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ZEC Spot ZEC ETF faced continued selling pressure in early October
In early October, spot Zcash (ZEC) ETF experienced continued selling pressure. In the first few days of the month alone, net outflows were close to US$59 million, and there has been no positive record of single-day net inflows since September 22.
Sharp reversal after strong issuance
The Grayscale Zcash ETF (code: ZCSH) was officially launched on the New York Stock Exchange's Apache Market (NYSE Arca) on August 25, 2026, quickly attracting the attention of a large number of institutional investors. As of September 8, just two weeks after its listing on NYSE Arca, the fund's Assets Under Management (AUM) had grown to more than $500 million.
The fund received further capital injection as DCG International Investment Corporation purchased approximately US$100 million worth of ZCSH shares through Authorized Participants exchanging 85,705 ZEC tokens. At its peak at the end of September, the ETF's assets once approached the US$1 billion mark.
However, this upward trend was not sustained. As of early October 2026, Grayscale's ZCSH recorded a net outflow of up to US$93.56 million in one week. The redemption rate accelerated significantly, with a single-day outflow reaching US$30.25 million on September 30 and US$26.93 million on October 2. By early October, its assets under management had dropped from $979 million to $751 million.
No signs of remission
Four consecutive days of major net outflows in October were part of a broader trend that began in late September. According to data, the spot Zcash ETF has never recorded a single day of positive activity since September 22, and the cumulative loss this month has reached nearly US$59 million.
Institutional investors 'demand for Zcash has weakened significantly. On October 1 alone, ZCSH recorded a net outflow of US$28.26 million. The fund, which once held nearly 3.5% of total ZEC supply, is transforming from a buyer to a potential source of selling pressure.
It is unclear whether these outflows represent profit-taking in the rebound from strong offerings or reflect a more fundamental shift in sentiment around privacy-protected assets. Significant withdrawals of ETFs can be caused by a variety of reasons, including profit-taking by investors, reducing risk exposure, rebalancing the portfolio or rotating it to other assets. Capital flow data alone cannot point to a single reason.
It is clear that the initial enthusiasm that pushed ZCSH to manage assets close to US$1 billion has cooled significantly. Without any one-day net inflow for more than two weeks, traders and investors will be watching closely for any signs of stabilization.
