During the Christmas holiday, most investors are enjoying their holiday time, but the stories in the crypto market are quite exciting. ZEC (Zero Coin) suddenly experienced a major rally, with on-chain data showing extraordinary activity. Within 24 hours, the price jumped from $404 directly to $450, an 11% increase, with 350 million dollars of funds flowing in against the trend, making it the brightest dark horse of this period.

What do the data say? In the 48 hours before and after Christmas, the number of on-chain transactions for ZEC surged to 86,000, a 210% increase compared to the same period the previous week. Large transactions exceeding $100,000 were even more astonishing, with 127 transactions, a growth of over 300%. But this is not the most critical part—the actions of the whales are the main event.

A total of 15 major holders with over 500 ZEC each collectively increased their holdings during this period, adding over 120,000 ZEC, involving more than $54 million. In contrast, short-term speculators, with addresses holding for less than 30 days, showed significant outflows, clearly taking profits. Meanwhile, long-term holders who have held for over 180 days continued to increase their holdings. Looking at this, the attitude of the funds is quite clear—some are celebrating, while others are strategically positioning.