ZEC spot ETF has been listed for over a month. Last week, it saw a weekly net outflow for the first time—about $93.6 million. Two weeks earlier, it was still recording a weekly net inflow of $98.2 million.
At the same time, ZEC fell from around 1,699 on September 26 to around 1,300, down more than 20%.
Many people interpret it this way: investors are pulling out from the ETF, so the price drops. But when you lay out the sequence, it’s very likely the causality is actually reversed.
Some have pointed out that the open interest in perpetual contracts was around $237 million on September 18, but dropped to just $165 million by September 28—leverage capital pulled back before the price topped. ETF redemptions look more like a lagging response following price movement, not the hand that actually smashes the market.
There’s also one more detail to watch: if you sum line by line according to the publicly released daily flow table, the total comes to about $77.6 million, which differs from $93.6 million by nearly $16 million. The statistical methodology needs verification. Meanwhile, cumulative net inflows are still positive—about $213 million—so it’s still too early to call this a “systematic retreat.”
So the question is: is this simply profit-taking after a high, or are compliant funds re-pricing the privacy-coin narrative?
At the same time, ZEC fell from around 1,699 on September 26 to around 1,300, down more than 20%.
Many people interpret it this way: investors are pulling out from the ETF, so the price drops. But when you lay out the sequence, it’s very likely the causality is actually reversed.
Some have pointed out that the open interest in perpetual contracts was around $237 million on September 18, but dropped to just $165 million by September 28—leverage capital pulled back before the price topped. ETF redemptions look more like a lagging response following price movement, not the hand that actually smashes the market.
There’s also one more detail to watch: if you sum line by line according to the publicly released daily flow table, the total comes to about $77.6 million, which differs from $93.6 million by nearly $16 million. The statistical methodology needs verification. Meanwhile, cumulative net inflows are still positive—about $213 million—so it’s still too early to call this a “systematic retreat.”
So the question is: is this simply profit-taking after a high, or are compliant funds re-pricing the privacy-coin narrative?