Monero Rallies, Zcash Retreats as Bitcoin Whales Accumulate
Monero (XMR) surged above $650 on October 22, reaching an eight-month high, before retreating to about $605. The rally followed the release of Monero GUI v0.18.5.4, a minor update with bug fixes and renewed support for testnet and stagenet wallets. Some traders forecast a move to $1,000, while one analyst warned that historically elevated open interest could increase the risk of a sharp correction; Santiment disputed the open-interest claim.
Zcash (ZEC) climbed above $1,360 on October 21, amid plans to speed up block production through the NU7 upgrade, targeted for November 5, and reports of about $37 million in leveraged long positions. It later fell to around $1,200 and was down roughly 2% for the week. A trader flagged $1,050 as key support and said reclaiming $1,300 could weaken a bearish chart pattern.
Bitcoin (BTC) was rejected near $85,000 and traded around $81,500. Despite market uncertainty, newly created wallets reportedly withdrew more than $770 million in BTC since October 1, while holders with 10–10,000 BTC accumulated nearly 90,000 BTC in a month. Continued accumulation could reduce available supply, although its price effect depends on demand.
Neutral
The overall signal is mixed, so the news does not clearly favour either a broad rally or a market-wide decline. Monero’s sharp rise and Bitcoin’s reported whale accumulation are supportive factors. However, XMR has already pulled back from its eight-month high, and the warning about elevated open interest points to possible leverage-driven volatility. Open-interest interpretations are disputed, so the claim should not be treated as a confirmed sell signal.
Zcash also shows opposing signals. Its upgrade plans and reported leveraged long positions helped accompany a rally, but the subsequent retreat and the cited $1,050 support level highlight downside risk. The $1,300 reclaim level is a trader’s technical reference, not a guaranteed turning point.
In the short term, traders may focus on XMR’s ability to stabilize, ZEC’s support and resistance levels, and BTC’s response to broader market conditions. Rapid price moves and leveraged positions could amplify volatility, while BTC whale buying may offer some support if demand holds. Over the longer term, Monero’s software updates and Zcash’s planned network changes may matter to users and investors, but sustained price gains would still depend on adoption, liquidity and wider risk appetite. As in past rallies driven by technical upgrades or large-wallet accumulation, initial optimism can fade if buyers do not follow through. The mixed evidence supports a neutral market view.