Two newly created wallets withdrew 26,241 ZEC from Binance in 12 hours, totaling approximately $13.5 million.
Two new wallets have withdrawn 26,241 ZEC worth $13.5 million from Binance in the past 12 hours. This sudden movement comes as Zcash continues to show strong gains in the market. Analysts note that rapid withdrawals from fresh wallets can indicate strategic repositioning by large holders. The activity has drawn attention as traders and investors monitor the flow of ZEC off exchanges.
Large ZEC Withdrawals from Binance
In the last 12 hours, two newly created wallets moved a combined total of 26,241 ZEC from Binance. The total value of these withdrawals reached approximately $13.5 million. Such activity often signals accumulation or redistribution by significant holders. Market observers consider these withdrawals as a potential precursor to changes in price trends.
Withdrawals of this scale from newly created addresses are unusual compared to routine user activity. Exchanges typically see smaller amounts leaving wallets unless large investors are acting. The current ZEC market conditions show that investors are positioning themselves carefully. Analysts suggest monitoring future transactions for further insights.
Zcash Price and Market Activity
ZEC has experienced a price increase of over 13% recently, reaching above $500. The gains follow broader market movements, although Bitcoin has seen limited recovery near $90,000. In contrast, larger-cap altcoins like ETH and XRP have faced minor declines. ZEC’s performance shows continued interest in privacy-focused cryptocurrencies compared to other tokens.
The futures market also shows increased activity in ZEC trading. Global perpetual volumes for ZEC reached $2.9 billion in the past 24 hours. This volume ranks ZEC third among cryptocurrencies, after Bitcoin and Ethereum. Solana, which previously held significant trading volumes, now trails ZEC in speculative activity.
Related Readings: Zcash Whales Pull Over $90M ZEC From Binance
Growing Interest in Privacy Transactions
The demand for shielded ZEC supply has nearly doubled in recent months, reaching five million coins. Analysts note that users are increasingly using shielded transactions to protect their privacy. Peter Costi stated that the growth in shielded ZEC reflects concerns about privacy in digital finance. The trend has contributed to the broader adoption of privacy-centric assets.
Exchange outflow data indicates that more ZEC is leaving platforms than entering them. This suggests accumulation by holders who prefer private wallets. Technical indicators show that ZEC recently reclaimed its 50-day moving average. Recovery targets point toward $600 or $750 if momentum continues in the market.
Source: https://www.livebitcoinnews.com/two-newly-created-wallets-withdraw-26241-zec-worth-135-million-dollars-from-binance/
