Grayscale Zcash ETF Hits $914M as ZEC Doubles
Zcash (ZEC)
Editor:
Eugene Serbin
cvj.ai reports that Grayscale’s Zcash ETF (ZCSH) has amassed $914.53 million in net assets less than a month after its NYSE Arca debut on August 25. The fund’s value has grown to more than three times its $270.95 million in cumulative net inflows, driven by a doubling in ZEC’s price to approximately $1,540 on September 19. Since September 8, when assets crossed $500 million, the fund added over $400 million, leaving it roughly $85 million away from the $1 billion threshold.
This surge coincides with record derivatives activity, including ZEC futures open interest reaching an all-time high of $3.5 billion and volume exceeding $10 billion. On the network level, Zcash holders voted to retain the Bitcoin-style halving schedule and delay the reissuance of tokens from the Network Sustainability Mechanism until 2031. Participants also supported reducing block times to 25 seconds under the NU7 upgrade and advancing the upgrade’s implementation.
Grayscale announced a 3-for-1 forward split on September 18 to make whole-share purchases easier, with the distribution scheduled after market close on September 29. Shareholders of record on September 28 will receive two additional shares for every share held, with split-adjusted trading expected to begin before the opening bell on September 30. The timing aligns with the September 30 implementation-readiness deadline for proposed NU7 features. While momentum remains strong, the convergence of spot demand and high leveraged exposure creates sensitivity to potential reversals.
How the market reacted
Whalio's own Binance spot order flow for ZEC, measured when this story was written up on 19 September 2026. Not the outlet's figures.
ZEC is currently trading at $1,562.07 on Binance, with a 24-hour buy ratio of 50.8% indicating balanced but slightly bullish sentiment over the full day. However, shorter-term pressure is fading, as the 1-hour buy ratio dropped to 40.5% and the 4-hour ratio sat at 43.0%, showing less aggressive buying in recent hours. This shift is reflected in the negative Volume Delta, which stands at -$1,350,174 for the last hour and -$6,692,544 over four hours, meaning sellers have been more active than buyers in the immediate term. Over the past 24 hours, the Volume Delta was positive at $7,649,322, suggesting that earlier buying pressure has been partially offset by later selling. The Cumulative Volume Delta (CVD) for the 24-hour close is -$16,245,233, confirming that net selling pressure has dominated the day’s total volume of $434,707,434. Only six out of twenty-four hours saw net buying, highlighting a day where sellers ultimately gained the upper hand despite the higher price.
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.
This trading day follows a week where the coin saw a 34.1% price increase over eight days, with volume delta totaling $123,988,199. The current 24-hour buy ratio of 50.8% is slightly lower than the 7-day average of 51.9%, indicating a marginal cooling in buying intensity compared to the weekly trend. Volume today was 1.12 times the average, showing that trading activity remains elevated relative to recent norms. While the week saw net buying on six of seven days, today’s negative short-term deltas suggest a pause in that momentum. This marks an unusual day of consolidation after a period of strong, sustained accumulation.