On-chain data shows huge whale accumulation in Zcash. With over $90 million in assets, ZEC will leave Binance within 24 hours. The activity was first detected by Lookonchain, which tracked two high-value withdrawals moving ZEC from Binance active wallets to private addresses. These were not retail size transfers. They were deliberate and structured departures.
The whales are piling up $ZEC.
t1dHhe withdrew 202,077 $ZEC($91.43 million) #Binance 16 hours ago.
t1Nt2i withdrew 4,257 $ZEC($1.93 million) #Binance 5 hours ago. pic.twitter.com/cQdAobeYhl— Lookonchain (@lookonchain) December 20, 2025
The largest withdrawal came from the address t1dHheg2Sk….nen7rf, which received 202,077 ZEC. Which is valued at approximately $91.4 million, about 16-18 hours ago. A second address, t1Nt2iHHA4d….cVBs, withdrew an additional 4,257 ZECs. That’s worth about $1.9 million, about five hours later. Together, these measures boosted total whale departures to more than $93 million.
On-chain wallet behavior indicates intentional accumulation
Transaction patterns matter. Both wallets received Zcash directly from Binance’s t1PKB hot wallet, often preceded by small test transfers of 0.00001 ZEC. That sequence usually confirms the validity of the address before a large withdrawal. This is standard whale behavior. The largest wallet received Zcash in two main parts. First of all, 68,076 ZEC are worth about $29.7 million.
So, 134,000 ZEC is worth approximately $58.6 million. A small transfer of 0.99 ZEC 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 Importantly, none of the withdrawn Zcash has returned to exchanges so far.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 sales activity has appeared in the chain. That changes the narrative from distribution to cold storage accumulation.
Currency outflows contrast with price stability
Despite the magnitude of these withdrawals, the price of Zcash has not yet shown extreme volatility. That detail stands out. Large currency outflows usually reduce immediate selling pressure. However, price reactions often lag behind chain behavior. Whales tend to move first. The markets will follow later. At the same time, Binance’s ZEC balances have visibly fallen. While this does not confirm a supply restriction, it does reduce the supply of liquid exchange in the short term. This dynamic is more important when it comes to privacy coins. Zcash already has a smaller circulating float compared to major Layer 1 assets. Large deletions can distort order books faster than expected.
What traders are watching next on-chain
Three signs are now the most important. First, if these wallets start splitting Zcash into shielded addresses. That would strengthen the holding company’s thesis in the long term. Secondly, if any ZEC flows to OTC desks or custody providers, which would suggest institutional positioning. Third, if Zcash starts to return to exchanges during price strength, which would suggest strategic profit taking. So far, none of that has happened. Today, the data tells a clear story. Whales withdrew more than $90 million worth of Zcash from Binance. The funds remain quietly in private portfolios and there has been no selling pressure. In crypto, on-chain silence often speaks loudest.
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