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Zcash rises to near $850 amid Grayscale ETF conversion push
Derivatives dominated the move, with CoinGlass recording $9.54 billion in 24-hour Zcash futures volume and $1.76 billion in open interest.
Zcash climbed more than 22% over the prior 24 hours, briefly trading near $850 and sitting around $818.77 as of 1:00 p.m. EDT on Saturday, extending a weeklong rally after a sharp June selloff tied to a disclosed counterfeiting vulnerability, according to The Block.
The Block reported that CoinGlass logged $9.54 billion in 24-hour futures volume and $1.76 billion in open interest, suggesting derivatives made up much of the trading activity during the surge.
The latest upswing followed Grayscale’s fifth amended registration filing on Friday, which proposes renaming its existing Zcash trust to The Zcash ETF and setting an annual sponsor fee at 2.5%.
If approved, The Zcash ETF would become the first U.S. fund to directly track Zcash’s price, The Block said, noting that similar altcoin exchange-traded products have been launched for several other cryptocurrencies.