21Shares launches first Zcash ETP in Europe on Euronext
Zcash (ZEC)
Editor:
Eugene Serbin
cryptoticker.io reports that 21Shares AG has launched the first European exchange-traded product tracking Zcash (ZEC) on Euronext Amsterdam and Euronext Paris. The 21shares Zcash ETP, trading under the ticker ZCASH, began operations on September 21 with an ISIN of CH1608218801 and a German WKN of A4AXHY. Issued by the Swiss firm 21Shares AG, the security is backed by physical Zcash held by custodians including Coinbase Custody Trust Company and BitGo Europe.
On launch day, the product held 5,000 securities outstanding with an asset under management of $100,211.59. Zcash trades as a proof-of-work network utilizing optional zero-knowledge proofs to hide transaction details. The underlying asset was valued at $1,521.84 at 18:39 UTC on September 22.
Unlike UCITS-compliant ETFs that must diversify, this ETP is a debt security promising to track the single underlying asset. While a German WKN exists, checks showed the instrument was not yet tradable on the Frankfurt Stock Exchange or Tradegate on launch day. This launch follows the recent approval of a Grayscale Zcash ETF on the NYSE Arca under the ticker ZCSH in the United States.
How the market reacted
Whalio's own Binance spot order flow for ZEC, measured when this story was written up on 23 September 2026. Not the outlet's figures.
Whalio spot data shows ZEC trading at $1,630.05, reflecting a buy ratio of 45.4% over the last hour compared to 57.0% over the last four hours. This decline in the hourly buy ratio suggests that short-term buying pressure is fading relative to the broader four-hour trend. The volume delta turned negative by -$1,809,453 in the last hour, indicating that sellers dominated the immediate flow, whereas the four-hour delta remained positive at +$14,697,177. Over the past 24 hours, the volume delta stood at +$34,927,824, with cumulative volume delta closing at +$31,197,837. This indicates that while immediate selling pressure increased, the overall daily flow remains net positive. Spot volume reached $468,442,768 with 1,762,242 trades recorded in the period.
The latest daily buy ratio of 52.9% sits at the 82nd percentile of the last 322 days, against a median of 50.2% - stronger buying than most days.
Was that an ordinary day?
The same Binance spot measurements for ZEC, averaged over the days leading up to the story.
Over the preceding week, the average buy ratio was 50.5%, making the latest day's performance 3.2 points higher than the weekly norm. Volume for the day was 1.14 times the weekly average, indicating an unusually active trading day for the asset. The price increased by 46.8% over eight days, driven by a total volume delta of +$100,881,214. While the immediate hourly flow showed signs of cooling, the broader weekly trend remains strongly bullish. This activity marks a significant shift from the four days of net buying recorded over the seven-day period.