Grayscale Zcash spot ETF (ZCSH) launched on August 25. Although it initially attracted capital, over the past few trading sessions there has been a clear shift to net outflows. In just a few days, ZEC was violently pushed up from about $815 to $1,249. This surge is mainly driven by a short squeeze rather than any change in fundamentals. At current high levels, there are signs of a slowdown, on-chain transfer data has also started to decline, and selling pressure from short-term profit-taking is building up.

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