On-chain monitoring data shows that ZEC has experienced large holder activity, with 202,000 ZEC withdrawn from centralized exchanges, at a time when the withdrawal price was around $437. Such large withdrawals usually indicate that market participants are making long-term arrangements. Historically, similar withdrawal behaviors by whales tend to occur near the bottom. Although short-term fluctuations are difficult to predict, based on fundamentals and holding intentions, the long-term outlook for ZEC seems worth paying attention to.