Zcash drops 11% despite ETF inflows and bullish technicals
Zcash (ZEC)
Editor:
Eugene Serbin
Tradersunion.com reports that Zcash (ZEC) fell 11.08% due to heavy selling pressure, contrasting with its recent surge into the Top 10 by market cap. This decline occurred even as the ZCSH spot ETF, launched on NYSE Arca on August 25, surpassed $500 million in assets under management. Grayscale’s Zcash Trust converted to this ETF, with DCG International Investments contributing approximately $100 million in-kind and third-party inflows reaching $70 million.
Institutional demand grew as ZCSH began offering options trading, yet price action remained under pressure. ZEC trades above its 20-day, 50-day, and 200-day moving averages, confirming strong bullish structures. The nearest resistance is at $1,176, with immediate support at $953.07.
Momentum indicators like MACD and ADX flash buy signals, while the RSI sits at 79.87, suggesting overbought conditions. The pair opened with a 2.5% downside gap and fell $141.37, trading near session lows with 6.82% intraday volatility.
How the market reacted
Whalio's own Binance spot order flow for ZEC, measured when this story was written up on 10 September 2026. Not the outlet's figures.
Whalio data shows ZEC trading at $1,244.28 with a 1-hour buy ratio of 53.7%, indicating short-term buyer dominance. However, the 4-hour buy ratio drops to 41.3%, suggesting that buying pressure is fading over a slightly longer timeframe compared to the 24-hour average of 52.8%. The 1-hour volume delta is positive at $1,250,397, showing net buying in the immediate term, while the 4-hour delta is negative at -$23,063,577, reflecting significant net selling over that period. The 24-hour CVD closes at -$29,706,560, confirming that sellers have dominated the day's volume despite the positive 24-hour delta of $18,682,186. This divergence highlights a shift from net buying to net selling as the timeframe extends from one hour to four hours.
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, ZEC experienced a 52.6% price increase with a volume delta of $32,700,707, indicating a strong bullish trend. Today's 24-hour buy ratio of 52.8% is slightly higher than the 7-day average of 50.2%, showing a 2.7-point increase in buying participation. Volume today is 1.39x the weekly average, marking it as an unusually active day for the coin. While the 24-hour delta is positive, the weekly delta was also positive, but the 4-hour negative delta suggests a temporary reversal within that broader uptrend. This day represents a continuation of high activity but with a notable shift toward net selling in the shorter 4-hour window compared to the week's overall accumulation.