ZEC's recent downtrend has left many people wondering about the reasons. A closer look at on-chain data makes it clear — whales are panic selling.

The movements of major whales often reflect shifts in market sentiment. When these large capital holders begin to concentrate their selling of a particular coin, it usually signals the arrival of a correction phase. ZEC's current decline coincidentally coincides with the exodus timing of multiple large-position addresses — this is no coincidence.

For retail investors following the trend, understanding the logic behind whale movements is important — their decisions are typically based on deeper fundamental considerations, not just technical fluctuations. How to respond in this situation still requires making judgments based on your own risk tolerance.