ZCSH——Grayscale’s ZEC spot ETF—This week saw net outflows of $93.56 million, the first weekly net outflow since it began trading on August 25.
AUM fell from a peak of $979 million to $751 million.
Two weeks ago, this ETF was still leading the entire market of crypto ETFs with a weekly net inflow of $98.20 million, at one point accounting for 32.5% of all spot crypto ETF trading volume in the U.S.
Now the situation is completely the opposite.
Several things are happening in the background at the same time:
ZEC has dropped 21% from its peak of $1,698 to around $1,308, and after September 22 it has not posted any single-day net inflows.
Meanwhile, reports have suggested that North Korean hackers—possibly—laundered money via ZEC’s privacy pool. Regardless of whether the claim is ultimately true, this kind of news delivers a major blow to the privacy-coin narrative during a period of regulatory sensitivity.
Fortitude, a DCG subsidiary, holds a $50 million ZEC credit facility and plans to sell all its ZEC on the market—an already known potential source of sell pressure.
ZEC’s rise has never been driven by fundamentals—it has been driven by the combined forces of a privacy-coin narrative, ETF listing speculation, and a financial structure constructed by DCG/Fortitude.
When ETF inflows slow and the narrative cools, this structure starts to work in reverse.
With cumulative net inflows still at $213 million, it suggests the ETF hasn’t reached the point of collapse.
But within the $751 million AUM, how much is truly long-term holding versus short-term capital waiting for an opportunity to reduce exposure—only the flow data from the coming weeks will tell.
Do you still hold ZEC?
$ZEC
$BTC
#zcash现货etf首现周度净流出9360万美元
AUM fell from a peak of $979 million to $751 million.
Two weeks ago, this ETF was still leading the entire market of crypto ETFs with a weekly net inflow of $98.20 million, at one point accounting for 32.5% of all spot crypto ETF trading volume in the U.S.
Now the situation is completely the opposite.
Several things are happening in the background at the same time:
ZEC has dropped 21% from its peak of $1,698 to around $1,308, and after September 22 it has not posted any single-day net inflows.
Meanwhile, reports have suggested that North Korean hackers—possibly—laundered money via ZEC’s privacy pool. Regardless of whether the claim is ultimately true, this kind of news delivers a major blow to the privacy-coin narrative during a period of regulatory sensitivity.
Fortitude, a DCG subsidiary, holds a $50 million ZEC credit facility and plans to sell all its ZEC on the market—an already known potential source of sell pressure.
ZEC’s rise has never been driven by fundamentals—it has been driven by the combined forces of a privacy-coin narrative, ETF listing speculation, and a financial structure constructed by DCG/Fortitude.
When ETF inflows slow and the narrative cools, this structure starts to work in reverse.
With cumulative net inflows still at $213 million, it suggests the ETF hasn’t reached the point of collapse.
But within the $751 million AUM, how much is truly long-term holding versus short-term capital waiting for an opportunity to reduce exposure—only the flow data from the coming weeks will tell.
Do you still hold ZEC?
$ZEC
$BTC
#zcash现货etf首现周度净流出9360万美元
