ZEC rises 5.96% amid large investor movements and portfolio adjustments

On November 9, 2025,

jumped 5.96% within a single day, reaching $631.83. This represents a 44.09% gain over the past week, 57.33% over the last month, and an impressive 1031.31% surge year-over-year. The rapid ascent has occurred alongside significant changes in major whale holdings, hinting at evolving market sentiment and increased speculative trading.

On-chain data revealed that a large whale closed a long position originally opened at $509.5, involving 20,800 ZEC (valued at roughly $12.12 million at the time), and secured $1.25 million in profit. The position was exited when ZEC was trading at $585, resulting in a notable short-term return. This move to close the long position happened as prices climbed further, suggesting a calculated effort to realize gains amid growing momentum.

Meanwhile, another major whale, using the address "0x089f," recently initiated a substantial long position in ZEC by depositing 3.54 million

into Hyperliquid. This whale placed a limit order for 7 million ZEC at $508.5 (worth $3.5 million) and also opened a $4.5 million long position at $593.1727 with 10x leverage. This indicates a diversified strategy to profit from multiple price points. The whale’s activity underscores the increasing appeal of ZEC among large investors, which could further influence its price as these positions are filled.

Technical analysis points to a bullish trend for ZEC, fueled in part by accumulation and tactical moves from big players. Rising open interest and persistent upward momentum reflect strong buying interest from institutional and wealthy investors. Additionally, some whales have reduced leverage on their long positions, with one trimming holdings from over 50,000 ZEC to 39,500, causing unrealized gains to drop from $12 million to $200,000. This reduction in leverage suggests a more cautious stance, balancing risk with potential rewards in the current environment.

Overall, the market appears to be in a state of transition, with whale activity significantly impacting price trends. While retail traders may be following the general market movement, the deliberate actions of large holders point to a more intricate story. The mix of profit-taking from earlier long positions and the establishment of new, larger bets signals a market that remains speculative but is showing signs of more coordinated direction.

Backtest Hypothesis

Considering the recent volatility and trading patterns in ZEC, a viable backtesting approach could focus on identifying days when the price jumps by at least 5%. Such sharp moves often precede sustained bullish or bearish trends and can be used to assess the future performance of trades made right after these events.

To execute this strategy correctly, it’s important to use the appropriate market symbol. ZEC is typically traded under these symbols:

• ZEC-USD (Coinbase / Kraken USD pair)
• ZECUSDT (Binance)

Different exchanges may offer varying liquidity and execution conditions, so the choice of symbol and platform should be based on which best reflects the whale-driven price movements discussed above.

With the right data, the backtest would involve pinpointing all days from January 1, 2022, to the present when ZEC ended the day with a gain of 5% or more. Each occurrence would then be analyzed for subsequent performance over set periods (such as 7, 14, and 30 days). This method could help evaluate how well large price surges predict future trends, especially in the context of whale trades and leveraged positions.