Zcash Drops 23% From Sept. 27 Peak as Grayscale ETF Sees First-Week Outflows
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Zcash (ZEC) has retraced roughly 23% from its late-September high amid renewed sell pressure after a sharp run-up. The key catalyst is Grayscale's Zcash ETF reporting first-week net outflows of about $93M, signaling softer near-term institutional demand. Concurrently, derivatives markets saw leveraged long positions forcibly unwound, amplifying downside momentum and increasing focus on near-term support and subsequent flow stabilization.
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Zcash (ZEC) has retreated about 23% from its Sept. 27 high of $1,697, recently trading around $1,335. The pullback follows a sharp rally in September, with selling pressure emerging as momentum cooled.
Grayscale's Zcash ETF posted net outflows in its first week, with roughly $93 million leaving the product, signaling softer near-term institutional demand for ZEC. In derivatives markets, a sizable wipeout of leveraged long positions added to downside pressure.
The move has erased part of the recent advance, leaving traders focused on upcoming fund flows and key support levels.
