Exchange Ranking
Top Exchanges
24h Volume Ranking
Popularity Ranking
Exchange BTC Balance
Proof of Reserves
Decentralized Exchanges
Funding Rate
Funding Heatmap
Liquidation Data
Max Pain
Long/Short Ratio
Whale L/S Ratio
Binance/Okex/Huobi L/S
Bitfinex Margin L/S
ETF Tracker
Solana ETF
XRP ETF
Hong Kong ETF
Bitcoin Treasuries
Crypto Reversal
Ethereum Reserves
HyperLiquid Wallet Analysis
Hyperliquid Whale Watch
Large Transactions
On-chain Movement
Bitcoin ROI
Stablecoin Market Cap
Options Analysis
News
Articles
Economic Calendar
Features
Wallet
Contract Calculator
Security
Collections
Watchlist
Following
ZEC Grayscale's spot ZEC ETF turned sharply negative this month, recording a net outflow of US$67.25 million in October.
According to data shared by @BSCNews, Grayscale's spot $ZEC ETF (trading code: ZCSH) turned sharply negative this month. As of October, the fund has recorded a cumulative net redemption outflow of US$67.25 million. Despite continued redemption pressure, ZCSH still held 3.41% of Zcash's total circulation supply during its NYSE Arca listing.
A reversal after an epic start
ZCSH was officially unveiled at NYSE Arca on August 25, 2026. It was converted from the existing Grayscale Zcash trust and became the first U.S. listed spot ETF to provide direct exposure to ZEC tokens.
Its opening performance was excellent. According to Krista Lynch, head of trading and capital markets at Grayscale, the fund raised more than $1 billion in the first 30 trading days. Based on asset size in the first month, it ranks among the top 1% of initial ETFs in the past decade.
During the strongest week, ZCSH accounted for 32.5% of all spot cryptocurrency ETF trading volume. As of mid-September, cumulative net inflows reached US$271 million; the week ending September 18, 2026 was the busiest, attracting US$98.2 million in new funds. By late September, its total assets under management (AUM) had ballooned to about $996 million.
Investor profit-taking leads to accelerated redemption
Subsequently, redemption activities accelerated. The single-day outflow reached US$30.25 million on September 30 and US$26.93 million on October 2. The ETF reported net outflows every day in the first four trading days of October and has not recorded any new investment inflows since September 22.
Investors in Zcash ETF appear to be taking profits after ZEC prices surged 768% over the past year, rather than abandoning the asset entirely. Outflows in October accounted for about 7% of the fund's size, while the price of ZEC itself rose 11% over the same period.
This divergence between ETF funds flows and token prices suggests that the sell-off is driven more by profit-taking than by a loss of confidence in Zcash's fundamentals.
As a spot ETF, ZCSH holds the actual ZEC coins behind its share. When the selling rate exceeds the buying rate, the fund must redeem shares, prompting Grayscale to sell part of its ZEC holdings to pay cash to divested investors. This selling pressure directly affects the price of ZEC, as each coin sold by the fund increases the supply on the exchange.
Despite the pressure, the fund's overall status since its inception has remained positive for net inflows, although the buffer space has been significantly narrowed.
