Zcash (ZEC) surged nearly 38% past $800 as futures trading and Grayscale’s latest spot ETF filing amplified interest in the privacy token.
Key Points:
- Zcash traded as high as $851 after breaking above its January 2018 peak near $800.
- Grayscale filed a fourth amendment to convert its Zcash Trust into a spot ETF on NYSE Arca.
- Futures volume reached about $4.55 billion on Friday, far above roughly $553 million in spot trading.
Zcash ETF Push
Zcash climbed above $800 on Saturday for the first time since 2018, trading between $589 and $851 over 24 hours and producing a 45% intraday range.
The move carried ZEC beyond its January 2018 peak near $800 and above the $750 level reached last November, while social media users renewed comparisons between the privacy-focused asset and Bitcoin (BTC). Zcash shares Bitcoin’s 21 million supply cap, proof-of-work mining model and halving schedule, while adding shielded transactions designed to provide greater privacy.
Grayscale, owned by Digital Currency Group, filed its fourth amendment on Aug. 18 to convert the Zcash Trust into a spot exchange-traded fund on NYSE Arca under the ticker ZCSH. The SEC has not approved the ETF.
The filing also said DCG International Investments is in non-binding talks to acquire about 200,000 ZEC through the trust, worth roughly $163 million at Saturday’s price.
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Grayscale Leverage Risk
Trading activity around Zcash expanded sharply alongside the price move. Futures volume reached about $4.55 billion on Friday versus roughly $553 million in spot trading, while open interest stood near $1.35 billion.
Over the latest 24-hour period, volume was about $2.24 billion, equal to roughly 16% of Zcash’s $13.87 billion market value.
That leverage can also magnify a reversal. CoinDesk Research has also examined Zcash’s Tachyon upgrade and the network’s approach to quantum readiness this year.
Zcash now ranks 12th by market value and sits ahead of other privacy-focused tokens, but its recent history shows the risk around sharp moves. June showed how quickly that risk can surface. ZEC fell heavily after developers disclosed a vulnerability in the Orchard shielded pool, the part of the network used for private transactions.
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