ZEC wallets attributed to whales withdrew over 206,000 Zcash tokens worth more than $90 million from the centralized crypto exchange Binance, according to on-chain data, prompting renewed market attention toward potential accumulation and tightening exchange liquidity.
Key Takeaways:
- Whale withdrawals totaled to over 206,000 ZEC tokens, valued at around $93M, from Binance, per Lookonchain.
- The largest single transfer moved over 202,000 ZEC (~$91M) into a private wallet, followed by a smaller secondary withdrawal hours later.
- Despite massive outflows, ZEC price remains relatively stable, showing no immediate surge or decline triggered by the movements.
Blockchain analytics, including Lookonchain, flagged two large Zcash withdrawals from Binance hot wallet addresses between December 20 and 21, 2025. Based on its pattern, the transactions were seen to be done by wallets connected to whales, as it began with small transfers serving as a testing phase, before escalating into large-scale movements, a process often used to confirm destination wallet accuracy.
The most significant transaction involved 202,077 ZEC, valued at approximately $91.4 million, which was transferred into a private wallet address roughly 16 to 18 hours before reporting. Several hours later, a second transaction moved 4,257 ZEC, worth nearly $1.9 million, to another non-exchange address. Combined, the transactions removed more than 206,000 ZEC from Binance’s readily available supply.
Notably, none of the withdrawn tokens have returned to centralized trading venues or shown signs of immediate redistribution. The absence of follow-up inflows suggests the transfers were not intended for near-term selling, but rather reflect deliberate repositioning by large holders.
Market Interprets Moves as Strategic Accumulation
For a privacy-focused asset like Zcash, whale accumulation can carry additional weight, as shielded transactions and private storage options provide further incentives for holding ZEC outside centralized platforms.
On-chain observers and the crypto community generally interpret large exchange outflows as a signal of accumulation, particularly when the assets are moved into non-custodial crypto wallet addresses. Such behavior is commonly associated with long-term crypto investment strategies, where whales reduce exposure to exchange risk or prepare holdings for cold storage. In some cases, assets withdrawn in this manner are later used in off-exchange transactions such as OTC trades, which do not immediately affect visible order-book liquidity.
ZEC Price Holds Steady Despite Heavy Outflows
Despite the substantial amount of Zcash withdrawals, ZEC remains in a strong and steady price action, with a minimal price drop, in today’s trading session. As of this writing (8:15 AM UTC) , ZEC is trading around $442.74, showing a 2.0% drop in the last 24 hours as it retreated back from its intraday highs near $454.00. Intraday lows were seen around $442.09, which is close to its current price.
This kind of market response highlights how large on-chain movements do not always trigger noticeable and immediate volatility, especially when broader crypto market sentiment remains cautious and liquidity shifts occur gradually.
What’s Next for Zcash
The near-term outlook for Zcash will depend on whether whale-held ZEC remains off exchanges or begins to re-enter trading venues. Continued accumulation could tighten liquidity further and support upward price pressure, while renewed inflows would suggest profit-taking or redistribution.
Market participants will be watching for confirmation through follow-up on-chain activity, changes in exchange balances, and any breakout above key resistance levels around the $460 range. Until then, Zcash appears to be consolidating, with whale behavior providing a quietly bullish undertone rather than an immediate catalyst.
Summary
Whales withdrew over 206,000 ZEC (roughly $90M) from Binance into private wallets between Dec 20–21, 2025; the moves have reduced exchange liquidity and suggest strategic accumulation while price action remains relatively stable.
