Zcash (ZEC) Market Dynamics and Whale Activity: On-Chain Signals for Retail Investors

Zcash (ZEC) has emerged as a focal point in the cryptocurrency market, driven by a confluence of on-chain activity, whale-driven momentum, and renewed interest in privacy-centric assets. As of mid-November 2025, ZEC has surged 48.74% in a week, trading at $528.95 with a 24-hour trading volume of $1.7 billion, according to Tron Weekly. This rally, coupled with significant whale transactions and network-level metrics, offers critical insights for retail investors seeking to navigate the asset's trajectory.

On-Chain Metrics: A Bullish Foundation

Zcash's network has shown robust fundamentals, with its hashrate hitting a historical peak of 12.53 GS/s in mid-November 2025, up from 8.29 GS/s in August 2025, according to 2Miners. This surge reflects increased mining participation, likely spurred by ZEC's price ascent and improved miner profitability. Meanwhile, on-chain transaction volume and active addresses have spiked, signaling heightened retail engagement. Analysts note that rising retail activity often precedes market tops, as seen in ZEC's recent behavior, according to Bitget.

The Network Value to Transactions (NVT) ratio-a metric comparing market cap to daily transaction volume-suggests ZEC is in a favorable valuation phase. While specific NVT figures for Q3 2025 are not disclosed, the asset's price-to-transaction ratio aligns with bullish cycles, given the 15.56% weekly increase in market capitalization to $8.6 billion, according to Tron Weekly.

Whale Activity: Institutional Confidence or Profit-Taking?

Whale transactions have been a defining feature of ZEC's recent rally. A notable wallet, 0x96ea, accumulated 32,000 ZEC (worth $16.3 million) in early November, securing a $2.7 million unrealized profit within three days, according to Tron Weekly. Another whale closed a 20,800 ZEC long position opened at $509.5, netting $1.25 million, according to LookonChain. These moves suggest a mix of accumulation and profit-taking, with institutional players hedging their exposure.

However, such activity also raises caution. CryptoQuant's Ki Young Ju warns ZEC is in a "distribution phase," where large holders may offload gains, potentially triggering short-term volatility, according to Bitget. Retail investors should monitor whale outflows, as they often precede price corrections.

Technical Indicators: Overbought or Breakout?

ZEC's price action paints a mixed picture. The asset is trading near the upper Bollinger Band at $542.69, a potential resistance level, according to Tron Weekly. Its RSI of 74 indicates overbought conditions, historically a precursor to pullbacks, according to Bitget. Yet, bulls remain optimistic: ZEC's ability to stay above $520 could propel it toward $575, with some analysts projecting a $1,000 target by year-end, according to Pintu.

The Chaikin Money Flow (CMF) and bullish futures liquidation data further support continued upward momentum, as short-covering has amplified demand, according to Pintu. However, bearish divergences in on-chain metrics suggest caution for near-term traders.

Implications for Retail Investors

For retail investors, ZEC's current dynamics present both opportunities and risks. The interplay between whale accumulation and retail frenzy mirrors classic market topping patterns, where euphoria often precedes corrections. Key entry points may emerge if ZEC retests the $520 support level, which could validate its bullish trend.

Conversely, aggressive profit-taking by whales and overbought technical indicators signal a potential short-term pullback. Retail investors should prioritize risk management, using stop-loss orders and position sizing to mitigate volatility.

Conclusion

Zcash's recent surge reflects a unique convergence of on-chain strength, whale-driven momentum, and renewed interest in privacy-focused assets. While the $575 short-term target remains in sight, investors must balance optimism with caution, particularly as overbought conditions and whale activity hint at near-term turbulence. For those with a medium-term horizon, ZEC's fundamentals and institutional adoption-exemplified by figures like Arthur Hayes-suggest a compelling case for continued participation.