What happened
On-chain monitoring service MLM reports that a wallet cluster suspected to belong to Sakolkorn Sakavee, co-founder and former chairman of Thai crypto exchange Bitkub, moved roughly 34,100 ZEC, worth about $26.1 million, to the decentralized exchange Hyperliquid over the past 24 hours.
Why it matters for the market
According to the monitoring data, the address cluster subsequently sold around 24,100 ZEC, or about $18.5 million, and bought 238 BTC in return. Roughly 10,000 ZEC, worth about $7.6 million, is said to remain on Hyperliquid, with sell orders reportedly placed near the $780 level.
The move points to a significant liquidation of ZEC by a high-profile wallet, and the remaining orders could keep near-term pressure on the token. For intraday traders, this supply overhang on a DEX order book may amplify downside moves, especially during periods of thinner liquidity.
Large transfers like this also show how big holders can directly influence prices without going through traditional exchanges. That makes ZEC particularly sensitive to rapid volatility while the selling flow is being absorbed.
What traders should watch
Market participants are now watching whether the remaining ZEC will be fully sold. Full execution of those orders would likely reinforce bearish sentiment for ZEC, while any slowdown or cancellation could trigger a short-term relief bounce. The next few sessions are expected to keep speculative activity and volatility around ZEC elevated.
