Whales withdrew 93 million dollars of ZEC from the Binance platform within 24 hours.
Two wallets transferred 206,334 ZEC, indicating strong institutional accumulation.
Funds remain stagnant in private wallets with no deposit activity in exchange operations.
The price of ZEC shows stability despite the massive decline in liquid supply.
Chain data reveals significant accumulation by whales in Zcash, as over 90 million dollars of ZEC left the Binance platform within 24 hours. The Lookonchain platform first detected these movements after tracking two high-value withdrawals in which coins $ZEC were transferred from hot Binance wallets to private addresses. These were not transfers from individual investors, but rather organized and deliberate exits.
The largest withdrawal came from address t1dHheg2Sk….nen7rf, which received 202,077 ZEC worth approximately 91.4 million dollars about 16 to 18 hours ago. The second address t1Nt2iHHA4d….cVBs withdrew an additional 4,257 ZEC, worth approximately 1.9 million dollars after about five hours. Thus, outflows from whales exceeded 93 million dollars.
The behavior of wallets on-chain indicates intentional accumulation.
Conversion patterns are gaining importance here. Wallets received Zcash amounts directly from Binance's hot wallet t1PKB, often preceded by small test transfers of 0.00001 ZEC. This sequence usually confirms the validity of the address before executing a large withdrawal, which is typical behavior for whales. The larger wallet received Zcash in two main batches: the first 68,076 ZEC worth approximately 29.7 million dollars.
It was followed by a second batch of 134,000 ZEC worth approximately 58.6 million dollars. This was followed by a small transfer of 0.99 ZEC, often used as a balance check or 'dust'. Importantly, none of these coins have returned to exchanges so far. The funds remain stable in private wallets, and no immediate selling activity is visible on-chain. This shifts the narrative from distribution to accumulation in cold storage wallets.
Outflows are met with price stability.
Despite the size of the withdrawals, the price of Zcash has not shown sharp fluctuations so far, which is noteworthy. Typically, outflows from exchanges alleviate direct selling pressure, but price reactions often lag behind on-chain activity. Whales move first, followed by the market. At the same time, balances $ZEC at Binance have clearly decreased. While this does not confirm a supply shortage, it reduces liquidity available for trading in the short term. The impact increases when it comes to privacy coins. Zcash already has a smaller circulating supply compared to major layer one assets, making large withdrawals capable of quickly affecting the order book.
What are traders watching for on-chain later?
Three signals have become a point of focus. The first: whether these wallets will start converting Zcash to shielded addresses, which reinforces the long-term holding hypothesis. The second: whether any amounts will head to over-the-counter (OTC) trading desks or custodians, which could indicate institutional moves. The third: whether privacy coins $ZEC will return to exchanges with any price rise, which could reflect profit-taking activities. So far, none of this has occurred.
Current data indicates a clear narrative: market whales withdrew more than 90 million dollars of Zcash from the Binance platform. The funds are stable in private wallets, and no selling pressure has been observed. In the world of digital currencies, silence on-chain is often more expressive than any movement.
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