Address Buys 8,017 ZEC for $12.62M, Lowers Average Entry to $1,622

The detail that matters is not the size of the buy but the behaviour: a wallet that has been accumulating since late September is adding into weakness rather than waiting for a reversal, and is now sitting on an unrealised loss. That pattern is more consistent with a conviction holder averaging down than with opportunistic flow. Whether other large holders follow the same script or treat this as exit liquidity is the open question, and the position's unrealised loss is the clearest gauge of how much pain that conviction can absorb.