On January 9th, on-chain data shows that ZEC experienced significant selling pressure. A whale's action revealed the true market sentiment: after holding for 67 days, facing panic triggered by a resignation controversy, this whale decisively closed their long positions, incurring a loss of approximately $4.9 million.

Interestingly, the painful lesson does not seem to have deterred this trader. In a short period, he made another move—this time with a different approach, using 10x leverage and a smaller scale long position to re-enter the market. From being forced to exit to actively returning, from conservative holdings to aggressive leverage, the trader's changing mindset is actually a microcosm of market sentiment. Panic selling was followed by a rebound expectation that pulled him back in.