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 Zcash continues its decline, Grayscale ETF suffers sustained capital outflows
On Thursday, Zcash (ZEC) continued its downward trend, trading at close to US$1,241, becoming the weakest performer among the top 10 cryptocurrencies by market capitalisation in the past day. The privacy protection token has fallen about 27% from its high of $1,698 on September 27 and has been falling for ten consecutive trading days.
Grayscale Zcash ETF faces continued capital outflows
According to SoValue data, the Zcash ETF (code: ZCSH) owned by Grayscale Investments, one of the world's largest digital asset managers, recorded a net redemption of US$8.49 million on Wednesday. That brought the fund's total redemptions this week to $12.05 million, compared with $93.56 million last week. Although the latest data only covers some weekly cycles, it is still below the outflow level of the previous week.
This outflow of funds follows the fund's recent "three-to-one" share division. Although the timing of the redemption wave coincides with the share split, there is currently no direct evidence that there is a causal relationship between the two. However, continued signs of capital outflows indicate that market demand for the fund remains weak amid continued revisions in Zcash prices.
即便在股份分割和 ZEC 近期大幅下跌之后，随着来自 Grayscale Zcash ETF 的大量资金撤离，投资者需求明显降温。与此形成对比的是，由 Gemini 联合创始人 Cameron 和 Tyler Winklevoss 支持的一份新的 Zcash ETF 申请文件显示，机构投资者对 ZEC 的兴趣依然存在。这份新申请的提交距离温克尔沃斯兄弟首次提出比特币 ETF 构想已有 13 年之久，凸显了业界在扩展与隐私加密货币相关的受监管投资产品方面所做的持续努力。
需要指出的是，ETF 申请仅代表处于监管审查中的提案，并不保证产品获批或带来新的资产流入。因此，这一新申请与当前正在经历资金外流的现有 Grayscale Zcash ETF 形成了鲜明对比。
术语解析：
Grayscale（灰度）：一家知名的数字资产管理公司，以其一系列加密货币 ETF 和信托产品而闻名，允许机构和个人投资者通过传统投资工具接触比特币、以太坊和 Zcash 等数字资产。
资金流向数据概览
Zcash 技术面信号显示下行风险依旧
Zcash's technical prospects continue to deteriorate. On the four-hour chart, ZEC has fallen below its 200-cycle exponential moving average (EMA) at around $1,287. This level has now become the main resistance level. If prices remain below this threshold, it may further consolidate their short-term bearish structure.
The 50-cycle EMA currently located near US$1,355 is moving closer to the long-term 200-cycle EMA below. If a cross occurs, a so-called "death cross" will form, which may signal further downside, although this is not an absolute predictor of losses.
Technical indicator momentum remains negative, MACD is below the signal line, and RSI is hovering around 33, pointing to oversold conditions, but a price bottom has not yet been confirmed.
Key Price Analysis
If selling pressure intensifies, Zcash may test the psychological $1,000 level and look for horizontal support below it at $888, which is consistent with the high recorded on August 23. To achieve a meaningful rebound, the ZEC must first break through $1,287, followed by a 50-cycle EMA at $1,355. Before these resistance levels are recovered, continued ETF outflows and weak momentum put ZEC at risk of further correction.
