On-chain anomalies emerge! A brand new wallet has withdrawn a total of 8,551 ZEC from a major exchange in a single transaction, equivalent to $3.12 million. What does this large withdrawal really signify? Is it a strong player bottom-fishing, or is there another deeper meaning?

**Three details from the news side worth pondering**

The timing of the withdrawal is a bit suspicious—just as the 4-hour chart is experiencing a continuous decline and retail investor sentiment is low. This kind of operation looks more like capital is absorbing selling pressure, indicating approval of the current price.

The wallet account is completely blank, with no historical transaction records. This rules out the possibility of an old trader flipping positions, and more resembles new funds or an institution quietly building a position.

ZEC, as a privacy coin, is also worth noting. Large on-chain movements naturally attract attention, especially with recent regulatory developments frequently making headlines. It’s easy to see how this could become a value zone in the eyes of smart money.

**Technical indicators tell a different story**

The 4-hour chart now shows a clear bearish trend. The MACD indicator is pressed below the zero line and cannot move upward. Every rebound lacks volume support, and during declines, volume clearly increases. This is a typical weak market performance—rebounds become opportunities for reducing positions.

Resistance levels are at 420 and 450, with 450 being the recent high. Without a massive volume breakout, breaking through is unlikely. Looking downward, 347 is the recent critical support. If it breaks, the focus shifts to defending at 330.

**Divergence between news and technical signals often signals a trend reversal**

From a practical standpoint, the risk of catching a falling knife is very high in a downtrend. Instead of chasing highs, it’s better to wait for clear signals from the market. Either wait for the price to stabilize around 347 or look for a volume-driven bullish candle. One of these conditions being met before entering is wise.

For those already caught in a position, consider reducing holdings if the price rebounds to 380-390, prioritizing capital safety. If further large withdrawals or on-chain whale movements occur, it could be a sign that the main players are completing their accumulation and preparing to launch.

**The short-term logic chain is as follows:**

The price is likely to test the support zone around 347-330 again. Retail panic selling will be absorbed by the main players. After completing accumulation and with changes in on-chain fund flows, a V-shaped rebound could be triggered. That $3.12 million might be the bottom-fishing ammunition prepared by the big players.

The key is to watch whether volume spikes at 347/330 for a bottoming signal—that could be the real turning point.