On-chain analyst Yu Jin spotted a large withdrawal: just as ZEC’s price hit a bottom and started to bounce back, a wallet moved 37,316 ZEC—worth around $13.12 million—off Binance about 20 minutes ago. The move was detected right at the turn of a sharp sell-off.
Large outflows from exchanges during a price recovery are commonly seen as a sign that whales are accumulating at lower levels and shifting assets to private wallets for longer-term holding. ZEC’s privacy-centric design makes such substantial on-chain transfers particularly interesting to the crypto community.
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