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ZEC Grayscale's Zcash ETF lost more than US$124 million in two weeks
Demand for the spot Zcash ETF (NYSE: ZCSH) issued by Grayscale has deteriorated sharply. The fund has now recorded seven consecutive trading days of net redemptions, with total redemptions exceeding $124 million in the past two weeks, raising fresh questions about the sustainability of the ZEC (Zcash) rally that attracted investors earlier this year.
The decline follows a brief but significant surge in institutional interest. ZCSH was listed on the Arca section of the New York Stock Exchange on August 25, 2026. It was converted from the existing Grayscale Zcash Trust and became the first listed spot ETF in the United States to provide direct ZEC token exposure. As of mid-September, cumulative net inflows had reached US$271 million, of which the week ending September 18 was the busiest week, attracting US$98.2 million in gold in a single week.
The situation reversed rapidly. On September 30, the fund's single-day redemption amount reached US$30.25 million, followed by another US$26.93 million outflow on October 2. Its assets under management (AUM) peaked at about $915 million to $979 million in September, but had dropped to about $751 million by early October.
Supply positions are solid, but selling pressure intensifies
Despite facing capital outflows, Grayscale's funds still hold 3.27% of ZEC's total outstanding supply, which means its redemption activities have a substantial impact on market prices. As a spot ETF, ZCSH holds the actual ZEC coins behind its shares. When selling pressure outweighs buying, the fund must redeem shares, prompting Grayscale to sell part of its ZEC holdings to pay cash to divested investors. This selling pressure could affect the price of ZEC, as for every coin sold by the fund, the supply available for trading on the exchange market increases.
The continued redemption occurred after the fund implemented a 3:1 stock split, which coincided with a new wave of institutional selling pressure. ZEC prices have fallen more than 22% from a high of $1,689 last month. For ETF holders, there are reasonable reasons to sell: After prices hit about $1,698 in late September, investors who entered on an uptrend may simply choose to lock in profits.
For Grayscale, the outlook is not bleak, but mixed. The fund still holds about $751 million in assets and cumulative net inflows since listing remain positive at $212.56 million. Whether future demand stabilizes or continues to erode is likely to depend on broader sentiment about privacy-protected assets and whether ZEC can recover lost ground.
