Zcash whale buys $3.8M in ZEC – 2 obstacles could slow the recovery
Zcash’s next test could reveal whether whale conviction has enough buyers behind it.
Zcash [ZEC] reached a local high of $1,284 before easing slightly. At press time, it traded around $1,277, up 2.3% over 24 hours.
The recovery attracted renewed whale interest. However, broader Spot activity suggested that other investors remained cautious.
Can Zcash whale buying offset selling pressure?
According to Lookonchain, a whale bought 3,052 ZEC worth $3.8 million on the Spot market. The purchase showed substantial conviction from one buyer, although broader flows painted a different picture.
Zcash recorded $110 million in Spot Inflows compared with $89 million in Outflows. Spot Netflow stood near $20 million, reflecting higher exchange deposits.
These deposits increased the supply available for potential sale. So, while the whale bought into the recovery, broader exchange flows left Zcash exposed to selling pressure.
Are Zcash futures traders backing further gains?
The same whale also opened a 2x long position on 8,000 ZEC worth $10.16 million. That position added a leveraged bullish bet alongside the Spot purchase.
Meanwhile, participation increased across the derivatives market. Over 24 hours, Open Interest rose 6% to $2.5 billion, while Derivatives Volume climbed 19% to $4.03 billion.
Together, these increases pointed to greater activity and expanding outstanding positions. They did not establish whether traders predominantly favored longs or shorts.
On top of that, Futures Inflows exceeded $954 million, while Futures Netflow rose 1,205% to $11.4 million. More capital was entering the market, although the whale’s bullish positioning alone could not establish a broader directional consensus.
What could hold back Zcash’s recovery?
Zcash recovered after falling below $1,200, but its price still faced technical resistance. The MA Cross showed the altcoin trading below its short-term moving averages.
That left the recovery facing another test as exchange deposits increased. If selling pressure persisted, Zcash could retreat toward $1,208.
A stronger recovery could instead bring $1,318 into focus. Sustained Futures Inflows would need support from price strength before suggesting that buyers had regained control.
Final Summary
- A Zcash whale bought $3.8 million in ZEC and opened a separate $10.16 million leveraged long.
- Rising exchange deposits and resistance at short-term moving averages complicated Zcash’s recovery toward $1,318.
