Last night, there was an interesting movement on-chain. Two Large Investors withdrew a total of 93.36 million USD in ZEC from a major exchange in a short time, with one of them transferring directly to a Cold Wallet for storage.

Specifically, the first address withdrew 202,000 ZEC in one transaction, equivalent to about $9.143 million, all transferred to a self-custody Cold Wallet. This action actually says one thing: I do not intend to move this asset in the short term, just consider it to be here. The second address withdrew 4,257 ZEC, worth about $1.93 million, which also went into the Cold Wallet.

The logic behind this is worth pondering. The selling pressure of ZEC on the exchange has noticeably decreased after this round of operations, and the actions of large investors usually indicate their medium- to long-term judgment on assets. When whales start to transfer privacy coins to self-custody wallets on a large scale, it typically means they are no longer focused on short-term price fluctuations but are betting on the long-term value of the privacy coin sector.

Currently, the price of ZEC/USDT is around $446. Interestingly, every time a large withdrawal event occurs, the reaction from retail investors tends to be polarized: some see it as a signal to enter the market, while others are still struggling with their costs. However, from on-chain behavior, large investors have already voted with their funds to express their stance — they have chosen to hold and accumulate.

The privacy coin sector essentially attracts participants who value long-term asset security and anonymity. When these large investors start to concentrate on withdrawing coins and storing them in cold wallets, it reflects a certain level of confidence in this sector recovering. Short-term price fluctuations may continue, but this on-chain accumulation behavior usually indicates that market sentiment is gradually shifting.