Zcash Soars 200% as $363 Million Whale Sends Funds to Coinbase for First Time in 10 Months

Zcash prices have surged more than 200% over the past month, and a large investor holding more than $300 million worth of ZEC has moved part of those holdings to an exchange for the first time in 10 months. Because the transfer came just after the token’s sharp rally, the market is watching for signs of profit-taking.

According to on-chain analytics firm Arkham, the investor transferred about $15 million worth of Zcash to U.S. cryptocurrency exchange Coinbase late on September 18. The wallet’s total ZEC holdings were estimated at about $363 million.

It was the first time in about 10 months that the address had deposited assets to an exchange. At the time of its previous deposit, its Zcash holdings were valued at about $164 million. Since then, the value of those holdings has more than doubled as Zcash rallied sharply. Arkham estimated that the investor has generated about $361 million in combined realized and unrealized gains since 2025.

When crypto assets move from a private wallet to an exchange, the shift is generally interpreted as a sign that a sale may be more likely. Large deposits to an exchange after a rapid price jump can also heighten concern about near-term selling pressure.

The transfer was detected as ZEC extended its strong rally. The token rose above $1,500 intraday on September 18. It has climbed about 200% over the past month and more than 2,870% over the past year.

A key driver of the surge has been Grayscale’s spot Zcash exchange-traded fund. The spot Zcash ETF, ZCSH, which listed on NYSE Arca late last month, has recorded net inflows for three straight weeks. Net assets have grown to about $890 million. The product has given institutions and traditional financial market investors a way to gain exposure to ZEC through existing brokerage accounts.

Still, exchange deposits by a large holder could add to short-term volatility. With ZEC having surged, expectations for further gains may collide with demand to lock in profits. In South Korea, trading in privacy coins such as Zcash that can obscure transaction histories is restricted because of anti-money laundering concerns.