The European market has added a physically backed listed product, marked on the old-chain Zcash whose upper limit is fixed at 21 million units. Starting September 22, it will be listed in both Paris and Amsterdam. The products are priced separately in euros and in U.S. dollars, with an annual fee of 2.50%.
I checked the product’s holdings on the day it was listed: 5,000 units, each with a net value of $20.043. The entire product holds assets of about $100,000. Converting based on the quoted price above $1,600 at the time, it corresponds to a bit over 60 coins. The terms specify physical backing, a registration domicile in Switzerland, and it does not participate in lending.
The setup for the exact same asset on the U.S. side is completely different. A similar product listed on August 25 was converted from a trust. Within two weeks, its scale surpassed $500 million. Its own readings are in a different place: the quoted price is about $1,618 (this round: +6.76% over the period, +36.92% over seven days, +92.86% over thirty days), with a market cap of about $27.4 billion. Circulating supply is 16.945 million units against an upper limit of 21 million.
Zcash has a market cap of about $27.4 billion, up 36.92% over seven days, with turnover around 7.2%. Dash: market cap around $790 million, up 18.58% over seven days, turnover around 27%. Decred: market cap around $330 million, up 23.82% over seven days, turnover around 1.5%. The upper limits of all three are fixed at the same order of magnitude. On this side, supply can’t present such a large spread; what separates the names is the channel—both regulated setups are attached to the one with the biggest underlying size. The “turnover” column also doesn’t rank by scale; the middle one is actually the most active.
Put more plainly: what this round is pricing is the fact that Europe now has an additional compliant channel. How much the channel can actually hold hasn’t been written into any of the published readings yet. What we can verify are the terms and the number of units. The conditions to falsify this are narrower: if over the next two quarters the number of units and asset size continue to rise, and the annual fee is lowered, that would indicate the capacity really is there. If the number of units stays pinned at 5,000 for several quarters and the scale remains within six-figure dollars, then this channel is merely a position in a registry. The volume on the first day of listing was only about $100,000. In Binance’s spot market, both the trading pair and the quote for this asset are publicly visible. The platform token BNB is also included. On the “financial products” side, there are other instruments that can hold the balances. $TAKE
$NIL
$SUPER
#21shares推出欧洲首只zcash实物etp
I checked the product’s holdings on the day it was listed: 5,000 units, each with a net value of $20.043. The entire product holds assets of about $100,000. Converting based on the quoted price above $1,600 at the time, it corresponds to a bit over 60 coins. The terms specify physical backing, a registration domicile in Switzerland, and it does not participate in lending.
The setup for the exact same asset on the U.S. side is completely different. A similar product listed on August 25 was converted from a trust. Within two weeks, its scale surpassed $500 million. Its own readings are in a different place: the quoted price is about $1,618 (this round: +6.76% over the period, +36.92% over seven days, +92.86% over thirty days), with a market cap of about $27.4 billion. Circulating supply is 16.945 million units against an upper limit of 21 million.
Zcash has a market cap of about $27.4 billion, up 36.92% over seven days, with turnover around 7.2%. Dash: market cap around $790 million, up 18.58% over seven days, turnover around 27%. Decred: market cap around $330 million, up 23.82% over seven days, turnover around 1.5%. The upper limits of all three are fixed at the same order of magnitude. On this side, supply can’t present such a large spread; what separates the names is the channel—both regulated setups are attached to the one with the biggest underlying size. The “turnover” column also doesn’t rank by scale; the middle one is actually the most active.
Put more plainly: what this round is pricing is the fact that Europe now has an additional compliant channel. How much the channel can actually hold hasn’t been written into any of the published readings yet. What we can verify are the terms and the number of units. The conditions to falsify this are narrower: if over the next two quarters the number of units and asset size continue to rise, and the annual fee is lowered, that would indicate the capacity really is there. If the number of units stays pinned at 5,000 for several quarters and the scale remains within six-figure dollars, then this channel is merely a position in a registry. The volume on the first day of listing was only about $100,000. In Binance’s spot market, both the trading pair and the quote for this asset are publicly visible. The platform token BNB is also included. On the “financial products” side, there are other instruments that can hold the balances. $TAKE
$NIL
$SUPER
#21shares推出欧洲首只zcash实物etp
