Zcash Pulls Back After Massive Rally, as Whale Realize $1,2 Million in Profit

• Zcash volatility surges with ZEC fluctuating between $700 and $400.

• A Zcash whale realized $1.2 million in a long position bet and then opened another worth $3 million.

Zcash (ZEC) has entered a volatile but strategically significant phase. After soaring nearly 900% year-to-date, the privacy-focused cryptocurrency dropped to $573 on November 9, 2025, prompting questions about whether the rally is losing steam or simply cooling before another push higher.

On-chain activity suggests the latter, as major investors are taking profits and immediately redeploying capital into new leveraged longs. This is a vital sign that confidence in ZEC’s medium-term outlook remains strong as its halving approaches.

Zcash Whale Profit-Taking Sparks Pullback

The steep correction began shortly after ZEC tapped $750, its highest price in four years. The rally had been driven primarily by anticipation surrounding the asset’s upcoming halving event, which will reduce block rewards and tighten token supply.

One whale, operating under the wallet label 0x6EF9, deposited 6.27M USDC into Hyperliquid roughly 14 hours before the decline and placed a limit long order at $509.50. The order was later filled, giving the trader 20,833 ZEC valued at nearly $12 million. As prices climbed, the whale closed the position, securing an estimated $1.25 million profit.

This profit-taking activity contributed to short-term selling pressure, catalyzing the move from the $750 highs to the $573 region.

Yet rather than exiting the market, whales have continued to recycle profits back into leveraged positions. This is a key indicator that this pullback is viewed as an accumulation opportunity rather than the end of the cycle.

Following the liquidation of the original long, a newly created wallet deposited $3.54 million USDC into Hyperliquid and opened a fresh 10x leveraged long at $508.50. This move reinforces the view that the $500–$550 range represents a strategic re-entry zone for institutional-scale traders.

Why Whales are Repositioning

Such behavior demonstrates a critical trend. Rather than exiting after cashing out, sophisticated players are rotating capital into fresh longs at lower levels to position themselves for the next price expansion.

This dynamic profit-taking followed by immediate re-entry illustrates sustained bullish sentiment and a belief that the halving-driven rally is far from over.

Market Structure Remains Firm Despite Volatility

Despite the price drop, the derivatives market continues flashing strength. Open interest has remained elevated, and the long-short ratio stands at 0.84, signaling a market still dominated by bullish positioning.

With ZEC holding an estimated market cap of $11.2 billion, the asset remains comfortably in the top 20 cryptocurrencies by valuation, underscoring ongoing investor demand.

Whales committing fresh capital while open interest stays elevated is typically a sign that a consolidation phase, not a reversal, is underway.

Halving Narrative Is Fueling Long-Term Demand

ZEC’s explosive 2025 performance has been driven by anticipation of its forthcoming halving, which will reduce mining rewards and further limit annual issuance. Markets have long priced halvings as bullish events, given the reduced supply flow they introduce.

The fact that large-scale traders are entering leveraged positions ahead of the halving suggests confidence that the event will catalyze additional price discovery.

ZEC’s price action remains structurally bullish despite its recent correction.

After tagging $750, the asset retraced sharply to the $480–$540 support zone, where buyers quickly emerged. By Sunday, ZEC had reclaimed the $600 level, indicating strong dip-buying from both whales and retail participants.

The Relative Strength Index (RSI) currently sits near 79, indicating overheated conditions and supporting the likelihood of continued short-term consolidation. However, cooling momentum does not invalidate the bullish case; instead, it allows the market to reset before continuation.

The longer ZEC sustains support above $480, the stronger the foundation for its next leg higher. Even as the price weakens, market signals suggest that confidence among sophisticated traders remains intact.

Pullback or End of the Rally?

All signs point to a healthy correction, not a structural reversal. Whales are securing profits, but they are not exiting the market. Instead, they are aggressively reloading, particularly near the $500 level, suggesting confidence that ZEC’s halving-driven rally has more room to run.

As long as price holds above the $480–$540 demand zone, ZEC could be preparing for another leg up toward the $700–$900 range.

For now, the market appears to be in a controlled cooling phase, allowing indicators to reset before the next primary bullish impulse.