🚨 Grayscale has grown the Zcash fund to nearly $1 billion—yet new money suddenly stopped?
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👀 Since Grayscale’s spot Zcash fund (ticker: ZCSH) was listed on August 25, it has seen total inflows of about $306 million. By September 25, its asset size was estimated at $996 million—just one step away from $1 billion, with huge hype at one point.
📊 What’s interesting is that out of these nearly $1 billion, true new capital is actually less than one-third. The rest of the growth mainly comes from the rise in the ZEC price, as well as the roughly $100 million worth of ZEC injected earlier by DCG International. In other words, the expansion in size is more of an accounting effect than a steady stream of fresh money.
🔥 But the timing of entries has changed: over three consecutive days—September 23, 24, and 25—this product recorded no additional net investments. Then on September 28, it posted the largest single-day outflow since listing, around $8.12 million.
💡 What’s really worth paying attention to isn’t the $996 million figure, but the structural characteristics of these “physical backing” products: the fund holdings are the ZEC itself. When the coin price rises, the fund size swells accordingly, and the inflows look fierce—yet they’re largely amplified by price.
⚠️ A bucket of cold water: currently, Zcash-related products combined account for only about 3.75% of the circulating supply of ZEC. The market is small and inflows/outflows move quickly. 21Shares has also launched a similar product in Europe with a 2.5% annual fee—capital could move elsewhere at any time. If you’re chasing highs, keep an eye on this.
👀 Do you think this is real capital building positions, or just short-term speculation? Are you bullish or bearish?
Click the profile picture to watch the live broadcast + join the Jiujiu chat group to get daily strategies 🚀
#Zcash #ZEC #ETF #institutional capital
Group: 点击进入玖玖的粉丝群
👀 Since Grayscale’s spot Zcash fund (ticker: ZCSH) was listed on August 25, it has seen total inflows of about $306 million. By September 25, its asset size was estimated at $996 million—just one step away from $1 billion, with huge hype at one point.
📊 What’s interesting is that out of these nearly $1 billion, true new capital is actually less than one-third. The rest of the growth mainly comes from the rise in the ZEC price, as well as the roughly $100 million worth of ZEC injected earlier by DCG International. In other words, the expansion in size is more of an accounting effect than a steady stream of fresh money.
🔥 But the timing of entries has changed: over three consecutive days—September 23, 24, and 25—this product recorded no additional net investments. Then on September 28, it posted the largest single-day outflow since listing, around $8.12 million.
💡 What’s really worth paying attention to isn’t the $996 million figure, but the structural characteristics of these “physical backing” products: the fund holdings are the ZEC itself. When the coin price rises, the fund size swells accordingly, and the inflows look fierce—yet they’re largely amplified by price.
⚠️ A bucket of cold water: currently, Zcash-related products combined account for only about 3.75% of the circulating supply of ZEC. The market is small and inflows/outflows move quickly. 21Shares has also launched a similar product in Europe with a 2.5% annual fee—capital could move elsewhere at any time. If you’re chasing highs, keep an eye on this.
👀 Do you think this is real capital building positions, or just short-term speculation? Are you bullish or bearish?
Click the profile picture to watch the live broadcast + join the Jiujiu chat group to get daily strategies 🚀
#Zcash #ZEC #ETF #institutional capital
