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BTC 
ZEC Zcash (ZEC) soared nearly 38% to exceed US$800. Futures trading and grayscale spot ETF applications boosted attention to privacy tokens.
Key points: Zcash once rose to US$851, surpassing the January 2018 high of approximately US$800; grayscale (Grayscale) filed a fourth amendment to convert its Zcash trust to a spot ETF listed on the New York Stock Exchange Arca-listed; futures trading volume on Friday was approximately $4.55 billion, far exceeding spot trading volume of approximately $553 million.
Zcash ETF pushed
Zcash to exceed $800 on Saturday, the first time since 2018. Prices fluctuate between US$589 and US$851 within 24 hours, with intraday fluctuations of 45%. This trend allowed ZEC to break through its peak of around $800 in January 2018 and also above the $750 level hit in November last year. At the same time, social media users are again comparing this private asset to Bitcoin (BTC). Zcash shares a 21 million supply cap with Bitcoin, a proof-of-work mining model and a halving cycle, and adds an additional blocked transaction feature designed to provide greater privacy.
Gray Scale (owned by Digital Currency Group) filed a fourth amendment on August 18, planning to convert its Zcash trust into a spot exchange-traded fund (ETF) listed on the New York Stock Exchange Arca under the symbol ZCSH. The U.S. Securities and Exchange Commission (SEC) has not yet approved the ETF. The filing also shows that DCG International Investments is in non-binding negotiations to acquire approximately 200,000 ZECs through the trust, worth approximately $163 million at Saturday's price.
Gray leverage risk
Zcash's trading activity expanded significantly as prices soared. Futures trading volume on Friday was about $4.55 billion, while spot trading volume was only about $553 million; open interest contracts were close to $1.35 billion. In the last 24 hours, trading volume was approximately US$2.24 billion, equivalent to approximately 16% of Zcash's US$13.87 billion market value. This leverage may also amplify the risk of reversal. Zcash currently ranks 12th by market capitalisation, ahead of other privacy tokens, but its recent trend highlights the risk of sharp fluctuations. June showed how quickly this risk became apparent: ZEC fell sharply after developers disclosed flaws in the Orchard shield pool used for privacy transactions.
