Whale Moves $362.56M in ZEC, Deposits $15M to Coinbase

The profit maths here is the story: a position roughly doubled in ten months, and the first exchange deposit in that period is the kind of move that reads as distribution rather than accumulation. The size relative to ZEC's liquidity is what matters — a partial deposit into a major venue is a test of depth, not a market-wide signal on its own. Whether the remaining balance follows to exchanges, or stays put, is the open question.