ZEC +936.31% Year-to-Date as Whale Accumulation and Market Optimism Drive Bullish Momentum

On NOV 10 2025, ZEC dropped by 5.32% within 24 hours to reach $580.36, ZEC rose by 21.94% within 7 days, rose by 44.11% within 1 month, and rose by 936.31% within 1 year.

A major whale on Hyperliquid has demonstrated aggressive accumulation of ZEC, contributing to its recent strong performance. The "ZEC Largest Long Position" whale began building its position on November 3rd with a principal of $2.21 million and executed key long positions in two critical price ranges—$497–$499 and $597–$595. Over the course of a week, the whale’s account balance doubled to over $10.5 million, becoming the largest ZEC long position on the platform.

Following the accumulation phase, ZEC experienced significant price surges within 24 hours after each large position deployment. Despite a recent market correction, the whale partially closed its position on November 9th and 10th by selling between 5,000 and 15,000 ZEC to lock in profits. As of now, it still holds 55,000 ZEC at an average cost of $555.4 with 5x leverage. Additionally, $500,000 was moved to its on-chain address as reserve capital, hinting at possible further strategic actions.

ZEC’s price movements have also drawn new entrants into the market. A new address deposited 3.62 million USDC into Hyperliquid on November 10 and opened a long position on ZEC using 10x leverage. This move highlights growing confidence in the asset's upward trajectory, particularly in light of ZEC’s recent consolidation after a sharp early-month rally.

Technical indicators remain mixed. ZEC’s open interest has surpassed $1 billion, reflecting heightened speculative activity. The long-to-short ratio is nearly balanced at 1.006, indicating that both bullish and bearish positions are gaining traction. Meanwhile, ZEC’s price has settled within the upper Bollinger Band at around $610, with the upper resistance at $667. The MACD remains in bullish territory, but the histogram is flattening, indicating weakening buying pressure. The MFI stands at 71.17, just above the overbought threshold, suggesting potential short-term consolidation.

Arthur Hayes, co-founder of BitMEX, has also signaled optimism, citing the near-resolution of the U.S. government shutdown as a bullish catalyst for ZEC and BTC. Hayes argued that the end of the shutdown is a sign of stabilizing macroeconomic conditions, encouraging further inflows into risk-on assets like ZEC.

Additionally, Zenrock’s wrapped ZEC (zenZEC) has achieved $15 million in trading volume since its Solana launch on October 31. This development marks a significant milestone in expanding ZEC’s utility in DeFi, blending privacy features with Solana’s high-speed execution.

Backtest Hypothesis

The bullish momentum and strategic accumulation by whales make ZEC an attractive candidate for a breakout-based trading strategy. A backtest strategy could be constructed using ZEC-USD daily close data and a benchmark such as HOLD.P (Harbor Alpha Layering ETF). The entry rule could be based on a 50-day price breakout, triggering a long position at the next day’s open when the close exceeds the highest close of the preceding 50 trading days.

The exit rule would be to close the position at the first close reaching or exceeding $667, which aligns with the current resistance level identified in technical analysis. If this level is not reached by the end of the test period (2025-11-10), any open position would be closed on the final day. Optional risk controls—such as a maximum holding period or a stop-loss—can be added to refine the strategy.