The plaza leader is shouting that the Zcash ETF net asset value has crossed $1 billion. Don’t read “fund size” directly as “a fresh $1 billion buy order on the day”: that’s confusing stock (existing holdings) with flow (new inflows).
Let’s look at a verifiable historical subscription. SEC filings show that on September 8, DCG authorized participating parties to deliver 85,705 ZEC in exchange for about $100 million in fund shares. This is in-kind exchange for shares, not the same as the ETF buying $100 million worth of tokens on the public market on that day. The fund size will also move with the prices of the assets it holds.
As of 20:34 Beijing time, Binance spot has risen about 7.30% over the past 24 hours, with about $321 million in trading volume. That indicates active trading, but it can’t be used to infer the ETF’s net inflow that day. If the issuer later provides day-by-day net creation shares and the number of tokens held, and can exclude the effects of price changes, then the explanation for incremental institutional demand will be much more solid.
$ZEC
Let’s look at a verifiable historical subscription. SEC filings show that on September 8, DCG authorized participating parties to deliver 85,705 ZEC in exchange for about $100 million in fund shares. This is in-kind exchange for shares, not the same as the ETF buying $100 million worth of tokens on the public market on that day. The fund size will also move with the prices of the assets it holds.
As of 20:34 Beijing time, Binance spot has risen about 7.30% over the past 24 hours, with about $321 million in trading volume. That indicates active trading, but it can’t be used to infer the ETF’s net inflow that day. If the issuer later provides day-by-day net creation shares and the number of tokens held, and can exclude the effects of price changes, then the explanation for incremental institutional demand will be much more solid.
$ZEC