A Zcash ETF Launched in August Now Accounts for a Third of All Crypto ETF Trading

A Zcash ETF that barely existed a month ago now commands a startling share of all crypto ETF trading, and the reason why tells you something unsettling about how that volume was actually generated.

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Zcash spot ETFs, primarily driven by the Grayscale Zcash Trust (OTC:ZCSH), recorded $11.42 billion in trading volume for the week ending September 18, 2026, which accounts for 32.5% of all spot crypto ETF turnover.

Approximately one-third of the market’s trading activity was directed through funds that began collecting cumulative inflows on August 27, 2026, less than a month prior. The 32.5% figure pertains to turnover, which measures shares changing hands rather than assets or net inflows, and this distinction determines what the number means.

One Session Produced 96.5% of the Turnover

The total value traded on September 16 reached $11,023,979,376, according to the SoSoValue export. The entire week’s turnover amounted to $11.42 billion, leaving around $396 million traded across the other four sessions.

Trading on September 18 totaled $127,600,500 by comparison, so the heavy session on September 16 accounted for 86 times the trading volume of the last day of the week. It also represented 12.1 times the fund’s entire net assets in a product that had been active for under a month.