Zcash is facing a new test after its U.S. spot ETF recorded its first weekly net outflow since launching in August. Investors pulled about $93.6 million from the fund during the latest week.

Why Is This Important?

The outflow comes after strong investor demand earlier in September. Just two weeks before the reversal, the Zcash ETF attracted around $98.2 million in one week.

At the same time, Zcash's price has fallen toward $1,300, well below its recent high near $1,690. This combination of falling price and ETF outflows has raised questions about whether investor enthusiasm is starting to fade.

The Big Question

Is this simply profit-taking after Zcash's huge rally, or is it the beginning of a larger slowdown?

The next few weeks could provide the answer. If investors return and ETF inflows turn positive again, Zcash could regain momentum. But continued outflows could keep pressure on the price.

For now, all eyes are on Zcash. The next move could surprise the market.