#zcash现货etf月度净流入超2.3亿美元
Funds raised 230 million in one month; the market value that Zcash gained in a single day is ten times that.
▪️ After listing on 8/25, in the nine trading days that followed, only 34.4 million came in
▪️ On 9/17, 47 million came in in a single day; by September, the total exceeded 230 million
▪️ ZEC rose 10% on 9/18 to 1,488; on that day, market cap increased by about 2.4 billion
The disagreement isn’t about how much Zcash raised; it’s about which came first—this money or the price. The container was set up by 8/25, but the money only arrived after the price broke above 1,000. Inflows are a function of price, not the cause.
There’s another layer to the container: its predecessor was a closed-end trust. From 2021/10 to 2026/6, there were 700 days of discount, with a maximum depth of 55%; even on 6/30, it was still at a 17% discount—buying it first meant losing 1.7 cents.
After switching to an ETF, the arbitrage channel opened up; by 9/4 it became a 0.35% premium.
On the same day, BTC ETF saw inflows of 159 million, while the ETH ETF saw outflows of 39 million—ZEC’s 230 million was less than one-tenth of BTC’s, and it didn’t steal anything from the broader market. The invalidation condition is if BTC reclaims 80,000.
The EU closes the door on 2027/7/10. Whether Zcash can survive depends on the standards that the EBA hasn’t written yet—so how do you price it, based on which side? $BTC
Funds raised 230 million in one month; the market value that Zcash gained in a single day is ten times that.
▪️ After listing on 8/25, in the nine trading days that followed, only 34.4 million came in
▪️ On 9/17, 47 million came in in a single day; by September, the total exceeded 230 million
▪️ ZEC rose 10% on 9/18 to 1,488; on that day, market cap increased by about 2.4 billion
The disagreement isn’t about how much Zcash raised; it’s about which came first—this money or the price. The container was set up by 8/25, but the money only arrived after the price broke above 1,000. Inflows are a function of price, not the cause.
There’s another layer to the container: its predecessor was a closed-end trust. From 2021/10 to 2026/6, there were 700 days of discount, with a maximum depth of 55%; even on 6/30, it was still at a 17% discount—buying it first meant losing 1.7 cents.
After switching to an ETF, the arbitrage channel opened up; by 9/4 it became a 0.35% premium.
On the same day, BTC ETF saw inflows of 159 million, while the ETH ETF saw outflows of 39 million—ZEC’s 230 million was less than one-tenth of BTC’s, and it didn’t steal anything from the broader market. The invalidation condition is if BTC reclaims 80,000.
The EU closes the door on 2027/7/10. Whether Zcash can survive depends on the standards that the EBA hasn’t written yet—so how do you price it, based on which side? $BTC
