Grayscale Zcash ETF Hits $500M With $100M Affiliate Transfer
Zcash (ZEC)
Editor:
Eugene Serbin
bitcoinethereumnews.com reports that Grayscale's Zcash fund surpassed $500 million in assets under management, holding over 550,000 ZEC. A Form 8-K filed on September 8 reveals that DCG International Investments Ltd. acquired roughly $100 million of ZCSH shares via an in-kind exchange of 85,705.32563297 ZEC. This buyer is an affiliate of both the fund's sponsor and the fund itself, meaning one-fifth of the milestone came from inside the corporate family.
Steve Vanourny, head of index at Grayscale, stated that cumulative inflows from third parties exceeded $70 million in the two weeks since the ETP launched. This indicates that genuine open-market demand was lower than the affiliate contribution. The fund's net assets had reached about $463 million before the affiliate purchase pushed the total past half a billion.
Zcash recently breached $1,200 with an intraday peak near $1,249, marking its highest level since late 2016. The asset carries a 12-month gain above 2,200% and a market capitalization around $20 billion. One short seller, Garrett Jin, is reportedly sitting roughly $25.7 million underwater on the move.
Grayscale's research argues that artificial intelligence enhances financial surveillance, driving demand for privacy assets. Major figures like Arthur Hayes, Matt Hougan, and Qiao Wang have publicly endorsed ZEC in recent weeks.
How the market reacted
Whalio's own Binance spot order flow for ZEC, measured when this story was written up on 9 September 2026. Not the outlet's figures.
Zcash is trading at $1,177.82 with a 24-hour buy ratio of 50.3%, indicating a balanced market over the full day. Short-term pressure shows divergence, with the 1-hour buy ratio at 47.6% while the 4-hour ratio rises to 56.1%, suggesting buying pressure is building over the medium term. The 1-hour volume delta is negative at -$1,236,036, but the 4-hour delta is strongly positive at +$10,308,877. This positive 4-hour delta means that over the last four hours, buyers have absorbed more volume than sellers, contrasting with the slight selling pressure in the last hour. The cumulative volume delta for the 24-hour period closes at +$14,219,180, confirming net buying dominance over the day. Spot volume reached $210,416,237 with 578,193 trades, showing active participation.
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 50.0%, which is nearly identical to the current 24-hour reading of 50.3%. This suggests that today's buying pressure is ordinary and consistent with the recent weekly trend. Volume for the day was 0.92x the average, indicating slightly lower-than-usual activity compared to the weekly norm. The coin saw a 41.9% price increase over eight days, with a total volume delta of +$11,248,588 for that period. Net buying occurred on 3 of the 7 days, showing that the current balanced state is part of a broader, volatile upward trajectory.