Grayscale’s ZCSH is still seeing net withdrawals, but the pace is slowing. Outflows fell from $93.6m in the week ending October 2 to $19.2m on October 12–16, about 80% less. Yet ZEC still underperformed BTC over the past week while XMR rose. Slower fund exits are constructive, but they do not fully explain ZEC’s relative weakness. Settled flows also do not establish when the underlying coins were sold. //zero illusion
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