$ZEC Combined with the price trend of ZEC in November 2025, on-chain data, and market dynamics, there are many signals indicating that large holders are selling in phases, but there is a significant divergence in the market between bulls and bears, and a comprehensive large-scale selling trend has not yet appeared. The specific analysis is as follows:

1. Key signals related to selling: First, after the price diverges from the fundamentals, there are actions of capital withdrawal. After ZEC's price broke $500, the growth of the shield pool, which serves as core value support, has notably slowed down, while the price continues to soar, and real usage data such as daily trading volume and privacy transaction ratios are far behind the price increase. Additionally, in November, early capital and large long positions have started to reduce their holdings, for instance, the maximum long position has decreased from 60,000 coins to 55,000 coins, and some capital related to mining machines is gradually selling off. Second, technical indicators and the futures market are issuing warnings. The technical analysis shows a double evening star pattern at the top, and there are three layers of resistance in the 504 - 598 range, with on-chain data indicating a massive sell order accumulation at $598; in the futures market, extreme funding rates and price surges in the opposite direction occurred in November, and after short positions were liquidated, this kind of frenzied market that deviates from normal logic is often a window for large holders to sell, and since November 8, main funds have continuously been distributing.

2. Signs that refute comprehensive selling in the market: Institutions are still making large investments. The US company Cypherpunk Technologies Inc. not only purchased over 200,000 ZEC at a low price but also increased its stake through private financing. The proportion of European institutions' investment portfolios in ZEC has also risen from less than 1% to nearly 5%. Furthermore, ZEC has repeatedly demonstrated strong support, such as rapidly rebounding after dropping to $545 on November 18, with a single-day increase of 24%, and retail trading is active, making it difficult for large holders to sell off in large quantities at once.

In summary, ZEC is more likely to be in a state of "large holders selling in phases while pushing the price up" rather than a comprehensive liquidation. Early capital and some large whales are taking profits at high levels, but the long-term layout of institutions provides support for the price. Going forward, it is crucial to focus on whether the resistance level of $650 - $700 can be broken, as well as changes in whale addresses and the variations in open futures contracts.