ZEC Surges Over 200% as Major Holder Moves $360M to Coinbase

Zcash (ZEC) has surged over 200% within a month as a major investor holding assets valued at over $360 million moved part of their holdings to Coinbase, the first time in about 10 months. According to on-chain analytics firm Arkham, the investor transferred approximately $15 million worth of ZEC to Coinbase late Tuesday night.

The total value of the investor's ZEC holdings is estimated at around $363 million. The previous deposit occurred when the holdings were valued at roughly $164 million, with the asset's price rising sharply since then. Arkham estimates that the investor has realized or unrealized gains of approximately $361 million combined since 2025.

When large amounts move from personal wallets to exchanges, it often signals potential selling pressure. The timing of this transfer—after a rapid price surge—has raised concerns about profit-taking in the market.

ZEC recently broke above $1,500 during trading on 18th, with its one-month gain exceeding 200% and annual gains surpassing 2870%. The main driver behind this rise is the recent launch of Grayscale's Zcash spot ETF 'ZCSH' on NYSE Arca. The fund has seen three consecutive weeks of net inflows, growing total assets to around $890 million, offering institutional investors a new entry point into ZEC.

However, this large holder's movement could heighten short-term volatility. With ZEC prices having risen sharply, further gains may be met with profit-taking demand. In Korea, trading of privacy coins like ZEC is restricted due to anti-money laundering regulations that limit hidden transaction records.