On-chain monitoring shows that a large transfer has just been completed—an major holder transferred 74,002 ZEC to a leading exchange, worth approximately $35.75 million USD.

This operation has attracted market attention. Transferring to an exchange usually indicates two possibilities: one is that the holder is preparing to cash out profits, and the other is that they are preparing for the next strategic move. Based on recent market performance of ZEC, such large inflows often trigger market sentiment fluctuations.

On-chain data analysts generally believe that attention should be paid to subsequent withdrawal activity—if the major holder withdraws a large amount within the next few hours, it may be a temporary operation; if the funds remain in the exchange account, it could be a preparation for a potential large transaction. As a privacy coin, ZEC's price sensitivity is relatively high, and such whale-level actions often serve as important market signals.

The cryptocurrency market is constantly changing, and tracking the movements of major holders remains an important reference for judging short-term trends.