The short version
- Zcash whale wallets hold an 8,000 ZEC long at 2x on Hyperliquid, about $10.2 million, and sent 3,052 ZEC ($3.8 million) to a fresh Zcash wallet on Sunday.
- Their full history shows 19,780 ZEC, about $24.9 million, withdrawn to the Zcash chain since Thursday, after a long opened within $8 of Thursday’s $1,400 top.
- Next: NU7, due around 02:00 UTC on Friday, November 6, and whether ZEC can close back above its 50-day MA at $1,319. Follow Base Camp on X to see it first.
A Zcash whale is betting big on ZEC, from two sides at once. It holds a $10.2 million long on Hyperliquid at 2x, and on Sunday it withdrew another 3,052 ZEC, about $3.8 million, to a fresh Zcash wallet that has not moved a coin since.
That is the part Lookonchain flagged overnight. The wallets’ full history on Hyperliquid shows a much bigger buyer: 19,780 ZEC pulled off the exchange since Thursday, worth about $24.9 million when it left.
ZEC trades at $1,274 at the time of writing, nearly 2% up on the day but still 25% below its September 26 high of $1,698.
Whale t1JJnA bought 3,052 $ZEC ($3.8M) in spot and opened a 2x long on 8,000 $ZEC ($10.16M).
arkm.com/explorer/addre…
hypurrscan.io/address/0x2ae5…
hypurrscan.io/address/0x9071…
What Did the Zcash Whale Buy?
Two Hyperliquid wallets that act as one. Both were funded from the same address, both opened their ZEC longs within the same hour on Thursday, and both send their coins out through the same withdrawal addresses, minutes apart.
The long is 8,000 ZEC at 2x cross margin: 5,000 ZEC in wallet 0x2ae5 and 3,000 ZEC in wallet 0x9071. The average entry is about $1,378, so the whale is down roughly $840,000 on paper. Liquidation is far away, at $648 on the smaller position and $420 on the bigger one, about half today’s price or less.
The spot side is the bigger bet. The two wallets bought ZEC on Hyperliquid’s spot market and withdrew it to the Zcash chain in three rounds:
- Thursday night: 7,731 ZEC (about $9.8 million)
- Saturday morning: 8,997 ZEC (about $11.4 million)
- Sunday morning: 3,052 ZEC (about $3.8 million), which landed in t1JJnA at 08:31 UTC
Coins that leave an exchange for a private wallet are rarely coins someone plans to sell next week. The same owner was in Ethereum a month ago: one of the two wallets sold 3,650 ETH, about $9.7 million, on Hyperliquid on September 30.
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Bad Timing on the Long
The Zcash whale bought the top of Thursday’s spike. The ZEC perp touched $1,400 on Hyperliquid between 16:00 and 17:00 UTC, the same hour the bigger long filled at an average of $1,392. Four hours later ZEC was at $1,198.
It kept buying after the drop, and it moved from leverage into coins. On Friday morning the smaller wallet closed 2,000 ZEC of its long at a loss of about $199,000 and bought 2,000 ZEC on the spot market within the hour, at about $1,250. The other wallet bought 2,000 ZEC spot that afternoon at $1,258. Someone who takes a loss on the perp to hold the real coins is betting on more than a quick bounce.
For the market, 8,000 ZEC is about 1.5% of the 520,700 ZEC in open interest on Hyperliquid’s ZEC perp, so this one long does not move the funding much. Longs pay shorts 0.0022% an hour there right now, a calm rate.
SIDE TRAIL: Zcash Price Climbs Back to $1,250 With NU7 Ten Days Away
Zcash Price: Can ZEC Get Back Above the 50-Day MA?
Not yet. The Zcash price sits just under its 50-day moving average (MA) at $1,319, and under the whale’s own entry near $1,378. A daily close above both would put the September run back on the table; the $1,368 to $1,398 area capped ZEC on October 21 and again on Thursday.
Below, $1,113 is the line that matters. Daily closes have stayed above it since October 8, even when a wick reached $1,049 on October 18. Under that, the 200-day MA sits all the way down at $747.
There is a date on the calendar too. NU7, the upgrade that cuts Zcash block times from 75 seconds to 25 and adds a fee sink, is set for block 3,543,405. The chain is about 4,450 blocks short of it, which at 75 seconds a block puts NU7 around 02:00 UTC on Friday, November 6.
TRAIL MAP: Futures and Leverage Explained: Perps, Margin and How Liquidation Really Works
TANG has been trading crypto since 2017. The focus is technicals, DeFi and onchain data. On the chart, that means high-timeframe support, moving averages and momentum divergences. Onchain, it means regular checkups on where the data puts the cycle. TANG once ran CryptoJungle, a free community for researching and trading together, and brings that same spirit to Base Camp as one of its co-founders.
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