$ZEC The liquidity structure earlier driven up by institutional channels has quietly shown a subtle crack on the funding side. Grayscale’s spot ETF ZCSH recorded about $93.6 million in net outflows over the past week, breaking the one-way accumulation pace that had continued since its August launch and marking its first weekly period of outflows.
From the perspective of the liquidity curve, after ZCSH’s cumulative net inflows peaked at about $271 million in mid-September, the marginal boost from allocation-driven buying began to slow significantly. In particular, against the backdrop of a single-day outflow reaching nearly $27 million, its net asset ratio of as high as 3.46% means that funds that had previously occupied a core allocation position are now selectively taking profits, and the depth of the secondary market will need to independently absorb the pressure from this reduction.
This round of incremental narrative led by the over-the-counter ETF channel has temporarily lost its one-way momentum. Going forward, the key question is whether spot liquidity can stabilize the absorption center during intervals without sustained large inflows, and whether next week’s ETF fund flow will be merely a one-time rebalance or evolve into a continued withdrawal. The market will soon provide a real answer.
From the perspective of the liquidity curve, after ZCSH’s cumulative net inflows peaked at about $271 million in mid-September, the marginal boost from allocation-driven buying began to slow significantly. In particular, against the backdrop of a single-day outflow reaching nearly $27 million, its net asset ratio of as high as 3.46% means that funds that had previously occupied a core allocation position are now selectively taking profits, and the depth of the secondary market will need to independently absorb the pressure from this reduction.
This round of incremental narrative led by the over-the-counter ETF channel has temporarily lost its one-way momentum. Going forward, the key question is whether spot liquidity can stabilize the absorption center during intervals without sustained large inflows, and whether next week’s ETF fund flow will be merely a one-time rebalance or evolve into a continued withdrawal. The market will soon provide a real answer.