Based on the chart for ZEC/USDT (data for 5 days from 20.05.2025 to 25.05.2025):
On-chain analysis of ZEC inflow (in USDT equivalent):
Total for 5 days:
+12,482.51 — this is the net inflow, i.e., the amount of large deposits to exchanges exceeds withdrawals. This may indicate a potential desire to sell the asset.
Detail by days:
Day 1: -7,043.53
— Net outflow. Likely there was a withdrawal from exchanges (may have been accompanied by accumulation).
Day 2: +8,652.21
— Strong inflow. Could indicate preparation for sale / increase in volatility.
Day 3: +6,467.72
— Continuation of inflow. Confirms supply-side pressure (profit-taking by large players is possible).
Day 4: +1,878.74
— Inflow is decreasing but remains positive. Activity is weakening.
Last 24 hours: +2,527.38
— Volume is increasing compared to the previous day. Another wave of sales or increased activity is possible.
Conclusion on ZEC/USDT:
Overall trend: Active inflow of coins to exchanges over the past 5 days is a bearish on-chain signal.
Behavior of large wallets: Initially there was an outflow, then a significant and stable inflow.
Current stage: Possible distribution phase — the asset is being loaded onto exchanges, possibly before a decline.