Grayscale Files Zcash Income ETF as ZEC Hits $1,580
Zcash (ZEC)
Editor:
Eugene Serbin
cvj.ai reports that Grayscale has filed with the SEC for the ZCSH High Income ETF to generate income through options. The proposed fund targets biweekly distributions by using options on Zcash exchange-traded products rather than holding ZEC directly. This filing coincides with Grayscale’s existing Zcash fund, ZCSH, approaching $1 billion in assets, which stood at approximately $996 million on September 25.
The actively managed ETF aims to combine current income with potential capital appreciation, investing mainly in options tied to Zcash products. Under normal conditions, the fund would invest mainly in options tied to Zcash exchange-traded products, with an 80% threshold based on the options’ notional values. The strategy involves buying call options and selling put options to create exposure, then selling other call options to collect premiums.
Grayscale expects income-generating calls to expire in one month or less, generally. This approach means the ETF’s performance could diverge significantly from the spot price of ZEC, as sold calls cap potential gains during sharp rallies. ZEC traded near $1,580 on September 25, extending a September advance driven by broader market sentiment and specific developments. The filing highlights Grayscale’s continued innovation as the firm’s existing fund nears its asset milestone.
How the market reacted
Whalio's own Binance spot order flow for ZEC, measured when this story was written up on 27 September 2026. Not the outlet's figures.
ZEC is trading at $1,653.12, with a 1-hour buy ratio of 47.8% compared to a 58.7% ratio over the last 4 hours. The 24-hour buy ratio sits at 52.7%, indicating that while buying pressure has cooled in the very short term, it remains above the 50% threshold for the longer timeframe. The 1-hour volume delta is -$242,797, showing immediate selling pressure, whereas the 4-hour delta is +$6,347,563, reflecting net buying over the recent past. The 24-hour volume delta is +$12,897,755, confirming that cumulative buying has outweighed selling over the full day. A buy ratio above 50% means buyers are more aggressive than sellers, while a positive volume delta indicates that the total value of buy orders exceeds sell orders. Despite the immediate 1-hour dip, the 4-hour and 24-hour metrics suggest that buying pressure is building over the medium term.
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 7-day average buy ratio was 50.9%, making the latest 24-hour ratio of 52.7% a slight increase of 1.8 points. The 24-hour spot volume of $245,634,903 represents 0.63x the average volume, indicating a day of lower-than-usual trading activity. This is an unusual day for the coin, characterized by a significant drop in volume relative to the weekly norm despite a positive buy ratio. The 8-day price change was +12.4%, with a total volume delta of +$54,826,553 over that period. While the current day shows lower volume, the sustained positive buy ratios and price appreciation suggest continued investor interest in ZEC.