replace the older zcashd node software (written in C++) with Zebrad, a new version built in Rust. Rust is known for being more secure and efficient. This update is expected to make the network faster and easier to upgrade, improving synchronization speeds by about 40%, according to Bitrue.

Why it matters:

2. Shielded Refunds in Zashi Wallet (Q1 2026)

What’s happening: After integrating with the NEAR Protocol in late 2025 (source), the Zashi wallet team is finalizing a feature called shielded refunds. This will allow users to perform cross-chain swaps (exchanging assets between blockchains) without revealing transaction details.

Why it matters:

3. Project Tachyon Scalability (2026)

What’s happening: ECC is working on Project Tachyon, which aims to increase the number of private transactions Zcash can handle—targeting over 1,000 transactions per second—while keeping user identities hidden. Early test versions are expected by the end of 2026 (CoinDesk).

Why it matters:

4. Decentralized Governance Proposals (First half of 2026)

What’s happening: The Zcash Foundation will enable the community to vote on important protocol changes, such as how mining rewards are distributed and incentives for shielded transactions, through ZCAP polls.

Why it matters:

Conclusion

Zcash’s 2026 roadmap focuses on updating its technology, improving user privacy, and involving the community in decision-making. These steps could help Zcash maintain its position as a leading privacy-focused cryptocurrency. However, challenges like technical risks and regulatory scrutiny will play a big role in how successful these efforts are. The big question remains: will Zcash’s shielded transactions grow faster than those of competing privacy coins?


What updates are there in the ZEC code base?

Zcash is making important updates to improve privacy features and modernize its technology and ecosystem.

  1. Zebra Node Upgrade (December 19, 2025) – Better support for running nodes on different systems and new filters to block spam transactions.
  2. NU6.1 Activation (August 1, 2025) – Protocol improvements and a plan to phase out the old zcashd software.
  3. Ztarknet Layer-2 Launch (November 14, 2025) – Introduction of privacy-focused smart contracts on a secondary network layer.

Detailed Overview

1. Zebra Node Upgrade (December 19, 2025)

What happened: The Zebra 3.1.0 update improved compatibility with ARM-based devices like Apple Silicon Macs and added a filter to block spam transactions that have very small or no value. This update is part of Zcash’s move away from its older software (zcashd) to a newer, Rust-based node called Zebra. The spam filter helps reduce network congestion and lowers the workload for those running nodes, while better Docker support makes it easier to deploy nodes across different systems.

Why it matters: This upgrade is positive for Zcash (ZEC) because it makes the network more reliable and encourages more organizations to run nodes, which helps keep the network decentralized and secure. (Source)

2. NU6.1 Activation (August 1, 2025)

What happened: Network Upgrade 6.1 finalized new rules to make shielded transactions more efficient and announced a timeline to retire the old zcashd software by the end of 2025, encouraging users to switch to Zebra or Zallet wallets. It also fixed bugs related to wallet balance calculations and updated transaction formats to the latest standard (v5). The developers worked to ensure the transition would not break compatibility with existing systems.

Why it matters: This update is neutral for ZEC’s price and adoption. While cleaning up old software and improving efficiency is good for the network’s long-term health, requiring users to switch software could cause some short-term disruptions. (Source)

3. Ztarknet Layer-2 Launch (November 14, 2025)

What happened: Ztarknet, inspired by Starknet technology, launched as a Layer-2 solution that allows smart contracts to run privately on Zcash’s shielded pools using Circle-STARK proofs. This means complex computations happen off the main blockchain but still settle securely on Zcash, keeping user data private. The test network started running in November 2025.

Why it matters: This is a big positive for ZEC because it opens up new possibilities for decentralized finance (DeFi) applications like trading and lending, all while maintaining Zcash’s strong privacy protections. (Source)

Conclusion

Zcash’s upgrades in late 2025 focus on making the network stronger (Zebra), improving privacy in a way that meets regulatory expectations (NU6.1), and expanding DeFi capabilities with privacy intact (Ztarknet). With about 4.5 million ZEC (~27% of total supply) held in shielded pools, these changes aim to balance attracting institutional users while staying true to privacy-focused principles. The key question remains: will Ztarknet’s smart contracts grow faster than regulatory challenges to privacy-focused Layer-2 solutions?


Why did the price of ZEC fall?

Zcash (ZEC) dropped 2.4% in the last 24 hours, despite a strong 294% rally over the past 90 days. Here’s why:

  1. Profit-taking after big gains – ZEC has risen 818% over the past year, leading some investors to cash out.
  2. Overbought signals – Technical indicators suggest the price was too high and due for a pullback.
  3. ETF news had mixed effects – Bitwise filed for 11 altcoin ETFs including ZEC, but similar ETF approvals haven’t boosted prices much before.
  4. Bitcoin’s strength – The market is favoring Bitcoin right now, which puts pressure on altcoins like ZEC.

Deep Dive

1. Profit-Taking After Historic Rally (Bearish Impact)

ZEC’s price soared 818% over the last year and 294% in just 90 days, reaching nearly $554 on December 30. When prices rise this fast, many investors—especially short-term traders—choose to sell and lock in profits. Recent data shows large holders (“whales”) sold about $30 million worth of ZEC recently (Augura_), and smaller investors also exited their positions. This selling pressure contributed to the recent price drop.

2. Overbought Technical Conditions (Bearish Impact)

Technical tools like the Relative Strength Index (RSI) help measure if an asset is overbought or oversold. ZEC’s RSI-7 reached 71.6, which is considered overbought and often signals a price correction. The price also struggled to break above resistance levels around $550–$565, which aligns with common technical targets (Fibonacci extensions). On shorter time frames, a failed breakout above $550 triggered stop-loss orders and forced some traders to sell, pushing the price down. Support now lies between $485 and $500.

3. ETF Filings Fail to Spark Immediate Demand (Neutral Impact)

On December 31, Bitwise filed for 11 altcoin ETFs, including one for ZEC. While this shows growing institutional interest, past ETF approvals for coins like SOL and XRP didn’t lead to big price jumps. Analysts have observed a “sell the news” pattern, where prices dip after positive announcements (AMBCrypto). So, while ETFs are promising long-term, they haven’t yet sparked immediate buying.

Conclusion

ZEC’s recent pullback is a natural pause after a historic rally, driven by profit-taking, technical signals of overbuying, and cautious market reaction to ETF news. The key question now: Can ZEC maintain support around $485 and continue its upward trend, or will Bitcoin’s current dominance keep altcoins like ZEC under pressure? Watch trading volumes and growth in shielded (private) transactions for signs of what’s next.

{{technical_analysis_coin_candle_chart}}