Grayscale’s $ZEC ETF has seen net inflows for four consecutive trading days, yet the price has fallen day after day.
SoSoValue’s ZCSH data: there were net inflows every day from 10/20 to 10/23, totaling about $51.54 million. On 10/23, inflows were $20.52 million—the largest single-day inflow since 9/22.
Over the same period, Binance spot daily closes fell from 1315.75 on 10/21 to 1182.98 on 10/23, and the price even dipped to 1118.55 intraday on 10/24. The more money flowed in, the more the price pulled back—by about 10%.
My read: ETF money is providing support, but it isn’t enough to push the price up; selling pressure from outside the ETF is greater. When I wrote about ZEC on 10/15, Grayscale was still seeing redemptions. The trend has now reversed, but the month of October is still showing net outflows of about $63.97 million.
Today’s +4% needs to be viewed separately. ETFs don’t trade over the weekend, so their money didn’t fuel this rebound. Binance ZECUSDT perpetual open interest rose from about $495 million on the afternoon of 10/24 to about $523 million. 24-hour futures volume was about $1.3 billion, compared with just $140 million in spot volume—futures are driving this move.
So I’m cautious about this weekend rebound and wouldn’t treat it as a continuation of the ETF-driven trend. What would prove me wrong: ZCSH continues to see daily inflows in the tens of millions of dollars on Monday, and the price closes back around the 10/21 level. Monday’s flows will be visible on Tuesday, Beijing time.
#Zcash #ETF资金流 $ZEC
SoSoValue’s ZCSH data: there were net inflows every day from 10/20 to 10/23, totaling about $51.54 million. On 10/23, inflows were $20.52 million—the largest single-day inflow since 9/22.
Over the same period, Binance spot daily closes fell from 1315.75 on 10/21 to 1182.98 on 10/23, and the price even dipped to 1118.55 intraday on 10/24. The more money flowed in, the more the price pulled back—by about 10%.
My read: ETF money is providing support, but it isn’t enough to push the price up; selling pressure from outside the ETF is greater. When I wrote about ZEC on 10/15, Grayscale was still seeing redemptions. The trend has now reversed, but the month of October is still showing net outflows of about $63.97 million.
Today’s +4% needs to be viewed separately. ETFs don’t trade over the weekend, so their money didn’t fuel this rebound. Binance ZECUSDT perpetual open interest rose from about $495 million on the afternoon of 10/24 to about $523 million. 24-hour futures volume was about $1.3 billion, compared with just $140 million in spot volume—futures are driving this move.
So I’m cautious about this weekend rebound and wouldn’t treat it as a continuation of the ETF-driven trend. What would prove me wrong: ZCSH continues to see daily inflows in the tens of millions of dollars on Monday, and the price closes back around the 10/21 level. Monday’s flows will be visible on Tuesday, Beijing time.
#Zcash #ETF资金流 $ZEC