ZEC rises 41.15% over the past month as whales adjust their holdings and Maelstrom reallocates funds

As of November 9, 2025,

experienced a 4.94% decrease over the past day, settling at $568.08. Despite this dip, the cryptocurrency continues its strong upward momentum, having climbed 29.27% in the past week, 41.15% over the last month, and an impressive 914.96% over the previous year. This recent price movement has attracted considerable interest from blockchain analysts, especially as major holders adjust their portfolios and institutional investors shift funds into this privacy-oriented asset.

Significant whale activity on Hyperliquid has been a key feature of ZEC’s recent market behavior. On November 9, the address holding the largest long position on the platform reduced its ZEC balance to 39,500 coins. This move caused unrealized profits to plummet from a high of $12 million to just $200,000, suggesting either profit-taking or efforts to manage risk during the price correction.

At the same time, another major holder initiated a long position of 20,800 ZEC at a price of $509.5, resulting in an unrealized profit exceeding $1.46 million as of that date. The initial value of this position was about $12.12 million, benefiting from ZEC’s recent rally. This stands in contrast to the earlier whale’s reduction, highlighting the diverse tactics employed by large traders.

Arthur Hayes, BitMEX co-founder and Maelstrom Fund leader, has also made a significant investment in ZEC, making it the second-largest liquid asset in his family office after

. Hayes credited ZEC’s rapid price growth for this decision, as the coin surged from $137 to over $730 within the last month. Even with the recent daily decline, ZEC’s core strengths remain, including its capped supply of 21 million coins and its dual transaction system supporting both transparent and shielded transfers.

Wider market trends indicate a rising focus on digital privacy and financial independence, themes that

has championed for years. The Zcash Foundation, which has not directly influenced the recent surge in interest, observed that the renewed enthusiasm appears to be driven by grassroots concerns over surveillance and data privacy. This organic momentum has helped push ZEC’s market cap to $8.9 billion.

Regarding short-term trading, ZEC’s volume has grown significantly, with a 139% increase in 24-hour trades reaching $4.63 billion. On-chain activity remains crucial, as both large and small investors adjust their positions in response to price swings and risk management needs.

Backtest Hypothesis

To explore trading strategies amid ZEC’s recent volatility, a backtest is being planned. The analysis will target days when ZEC’s closing price jumped at least 15% from the previous day, feeding this data into an event-driven backtesting model to simulate buy and sell actions around these sharp moves.

This approach aims to evaluate how effective entry and exit strategies are during major price fluctuations, using daily closing prices from January 1, 2022, through November 9, 2025. However, initial attempts to access the necessary price data have faced technical difficulties. Possible solutions include retrying with updated parameters or uploading the data manually in CSV or JSON format.