According to a post cited by ChainCatcher from on-chain analytics platform Santiment, Grayscale has converted its Zcash trust, originally established in 2017, into a spot ETF that began trading on NYSE Arca on Aug. 25. In the days leading up to that listing, ZEC rallied from about $509 on Aug. 18 to roughly $852 on Aug. 23, a gain of around 65%. Santiment also said social mentions climbed sharply, peaking at 232 on Aug. 22, or about six times the baseline level seen in August.
The data cited in the post showed that attention faded by the time the fund started trading. Santiment said social activity fell back to baseline on the ETF’s launch day, and that the discussion peak came one day before the price peak. As of publication, ZEC was trading near $796, about 6% below its high. The firm’s reading was that interest concentrated during the rumor phase, while capital had already started to exit once the news was confirmed and the product went live.
Grayscale has converted its Zcash trust, established in 2017, into a spot exchange-traded fund, according to a Santiment post cited by ChainCatcher. The product started trading on NYSE Arca on Aug. 25.
ZEC rose from about $509 on Aug. 18 to roughly $852 on Aug. 23, marking a gain of around 65%. Santiment said social mentions hit 232 on Aug. 22, about six times the August baseline, before dropping back to baseline on the day the ETF began trading.
Santiment said attention peaked one day before the price top, and that interest had already faded before the fund opened. At the time of publication, ZEC was trading near $796, about 6% below its peak. In Santiment’s view, the market gathered during the “rumor” phase, while capital had started leaving once the news was confirmed.
This article was originally published by Bit.Fan. For more cryptocurrency news and market insights, visit www.bit.fan. Disclaimer:
The market information, project data, and third-party content displayed on this platform are for industry information sharing only and do not constitute any form of investment advice or return commitment.
Cryptocurrency trading carries high risks. Users should fully assess their risk tolerance and make independent decisions. All profits, losses, and legal responsibilities are borne by the users themselves.
