ZEC’s 100% rally above $1500 sends Grayscale’s Zcash ETF within $85 million of $1 billion

Grayscale’s Zcash ETF is closing in on $1 billion in assets less than a month after its Wall Street debut.

The fund, which trades as ZCSH on NYSE Arca, has accumulated $914.53 million in net assets and $270.95 million in cumulative net inflows, SoSoValue data shows. Its rapid expansion has coincided with Zcash's value roughly doubling since the product began trading on Aug. 25.

ZCSH has added more than $400 million in assets since Sept. 8, when Grayscale said the fund had crossed $500 million just two weeks after listing. The acceleration leaves the product about $85 million short of the $1 billion threshold as investor demand converges with one of ZEC’s strongest rallies in years.

ZEC rally pushes derivatives activity to records

Data from CryptoSlate showed ZEC traded around $1,540 on Sept. 19, roughly twice its level when ZCSH began trading on NYSE Arca.

The rally has increasingly spilled into derivatives markets.

CoinGlass data showed ZEC futures open interest climbing to an all-time high of about $3.5 billion this week, while futures trading volume crossed $10 billion for the first time since early June.

The buildup shows traders are committing substantially more leveraged capital to ZEC as its spot price rises. Higher open interest does not establish that positioning is uniformly bullish, but record exposure combined with elevated turnover increases the market’s sensitivity to abrupt reversals and liquidation cascades.