Zcash ETF: $93.56 million outflow in one week

The US spot ETF on Zcash has lost money for the first time. In the week to October 5, 2026 investors pulled a net $94 million or so out of the Zcash products; at the level of the fund itself the figure is $93.56 million. It is the first weekly outflow since trading began on August 25, 2026. Nothing changes legally for you as a holder, but the demand side looks different from how it looked in September.

Zcash trades at $1,340.09 or €1,194.29 (October 6, 2026, CoinGecko). In dollar terms that is 0.98 percent below the previous day and 7.36 percent below a week ago. Over a month there is still a gain of 33.89 percent. The two figures belong together, and anyone who reads only one of them comes away with the wrong picture.

The first weekly outflow since the Zcash ETF launched on August 25, 2026

The fund is called the Grayscale Zcash ETF and trades under the ticker ZCSH on NYSE Arca. It is a spot product, so it holds real ZEC and does not track the price through futures contracts. Since the launch on August 25, 2026 the direction was unambiguous: money flowed in, week after week. That run has now broken.

A weekly outflow at a spot fund means more shares were redeemed than newly issued. To meet that, the issuer releases ZEC from the fund's assets and passes the proceeds on to the redeeming holders. This is part of the normal mechanism of an exchange-traded fund and is not a fault. It is simply working in the opposite direction from the six weeks before.