Bitcoin Whales Pushed Zcash Before Massive $1,000 Rally

Some of the oldest whales in the Bitcoin space spent months privately urging early investor Dan Held to buy Zcash before the token rallied past $1,000. Held, a former Kraken executive who first bought Bitcoin in 2012, revealed that these messages came from wealthy traders with eight and nine figure portfolios who have traded Bitcoin since 2013.

Over a period of three to six months, these investors pushed Held to buy ZEC while it traded between $100 and $400. Many of them funded the trade by selling a portion of their long term Bitcoin holdings. Zcash recently crossed $1,000 for the first time in nearly a decade, helped by rising inflows into Grayscale products.

Despite the impressive gains, Held remains skeptical about the timing. He noted that crypto narratives usually form only after an asset moves. Held also pointed out concerns regarding supply auditability compared to Bitcoin and prefers buying assets that the market ignores rather than chasing popular rallies.