#隐私币生态普涨 has recently focused on the actions of the largest ZEC Holdings Address. This guy has started to unload.

From 60,000 to 55,000, directly selling 5,000 ZEC. There’s still a profit of 5.15 million dollars on the books, sounds pretty good? In reality, what did he go through—peak profit of 12 million, then watching it shrink to less than 1 million. Such a drop can keep someone awake for days. Now with the price rebound, the account has only recovered to the figure of 5.15 million.

What's even more thrilling is the risk exposure: the average opening price is $555, and the liquidation line is $513. In other words, if ZEC drops another 7%, this Address will be liquidated. No wonder there is a need to reduce holdings.

Why do large funds run away? It's simple, they've been educated by the market. Once you've tasted the feeling of a 90% evaporation of profit, you know how ironic the three words "paper wealth" are. By cashing out a portion in advance, at least you can ensure that this wave won't be in vain. It's not that I don't have faith in ZEC, but rather that risk control logic is at work.

What does it mean for the market? There is definitely short-term supply pressure, but don't over-interpret it. What is truly noteworthy is the thinking behind this operation—professional players always prioritize survival over betting on a peak.

What can retail investors learn?

First, when profits are considerable, sell in batches; don't expect to sell at the highest point. Second, observe the movements of other large addresses; a single whale reducing holdings is a signal, but if a group of whales flee, it's an alarm. Third, set a psychological stop-loss level for yourself; don't wait until you're trapped to regret it. Fourth, chasing high prices in highly volatile cryptocurrencies is a big taboo, especially for privacy coins like ZEC.

There are no prophets in the market, only those who can do the math. This round of whale operations is a practical lesson in risk management. Do you think ZEC will continue to rise, or has the withdrawal of big players already provided the answer?