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Zcash jumps above $800 as Grayscale spot ETF bid boosts demand

The move followed a surge in Zcash futures activity, with about $4.55 billion in futures volume on Friday versus roughly $553 million in spot trading.

Reported · Written up by our desk · Altcoins

Zcash surged nearly 38% to more than $814 on Saturday, pushing the privacy-focused token above its January 2018 peak and into levels not seen since 2018, CoinDesk reported. The price action came alongside social media comparisons to Bitcoin and a wave of “next bitcoin” chatter.

CoinDesk data showed the token swung sharply over 24 hours, trading as low as $589 and as high as $851, a 45% range. The outlet also highlighted that futures trading greatly outpaced spot activity, with roughly $4.55 billion in futures volume on Friday compared with about $553 million of spot trading, alongside open interest near $1.35 billion.

The rally also tracked developments tied to Grayscale and its parent company DCG. Grayscale filed a fourth amendment on Aug. 18 to convert its Zcash Trust into a spot exchange-traded fund on NYSE Arca under the ticker ZCSH, a step CoinDesk said keeps the process moving but still requires SEC review.

That filing disclosed that DCG International Investments is in non-binding talks to acquire roughly 200,000 ZEC through the trust, valued at about $163 million at Saturday’s price. CoinDesk noted leveraged futures positioning can amplify both gains and reversals, pointing to past volatility including a June selloff after a vulnerability was found in Zcash’s Orchard shielded pool.

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