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Zcash falls 21% from late-September peak amid ETF outflows

ZEC is trading around $1,333.5, about 21% below its $1,698.0 peak after its newly launched Zcash ETF recorded a $30.25 million net outflow.

Reported · Written up by our desk · Market Structure

Zcash is sliding Thursday, trading at $1,333.50 and down 7.29% on the day, leaving the privacy coin about 21% below its late-September peak of $1,698.00, Decrypt reports.

The selloff comes as the Zcash ETF linked to the asset, Grayscale’s Zcash ETF (ticker ZCSH), shifted from inflows to outflows. After launching Aug. 25 and drawing $233 million in net inflows by mid-September, the fund logged a $30.25 million net outflow on Thursday, with cumulative net inflows now near $268 million.

Decryption also points to additional sentiment pressure for the token. It cites the timing of a Bitget hack in late September, when hackers stole about $387 million from the exchange on Sept. 24, later revised up from an initial $351.6 million estimate.

In the broader market, Decrypt notes Bitcoin briefly spiked to $85,600 on Wednesday following softer-than-expected PCE inflation data, then quickly retraced, while the 10-year Treasury yield closed at 5.29% and the odds of an October Fed rate hike fell from 70% to below 50% in CME FedWatch.

Latest closeBitcoin $85,068.97 ▲1.8%

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