Zcash’s token gave back part of its recent surge on Wednesday, falling 7.6% to $787 after a sharp one-week rally of 56% that had pushed the price to around $880, an eight-year high. The pullback came just after Grayscale’s Zcash Trust completed its conversion into a spot exchange-traded fund and began trading on NYSE Arca on Tuesday under the ticker ZCSH. The trust holds about 393,000 ZEC, valued at more than $260 million.
In the days leading up to the ETF debut, ZEC climbed from below $600 to above $880, reaching its highest level since 2018. Market trading around the move drew comparisons with Bitcoin’s 21 million supply cap and proof-of-work model, feeding a “next Bitcoin” narrative. At the same time, open interest in ZEC perpetual futures nearly doubled to $1.8 billion, showing how leveraged positioning expanded during the rally. Broader crypto markets also weakened on the day, with Bitcoin down 2% to $78,900 and most major tokens closing lower after a week-long rebound.
Zcash (ZEC) fell 7.6% to $787 on Wednesday, giving back part of the 56% gain it had posted over the previous week. That rally had lifted the token to roughly $880, its highest level in eight years.
The pullback came after Grayscale’s Zcash Trust converted into a spot exchange-traded fund and started trading on NYSE Arca on Tuesday under the ticker ZCSH. The trust holds about 393,000 ZEC worth more than $260 million.
In the days before the ETF listing, ZEC surged from below $600 to above $880, reaching its highest point since 2018. The move was tied in market trading to comparisons with Bitcoin’s 21 million supply cap and proof-of-work design, which fed a “next Bitcoin” narrative around the token.
Derivatives activity also expanded during the run-up. Open interest in ZEC perpetual futures nearly doubled to $1.8 billion. That increase in leveraged positioning helped drive the rally higher and may also have added to downside pressure during the retreat.
Across the broader market, Bitcoin fell 2% to $78,900, while most major cryptocurrencies closed lower on the day, pausing a week-long rebound in the sector.
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