On-chain data just captured an interesting action—two big fish pulled out over 200,000 ZEC from the exchange in one go.

The specific number is 206,334 ZEC, equivalent to approximately 93.36 million RMB. This is not the first time ZEC has made a big move; just last month, a whale bought more than 30 million dollars' worth of ZEC in a single transaction within 10 minutes.

What's even more exaggerated is the recent surge of ZEC. From 55 dollars at the end of September, it was hard-pumped to nearly 500 dollars in early November, almost a tenfold increase. During the same period, Bitcoin and Ethereum were struggling, but ZEC was enjoying the ride alone.

**Why are whales targeting ZEC?**

This may be much more complicated than it seems. Historically, the giant whale operations of ZEC have never been isolated events; they are usually signals of changes in market sentiment.

In a bear market, large funds particularly like to look for those forgotten corners of the market. ZEC, as an old privacy coin, has not been very popular in recent years, and its liquidity is relatively shallow. For large funds, this is actually an advantage—one can drive price fluctuations without spending too much money, which is the real high ground for market control.

**The Significance of Independent Markets**

The most interesting thing is the independence of ZEC. While mainstream coins are struggling to hold key positions in the market, ZEC has followed a completely different rhythm. This negative correlation is particularly noteworthy in a deep bear environment, suggesting that there is indeed capital in the market looking for alternative narratives and new profit directions.