On-chain data has revealed major Zcash (ZEC) sell-offs by large holders as the privacy-focused Proof-of-Work altcoin pulled back from an intraday high near $1,600. The transactions, occurring on September 28–29, 2026, have drawn fresh attention to ZEC’s liquidity and short-term price stability.
According to on-chain reports, a Chinese whale identified as Lee Goon Wang executed a $23 million limit sell order of 15,000 ZEC on the decentralized exchange Hyperliquid. The order was placed roughly $30, or about 2%, below the prevailing market price. At the time of writing, ZEC was trading around $1,520, down from the $1,600 level reached earlier in the day, reflecting increased volatility after a roughly 2,500% rise over the past year.
Separately, blockchain intelligence provider Lookonchain highlighted another large transaction involving whale wallet 0xf562. That address sold 25,001 ZEC for approximately $37.84 million, locking in a profit of more than $27 million after accumulating at an average price of about $425 two months earlier. Together, the two disclosed whale exits amount to roughly $60.8 million in ZEC selling pressure.
Zcash has benefited in 2026 from the renewed popularity of privacy tokens and its status as one of the few remaining major Proof-of-Work networks outside of Bitcoin. However, the recent large sales could signal a shift in sentiment among some large holders, with traders watching whether the altcoin can hold support after failing to sustain levels above $1,600.
This article is for informational purposes only and does not constitute financial advice.
