Garret Jin's Zcash (ZEC) Stash Hits $320M After 202,080-Token Accumulation

202,080 ZEC Moves On-Chain

On-chain data points to a fresh, outsized accumulation of Zcash (ZEC) by wallets attributed to Chinese trader Garret Jin — the same investor whose earlier large-scale ZEC purchases preceded the privacy coin's latest run. A screenshot shared from Jin's own X account shows two separate withdrawals from Binance: 68,080 ZEC, worth roughly $29.7 million at the time, pulled on December 24 of last year, and a further 134,000 ZEC — about $58.6 million — taken out minutes before the post went live. Combined, the wallet received 202,080 ZEC, an aggregate value of approximately $88.3 million at the moment of the transfers.

Chain records show the entire balance was routed through Zcash's shielded addresses — the protocol's privacy pool, where transaction details are concealed — before being moved back out to transparent addresses within minutes. The full 202,080 ZEC still sits under the same investor's control, meaning none of it has been sold on any public venue. With ZEC trading up to the $1,580 area, the stash now marks roughly $320 million, an unrealized profit of about $232 million on the accumulated position. Jin's book is not one-sided, either. Position data from Hyperliquid's perpetuals book shows a short of roughly 38,000 ZEC — close to $60 million in notional — carrying an unrealized loss of about $34.5 million. Given how much larger the spot stack is, the most coherent reading is that the short functions as a partial hedge: a cushion that pays out on any pullback in ZEC's price and offsets part of the spot-side drawdown.

Korean Weekly Volume Tops 17 Trillion Won

While whale flows concentrate in a single privacy asset, retail throughput is widening. Weekly trading volume across South Korea's five major digital asset exchanges — Upbit, Bithumb, Coinone, DigitalX (formerly Korbit) and Gopax — reached about 17.4 trillion won in the window from 2 p.m. KST on September 11 to 2 p.m. KST on September 18. That is a 14.58% increase, roughly 2.2 trillion won, over the prior week's 15.2 trillion won tally, and the first time the combined weekly figure has crossed the 17-trillion-won line since the April 10–17 window printed about 17.5 trillion won — a gap of roughly six months.

Market-share data from the same weekly compilation shows Upbit extending its lead, rising 3.289 percentage points to 67.75%, while Bithumb surrendered 3.347 points to 24.18%. Coinone held third at 6.66% (down 0.128 points), DigitalX added 0.19 points to reach 1.39%, and Gopax slipped 0.004 points to 0.02%. No positions changed in the exchange ranking this week, though the series itself has been choppy — recent readings have swung between a 43% weekly contraction and a 188% surge that marked a ten-month peak. That volatility makes this week's six-month high a meaningful demand signal: Korean won markets are a distinct pool of liquidity, and altcoin demand there has historically concentrated in XRP trading pairs. For readers weighing venue exposure by region, our guide to the Best Crypto Exchanges tracks how quickly local leadership can rotate. Readers tracking the market in real time can follow live spot and futures prices on Bybit.

Altcoin Risk Appetite in Focus

Read together, the two threads describe the same underlying shift: capital is reaching further down the risk curve than Bitcoin. At the primary-source level, the ZEC flows are verifiable directly on-chain — the shielded round-trip and the intact 202,080 ZEC balance are public record — and our reading of the transparent re-entry, rather than an exchange deposit, is custody reshuffling rather than distribution. Pair that with Korean volume at a six-month high and COINOTAG's conclusion is that altcoin beta is broadening: the kind of tape that historically rewards the mid-cap cohort, from Bitcoin Cash forks to Hedera's enterprise network. The test now is whether ZEC's momentum and Korean inflows hold through the coming week.