Zcash ETF Outflows Hit $108M In Seven Sessions As ZEC Falls 28%

Zcash ETF outflows reached $108.4 million over seven sessions between September 28 and October 8, according to Farside Investors. The Grayscale Zcash fund, ticker ZCSH, took in money on only two of the 14 sessions Farside lists since September 21. Net flow since launch still stands at $197.8 million.

Farside's ZCSH table, in US$ millions, for September 21 to October 8.

Zcash ETF outflows by day

Inflows came first. ZCSH added $2.4 million on September 21 and $32.8 million on September 22, then went quiet for three sessions. Selling began on September 28 with $8.1 million. September 30 brought the largest exit, $30.2 million, and October 1 followed with $12.4 million.

October 2 added another $26.9 million. October 5 saw $3.6 million leave and October 6 was flat. Then came $8.5 million on October 7 and $18.7 million on October 8. The October exits alone total $70.1 million.

ZEC price fell with the fund

ZEC closed at $1,653 on Binance on September 26. It ended October 8 at $1,187, a 28% drop. October 8 was the sharpest session, with a range from $1,340.59 down to $1,112.77 and a close 10.6% below the day before. ZEC changed hands near $1,228 on the morning of October 9.

The ETF share price followed. ZCSH closed at $41.56 on September 24 and at $31.02 on October 8, a 25% decline, based on Yahoo Finance daily data. Shares traded 2.28 million times on October 8.

Reading Zcash ETF outflows against the run-up

ZEC closed near $816 on August 26, so even after this slide the coin sits well above that level. Its high over the stretch is $1,698. The fund's inflows arrived during the climb and the exits arrived during the drop, so ZCSH has tracked the coin in both directions.

Scale matters too. Zcash ETF outflows of $108.4 million equal about 35% of the $306.2 million the fund had collected before September 28. A third of net money has left, yet two thirds remains.

A record exit day

Farside's summary rows put the fund's best day at $112.1 million of inflow. The worst is September 30, when $30.2 million left. Every outflow day since then has been smaller than that one, though October 2 came close at $26.9 million.

That tells you the exits have been steady and not panicked. Seven sessions of modest selling add up to more than any single day of buying ever matched in reverse. A fund that grew in bursts is now shrinking in drips, and the drips are still going on.

Fees and what comes next

ZCSH charges 2.5% a year, according to the fee row in Farside's table. A fee that high means holders pay for the wrapper every year, which can speed exits when the coin turns.

Farside updates each US trading day, and numbers can be revised once issuers finish reporting. Prices here come from Binance and Yahoo Finance at the times noted. This report covers fund flows and price data only and is not advice to buy or sell ZEC or ZCSH.