Zcash Sees $90M+ Whale Outflows From Binance as Accumulation Grows

On-chain data shows heavy whale accumulation in Zcash. With more than $90 million worth of ZEC is leaving Binance within a 24-hour window. The activity was first flagged by Lookonchain, which tracked two high-value withdrawals moving ZEC from Binance hot wallets into private addresses. These were not retail-sized transfers. They were deliberate, structured exits. 

The largest withdrawal came from address t1dHheg2Sk….nen7rf, which received 202,077 ZEC. Which is valued at approximately $91.4 million, around 16-18 hours ago. A second address, t1Nt2iHHA4d….cVBs, withdrew an additional 4,257 ZEC. That is worth roughly $1.9 million, about five hours later. Together, these moves pushed total whale outflows past $93 million.

On-Chain Wallet Behavior Signals Intentional Accumulation

The transaction patterns matter. Both wallets received Zcash directly from Binance’s t1PKB hot wallet, often preceded by tiny 0.00001 ZEC test transfers. That sequence usually confirms address validity before a large withdrawal. This is standard whale behavior. The largest wallet received Zcash in two major chunks. First, 68,076 ZEC is worth about $29.7 million. 

Then, 134,000 ZEC is worth roughly $58.6 million. A small 0.99 ZEC transfer followed, which often serves as a balance or dust check. Importantly, none of the withdrawn Zcash has returned to exchanges so far. The funds remain idle in private wallets. No immediate selling activity has appeared on-chain. That shifts the narrative from distribution to cold storage accumulation.

Exchange Outflows Contrast With Price Stability

Despite the scale of these withdrawals, Zcash’s price has not shown extreme volatility yet. That detail stands out. Large exchange outflows usually reduce immediate sell pressure. However, price reactions often lag behind on-chain behavior. Whales tend to move first. Markets follow later. At the same time, Binance’s ZEC balances have visibly dropped. While this does not confirm a supply squeeze, it does reduce liquid exchange supply in the short term. This dynamic matters more when privacy coins are involved. Zcash already has a smaller circulating float compared to major Layer-1 assets. Large removals can distort order books faster than expected.

What Traders Are Watching Next on the Chain

Three signals now matter most. First, whether these wallets begin splitting Zcash into shielded addresses. That would strengthen the long-term holding thesis. Second, whether any ZEC flows into OTC desks or custody providers, which would hint at institutional positioning. Third, whether Zcash starts moving back toward exchanges during price strength, which would suggest strategic profit-taking. So far, none of those have happened. Currently, the data tells a clear story. Whales removed more than $90 million in Zcash from Binance. The funds sit quietly in private wallets and sell-side pressure has not followed. In crypto, silence on-chain often speaks the loudest.