Zcash and Monero surge as privacy coins gain institutional and decentralized traction
Zcash (ZEC)
Editor:
Eugene Serbin
Tremplin.io reports that privacy-focused cryptocurrencies outperformed the broader market in August, with Zcash (ZEC) rising 82% and Monero (XMR) gaining 40%. Zcash’s rally was driven by the launch of Grayscale’s ZCSH spot ETF on NYSE Arca, marking the first listed product offering direct exposure to ZEC. The fund holds approximately $304 million in ZEC at Coinbase Custody and charges a 2.5% annual fee, aiming to reduce tracking errors through ETF creation and redemption mechanisms.
Grayscale justified the move by citing the maturity of Zcash’s zero-knowledge proofs and network stability. Meanwhile, Monero benefited from THORChain v3.20 integrating native XMR swaps, allowing direct exchange without centralized platforms. This development addresses compliance difficulties that have led several exchanges to delist XMR.
Despite regulatory pressures, including ten jurisdictions prohibiting privacy coin trading and the upcoming OECD CARF framework, these tools offer renewed interest in anonymity-preserving finance. The report notes that while the dynamic is strong, liquidity depth and actual ETF flows will determine if the trend sustains. Grayscale presented ZCSH as a “satellite” position, highlighting its unique status in the privacy sector. The ZEC surge peaked in late August, building on a return to 2018 levels observed earlier in the month.
How the market reacted
Whalio's own Binance spot order flow for ZEC, measured when this story was written up on 2 September 2026. Not the outlet's figures.
Zcash is currently trading at $829.82, with a 24-hour buy ratio of 49.0% and a negative volume delta of -$2,769,932. In the shorter term, the 4-hour buy ratio is higher at 54.7% with a positive volume delta of +$1,232,776, suggesting a recent shift toward buying pressure. However, the 1-hour data shows a buy ratio of 42.8% and a negative volume delta of -$1,411,455, indicating immediate selling interest. The Cumulative Volume Delta (CVD) for the 24-hour close is -$3,741,229, confirming net outflows over the day. Net buying occurred for only 11 of the 24 hours, with spot volume reaching $137,994,307 across 437,475 trades. This mix suggests that while there are pockets of buying, the overall daily flow remains net negative.
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 50.1%, compared to today’s 49.0%, showing a slight decline in buying intensity. Volume today is at 0.85x the weekly average, indicating lighter trading activity than usual. The coin saw net buying on only 4 of the past 7 days, with a total 8-day volume delta of -$14,249,415. The price has risen 8.1% over the last 8 days, but today’s metrics suggest a cooling off from the previous week’s average momentum. This represents a less active day than the weekly norm, with volume below average and a lower buy ratio than the 7-day mean.