ZEC Whale Bet Hits $20 Million

Biggest Known Bullish Onchain ZEC Bet

A crypto whale identified as wallet 0x8652 has opened a 10x leveraged long position on 36,875 $ZEC, valued at $19.68 million, according to onchain analytics platform Lookonchain. The position now stands as the largest known bullish onchain bet on Zcash (ZEC), reflecting a high-conviction call on the privacy-focused token at a time when its price has been under pressure.

The trade was placed within hours, carrying a liquidation price of $494.55. If the market reverses sharply to that level, the position would be automatically closed and the collateral wiped out. At 10x leverage, the margin buffer is thin, meaning even a moderate pullback could prove costly.

Zcash in Focus as Whale Activity Heats Up

The move is the latest in a string of large leveraged bets on ZEC tracked by Lookonchain in recent months. Zcash surged more than 70% in a week earlier in May, reaching a year-to-date high of $593, with momentum intensifying after Multicoin Capital co-founder Tushar Jain reportedly revealed at Consensus Miami 2026 that the firm had built a significant position in ZEC since February. Jain stated that the investment is a long-term bet on rising demand for privacy-focused, seizure-resistant assets, citing growing concerns about wealth taxation and government oversight.

Despite that rally, ZEC has shed roughly 16.80% over the past seven days, underperforming the broader cryptocurrency market. That pullback may explain the appeal of the current entry: whale 0x8652 appears to be betting on a recovery from recent lows rather than chasing a peak.

Zcash is a privacy-focused cryptocurrency that uses advanced zero-knowledge proofs to enable fully encrypted transactions while maintaining blockchain transparency and security. It maintains a fixed supply of 21 million ZEC, with a halving schedule similar to Bitcoin. Those supply dynamics, combined with growing institutional attention, have kept the token in focus for leveraged traders looking for asymmetric setups.

As always with high-leverage derivatives positions, the risks are substantial. A move to $494.55 would trigger forced liquidation for whale 0x8652, potentially adding sell-side pressure at a level the broader market will be watching closely.

Sources:
Zcash (ZEC) price and market data, CoinGecko
Zcash Hits Year-To-Date High, Stocktwits / SOPA Images