Zcash ETF Listed, Price Drops 8% Following 60% Rally

ChainCatcher reports that Zcash (ZEC) fell 7.6% to $787 on Wednesday, reversing its 56% gain from the previous week, which had pushed the price to an eight-year high of approximately $880. This pullback coincides with the conversion of Grayscale’s Zcash Trust into a spot ETF, which began trading on the NYSE Arca on Tuesday under the ticker ZCSH. The trust holds around 393,000 ZEC, valued at over $260 million. In the days leading up to the ETF listing, ZEC surged from below $600 to above $880, reaching its highest level since 2018, as market sentiment drew comparisons to Bitcoin’s 21-million supply cap and proof-of-work mechanism, fueling a “next Bitcoin” narrative. During this period, the open interest in ZEC perpetual contracts nearly doubled to $1.8 billion, with leveraged capital likely accelerating both the rally and the subsequent decline. Across the broader market, Bitcoin declined 2% to $78,900, with most major cryptocurrencies closing lower on the day, bringing a temporary pause to the week-long crypto rebound.