Trader Places Massive Leveraged Bet On Zcash

A crypto trader known by the wallet address 0x535e has opened a high-stakes leveraged position on Zcash ($ZEC), betting that the privacy-focused coin has further room to run. According to on-chain analytics platform Lookonchain, the trader entered a 10x leveraged long on 17,137 ZEC, a position currently valued at roughly $9.57 million.

The Trade Structure

The position carries a liquidation price near $537.56, meaning the trader faces a forced close if ZEC falls to that level. On the upside, take-profit orders have been placed as high as $740.37. Should Zcash reach that top target, projected profits on the trade could exceed $7.6 million.

The setup reflects a classic asymmetric risk structure. The liquidation level sits only a modest pullback from current prices, while the highest take-profit target requires a roughly 34% move higher. It is the kind of position a high-conviction trader takes when they believe a momentum move still has room to run.

Why ZEC Is in Focus

Zcash has been one of the standout performers in the privacy coin space in 2025 and into 2026. ZEC reached $750, its all-time high, by November 2025, representing gains exceeding 1,200% from its pre-halving low, before a sharp correction pulled the price back roughly 60% to the $230 to $270 range by early 2026. The coin has since staged a strong recovery.

Several structural factors have supported the rally. On January 15, 2026, the SEC officially closed its nearly two-year investigation into the Zcash Foundation without recommending any enforcement action, with ZEC rallying more than 4% on the day and briefly exceeding $427. In late 2025, Grayscale applied to convert its Zcash Trust into a U.S.-listed spot ETF, the first such filing for a privacy coin. The November 2025 halving event reduced the block reward from 3.125 ZEC to 1.5625 ZEC, cutting daily supply by roughly 1,500 ZEC and bringing inflation into single digits.

Institutional interest has also picked up. Zcash surged over 40% in a single week, briefly surpassing a $10 billion market cap, fueled in part by Multicoin Capital's disclosed investment and growing regulatory interest in privacy. Over 30% of ZEC supply is now held in shielded private addresses, a record high that signals growing adoption of the protocol's core privacy feature.

The trader's move into a heavily leveraged position reflects broader market attention on ZEC. The compressed gap between current prices and the liquidation level means the position will require careful management if volatility picks up.

This article is for informational purposes only and does not constitute financial or investment advice.

Sources:
Lookonchain, on-chain analytics platform
Zcash Rallies 1,200% as Post-Quantum and Privacy Thesis Strengthen, Crypto Times
Zcash (ZEC) price and market data, CoinMarketCap