¿Es legítima la próxima salida de Zcash o es solo un juego de salida de los tiburones?

Zcash (ZEC) has surged 15% in late 2025, breaking out of a prolonged consolidation phase and sparking debates about whether this rally reflects genuine demand or a coordinated exit by large holders. The cryptocurrency's price action, coupled with on-chain data, reveals a complex interplay between technical optimism and potential short-term speculative dynamics. This analysis dissects the evidence to determine whether Zcash's breakout is a sustainable trend or a cautionary tale of whale-driven volatility.

Technical Price Action: A Bullish Breakout with Caveats

Zcash's recent price trajectory has been marked by a textbook breakout from an ascending triangle pattern, a technical formation often signaling momentum. According to data from MEXC, the price surged past $490-a-critical support-turned-resistance level-hinting at a potential target of $615 if the trend holds. This pattern, combined with a 45% spike in trading volume to $665 million, suggests strong short-term buying pressure.

However, technical indicators alone cannot confirm the legitimacy of a breakout. The rapid rise has coincided with a broader speculative fervor in privacy coins, a sector historically prone to volatility. While the ascending triangle pattern is bullish, the absence of a corresponding increase in retail adoption-evidenced by flat transparent sender activity-raises questions about the depth of demand. In other words, the price action may reflect concentrated buying rather than broad-based conviction.

On-Chain Sentiment: Whale Accumulation vs. Privacy-Driven Demand

On-chain data paints a nuanced picture. Whale activity has been a key driver: Zcash's large holders increased their holdings by 48.22% over 30 days, a metric often associated with accumulation. This aligns with the broader institutional interest in privacy-focused assets, particularly as global regulations tighten. The growth of Zcash's Orchard shielded pool-now holding 30% of the total supply-further underscores this trend.

Yet, the narrative is not entirely positive. While the shielded pool expanded from 2.66 million ZEC in March 2025 to 4.98 million by November 2025, the percentage of privacy transactions within the network has declined. This suggests that much of the recent activity is speculative, with traders leveraging Zcash's privacy features for profit rather than genuine anonymity needs as reported by analysts. Additionally, derivatives data reveals a stark imbalance: long leveraged positions totaled $18.33 million, dwarfing short positions of $4.73 million. Such skewed positioning often precedes sharp corrections, as leveraged traders scramble to exit during volatility.

The Privacy Paradox: Institutional Adoption vs. Short-Term Speculation

Zcash's growth is inextricably tied to its privacy features, yet the data reveals a paradox. The adoption of unified addresses and cross-chain integrations like NEAR Intents has made shielded transactions more accessible, driving the shielded pool's expansion. However, the rise in partially shielded flows-where users selectively obscure transaction details-indicates that privacy is being commodified rather than prioritized.

This dynamic is further complicated by the anonymity set's expansion. While a larger anonymity set enhances privacy, it also creates a supply squeeze that could artificially inflate prices as observed in recent analysis. The question remains: Is Zcash's rally driven by a genuine shift toward privacy-preserving finance, or is it a temporary spike fueled by market positioning against a broader crypto bear market?