The on-chain data at 3 a.m. is quite interesting. A ZEC whale has made another move, adding 10,000 ZEC in a single transaction, worth over $6 million. This is already the 12th large-scale position adjustment by this whale since November, with total holdings reaching $26.77 million, accounting for nearly 0.8% of ZEC's circulating supply.

Meanwhile, on the other side, a large short position holder is holding on with a floating loss of $15.18 million, continuously adding margin in an attempt to turn the tide. Such extreme opposing positions are indeed rare in ZEC's trading history.

As of 8:52 a.m. today, ZEC is quoted at $536.54, with a 24-hour increase of 2.34%. The rise appears moderate, but behind it is a fierce battle between bulls and bears. From a technical perspective, the price is approaching the upper resistance level, and a short-term correction is possible.

I noticed that ZEC has established a key support point around $535. Since it was confirmed on November 5, this level has been tested multiple times, indicating solid buying strength below. The zone with little resistance is between $608 and the previous high of $680. Once it breaks above $620, ZEC is likely to initiate a rapid upward trend.

Why is the whale so optimistic about ZEC? I tend to believe it's not just for short-term arbitrage.