Grayscale’s Zcash spot ETF recorded a net outflow of approximately $93.6 million over the past week, marking the first time since its launch in August that it has ended a one-way pattern of net inflows. The previously steady channel—during which cumulative inflows had reached as much as $271 million—has shown signs of loosening. The fund side has shifted, bringing clear liquidity disruptions to the price action.
The single-day net outflow of nearly $26.93 million stands out as particularly large among comparable products. The net asset ratio in the relevant assets of $ZEC is 3.46%, with a relatively high weight allocation. Once key institutional holdings begin to redeem, the thickness of spot buy-side support becomes a crucial factor in determining price resilience.
The key question now is whether the on-exchange depth can absorb this round of capital withdrawal. If subsequent redemptions evolve into continuous sell pressure, near-term valuations will inevitably face defensive challenges brought about by liquidity restructuring. What’s most worth monitoring next is whether the ETF outflow pace can quickly stabilize and converge.
The single-day net outflow of nearly $26.93 million stands out as particularly large among comparable products. The net asset ratio in the relevant assets of $ZEC is 3.46%, with a relatively high weight allocation. Once key institutional holdings begin to redeem, the thickness of spot buy-side support becomes a crucial factor in determining price resilience.
The key question now is whether the on-exchange depth can absorb this round of capital withdrawal. If subsequent redemptions evolve into continuous sell pressure, near-term valuations will inevitably face defensive challenges brought about by liquidity restructuring. What’s most worth monitoring next is whether the ETF outflow pace can quickly stabilize and converge.