---
title: "Zcash whales are buying the top – Here’s why that’s risky for ZEC"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/301290478.md"
description: "Zcash whales are accumulating ZEC, with one wallet buying 1,000 coins and moving them to a shielded pool. However, this occurs after a significant price rally, raising concerns about buying the top. Technical indicators show a bearish market structure break, while ETF outflows and high futures volume suggest a potential distribution phase. Despite whale buying, ZEC faces downward pressure, with key support levels at $1,000 and $820."
datetime: "2026-10-08T14:05:10.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/301290478.md)
  - [en](https://longbridge.com/en/news/301290478.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/301290478.md)
generator: "portal-rs"
---

# Zcash whales are buying the top – Here’s why that’s risky for ZEC

Since Zcash \[ZEC\] hit $1,701 in late September, the price action has entered a correction phase. However, large investors continue to bet on higher prices, even as the market structure has broken on the daily chart.

As ZEC continues to drop, will the altcoin hold above the demand zone around $1,000?

## Whale buys ZEC, but its price breaks trendline support

A wallet accumulated 1,000 ZEC valued at $1.33 million on Binance and withdrew the total amount to an external address. Shortly after, the whale moved the position into Zcash’s shielded pool for privacy.

Source: Onchain Lens

The whale is buying after the altcoins have more than tripled from $478 in mid-August to $1,700 in late September. Thus, this trader might be buying the top.

Despite the accumulation, ZEC’s market structure has flipped bearish after breaking below a slanting trendline support. The bears at the lower high (LH) at $1,385 are pushing for a new low, which is around the demand zone at $1,060.

Similarly, the CMF is at negative 0.15, indicating capital is flowing out of the altcoin. The Trend Strength Index (TSI) also reinforces the bearish control, showing a reading of -0.86.

Source: ZEC/USDT on TradingView

While the altcoin is declining, the zone at $1,000 might hold. However, if the support fails, the next demand levels are $820 and $478 in the extreme scenario. But why was Zcash hitting lower levels?

## Is Zcash in a distribution phase?

The decline in price could be hinting at a distribution phase for Zcash as the broader crypto market cools off.

When trading volumes stay high in the later stages of a bull market, it may signal distribution. To back this view, the Futures Volume Bubble Map showed it was overheating as ZEC traded at peak levels.

Source: CryptoQuant

Additionally, Spot Zcash ETF inflows have turned negative, reinforcing the selling activity.

Since the last week of September, when the price of the altcoin hit $1,700, Grayscale Spot ZEC ETF has seen either outflows or inactivity. Over $105 million has been sold in total during this period, with about $8.49 million left in the past 24 hours.

These outflows are happening even though Winklevoss twins filed to join Grayscale in the ZEC ETF race.

Source: SoSoValue

Therefore, the altcoin is falling due to a potential distribution phase. Still, it is worth noting that buyers have dominated the Spot Taker CVD over the past three months.

* * *

## Final Summary

-   *Whale buys 1,000 ZEC and moves the entire amount to Zcash’s shielded pool for privacy, but its price has broken a slanting support.*
-   *ZEC appears to be entering a distribution phase amid overheating volume at peak levels and ETF outflows.*

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- [ZCSH.US](https://longbridge.com/en/quote/ZCSH.US.md)

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---
> **Disclaimer: This article is for reference only and does not constitute any investment advice.**