$ZEC is up +11% in 24 hours, while the only U.S. spot Zcash ETF lost around $15M on 10/15. The 10/16 rebound is happening without fund money.
On the price side, ZECUSDT on Binance climbed from $1,075 (its 10/15 low) to around $1,229 by about 09:55 UTC, with nearly $226M traded over 24 hours. The token is still 28% below its 9/26 peak of $1,698. ZEC perp funding is at 0.008% per 8 hours, close to neutral—no sign of a major long imbalance for now.
Funds are moving in the opposite direction. According to SoSoValue (cited by CoinDesk), this is the ZEC ETF’s fifth outflow this month. It’s the same story for the majors: spot $ETH ETFs lost $60.3M on 10/15 (Farside: ETHA -$44.4M, ETHE -$18.3M, FETH +$2.4M), making October 10 down sessions out of 11 and bringing the month’s total to around -$885M. The $SOL funds are now at nine consecutive days of outflows, according to CoinDesk. Meanwhile, ETH has gained a little over 3%, to around $2,450.
My take: this rebound is coming from the native crypto market (spot and perps), not a return of institutional allocators. It could hold, but it’s more fragile than a rally driven by inflows.
Two paths from here. If ZEC moves back above around $1,350 (the 10/12 high) and the ZEC ETF finally records an inflow, the rebound gains credibility. Conversely, a drop back below $1,075 while ETF outflows continue would make the 10/16 move look like a simple short-term bounce.
Do you think an altcoin can sustain an +11% move while its ETF keeps bleeding, or should we wait for flows to follow?
Sources: Binance, Farside Investors, SoSoValue via CoinDesk.
#Zcash #ETF #Crypto
On the price side, ZECUSDT on Binance climbed from $1,075 (its 10/15 low) to around $1,229 by about 09:55 UTC, with nearly $226M traded over 24 hours. The token is still 28% below its 9/26 peak of $1,698. ZEC perp funding is at 0.008% per 8 hours, close to neutral—no sign of a major long imbalance for now.
Funds are moving in the opposite direction. According to SoSoValue (cited by CoinDesk), this is the ZEC ETF’s fifth outflow this month. It’s the same story for the majors: spot $ETH ETFs lost $60.3M on 10/15 (Farside: ETHA -$44.4M, ETHE -$18.3M, FETH +$2.4M), making October 10 down sessions out of 11 and bringing the month’s total to around -$885M. The $SOL funds are now at nine consecutive days of outflows, according to CoinDesk. Meanwhile, ETH has gained a little over 3%, to around $2,450.
My take: this rebound is coming from the native crypto market (spot and perps), not a return of institutional allocators. It could hold, but it’s more fragile than a rally driven by inflows.
Two paths from here. If ZEC moves back above around $1,350 (the 10/12 high) and the ZEC ETF finally records an inflow, the rebound gains credibility. Conversely, a drop back below $1,075 while ETF outflows continue would make the 10/16 move look like a simple short-term bounce.
Do you think an altcoin can sustain an +11% move while its ETF keeps bleeding, or should we wait for flows to follow?
Sources: Binance, Farside Investors, SoSoValue via CoinDesk.
#Zcash #ETF #Crypto