u.today
Despite the acute market panic surrounding Zcash ($ZEC) triggered by the recent mass resignation of the Electric Coin Company (ECC) team, a prominent whale has just placed a massive contrarian bet.
The trader has opened a 10x leveraged long position on Zcash, according to the most recent data provided by Lookonchain.
Buying the blood
The trader has gone long on 42,498 $ZEC, valued at approximately $17.53 million. The entry price is roughly $412 per $ZEC.
Essentially, this is an aggressive, high-conviction trade that bets on a sharp V-shaped recovery.
The trader likely believes the recent crash from $700 to the $400s was an overreaction to the governance news. They are betting that the "fear" is priced in and that $ZEC is undervalued at these levels.
A heavyweight bull
Despite the nickname referencing a "short," the trader's current portfolio is overwhelmingly bullish and massive. The total visible assets are over $250 million.
The trader holds $122.84 million worth of Bitcoin (BTC), $72.16 million worth of Ethereum (ETH), as well as $33 million worth of Solana (SOL). Zcash ($ZEC), his latest play, as well as XRP, come in fourth and fifth places, respectively.
Why now?
Now that the entire ECC team has called it quits, $ZEC dumped hard (~26%).
If the trader believes the new cashZ team or the community can stabilize Zcash, acquiring it at $412 is a steal compared to the $10,000 targets predicted by bulls like Arthur Hayes.
Crucially, the team confirmed they are not launching a new token. Their business model will rely on the success of $ZEC, but they will now operate as a private, agile startup rather than employees of a non-profit foundation.