Two Major Wallets Lose Over $2.2M on ZEC Bets – Smart Move or Misstep?

Massive ZEC Bet Faces Early Losses – Strategic Accumulation or Miscalculation?

On January 8, two separate wallets acquired a combined 27,985 ZEC — worth approximately $11.1 million at the time — using 1x leveraged long positions, according to blockchain analytics firm Lookonchain.

Shortly after the purchase, ZEC’s price declined, pushing their unrealized loss beyond $2.2 million within 24 hours, representing a nearly 20% drop from entry.

Market Reactions Remain Divided

• Some experts interpret the move as a sign of confidence, suggesting strategic accumulation at lower levels;
• Others warn that increasing exposure to a volatile asset without strong near-term catalysts carries substantial downside risk;
• On-chain concentration metrics show rising holdings among top addresses, potentially fueling further swings.

Notably, the positions were opened without excessive leverage, indicating a measured approach to risk. Still, in the context of broader market volatility and uncertain macro conditions, such concentrated bets remain highly speculative. The outcome will likely hinge on broader sentiment shifts and capital flows in the weeks ahead.