ZEC Whale Turns $10.6M Into $37.8M in 2 Months

Points of Focus

• A ZEC whale turned an estimated $10.6 million into $37.8 million in roughly two months.
• ZEC gained 94.5% in 30 days, making it one of the seven top-performing cryptocurrencies as demand for privacy-focused assets grew.
• The whale sold 25,001 ZEC through Hyperliquid, while ETF launches and growing institutional interest helped fuel ZEC’s broader rally.

A Zcash (ZEC) whale turned an estimated $10.63-million position into about $37.84 million in roughly two months, locking in more than $27 million in profit.

Blockchain analytics platform Lookonchain said on Sept. 29 that wallet “0xf562” sold 25,001 ZEC for $37.84 million after buying at an average price of $425 about two months earlier — a return of nearly 3.6x.

Whale 0xf562 dumped 25,001 $ZEC($37.84M), which he bought 2 months ago at an average price of $425, realizing a profit of over $27M!https://t.co/giwDhBMSCfhttps://t.co/jZoz9hYcSP pic.twitter.com/kLxHmkWYyL

— Lookonchain (@lookonchain) September 29, 2026

ZEC was also among the seven top-performing cryptocurrencies over the 30 days through Sept. 28, gaining 94.5%, compared with Bitcoin’s 7.9%, according to CoinGecko. The rally has been linked to renewed demand for Zcash’s privacy-focused technology and new exchange-traded products, including Grayscale’s US exchange-traded fund (ETF).

Two ZEC deposits, two sell-offs on Hyperliquid

Zcash blockchain records show 25,000.74 ZEC reaching an address that Arkham labels as a “Hyperunit” deposit address. The ZEC arrived in two batches: 15,000 ZEC across three transactions on Sept. 23, followed by 10,000.74 ZEC on Sept. 28.

The selling began on Sept. 28. Hypurrscan records show sell orders at $1,530 starting at 14:44 UTC on Sept. 28. Shortly afterward, Arbitrum records show $22.95 million in USDC (USDC) arriving from Hyperliquid’s bridge at 15:20 and 15:21 UTC.

A second wave of selling followed later on Sept 28. Hypurrscan lists 1,730 UZEC spot sells between 18:56 and 19:23 UTC, with fills declining from $1,510 to $1,470. On Sept. 29, another $14.87 million in USDC reached Arbitrum from the bridge at 05:52 UTC.

Together, the four transactions totalled almost $37.84 million, as also reported by Lookonchain.

Onchain Lens reports a loss on the same address

Onchain Lens said on Sept. 28 that the address lost about $542,400 selling $22.96 million of ZEC across 1,740 fills. That post came before the second batch. Its $22.96 million closely matches the $22.95 million transferred to Arbitrum on Sept. 28.

LEE GOON WANG LOSES $542K SELLING $23M ZEC

Lee Goon Wang (@5morewhooppers) sold ~$22.96M of $ZEC spot across 1,740 fills, realizing a ~$542.4K loss.

Lifetime PnL: +$7.44M

Address: 0xf5629393e446a103a4be1c49a956255e7c87c1d3 pic.twitter.com/9hEEhbiVY1

— Onchain Lens (@OnchainLens) September 28, 2026

Lookonchain’s profit estimate depends on the reported $425 entry price. Hypurrscan lists UZEC buy orders between $395 and $450 on July 1 and 2, about 90 days before the sale. However, the records don’t connect those buys to the September deposits. A further 19,075 UZEC moved to four other addresses.

ETFs and growing interest fueled ZEC’s rise

Grayscale’s Zcash ETF, ZCSH, began trading on NYSE Arca on Aug. 25, and its options followed on Sept. 8. 21Shares launched its Zcash ETP, ZCASH, with a Sept. 21 inception date and a 2.5% annual fee.

Anchorage Digital’s David Lawant said on Sept. 23 that investors view ZEC as one of the few major assets retaining the cypherpunk ethos. He also noted that ZEC rose from outside the top 80 to the top 10 by market capitalization in 2026.

CoinGecko showed ZEC at $1,420 on Sept. 29, nearly 16% below its $1,687.78 seven-day high. The platform linked an 11.7% drop that day to the Bitget exchange hack. Bitget said on Sept. 25 that about $387.5 million moved to attacker-controlled addresses, including ZEC, after an incident identified on Sept. 24.

Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency prices are highly volatile. Always conduct your own research before making investment decisions.