Zcash ETF Outflows Hit $127.6M In 15 Sessions, ZEC Down 23%

Grayscale's Zcash fund, ticker ZCSH, has lost $127.6 million across its last 15 trading days. On eleven of those sessions the fund recorded outflows, and only one day brought money in. The Zcash ETF outflows are laid out in the Farside Investors table, which runs through October 16.

A record day for Zcash ETF outflows

The worst session came first. On September 30 the fund lost $30.2 million, and Farside's minimum row confirms that is the largest single-day outflow in its table. October 2 was the second worst at $26.9 million, followed by October 8 at $18.7 million and October 15 at $14.8 million.

For perspective, the biggest single inflow the fund has ever logged was $112.1 million, so the September 30 outflow was about 27% of that. The calm days were rare. September 29, October 6 and October 9 all showed zero. October 14 was the only inflow, at $3.7 million.

The table in full

Farside lists ZCSH as the only Zcash product, with a 2.5% fee, and every column below is in millions of US dollars.

Farside's Zcash ETF flow table, with ZCSH as the only fund. Source: Farside Investors.

The total row still shows $178.6 million of net flows since the product began. Subtract the last 15 sessions and the figure before September 28 was about $306.2 million, which is our arithmetic. So the stretch erased roughly 42% of what had accumulated. Put another way, the Zcash ETF outflows of the past three weeks undid more than two-fifths of the fund's lifetime inflows.

The average day over the fund's whole life is plus $5.0 million. Over these 15 sessions it has been about minus $8.5 million.

What ZEC did meanwhile

Zcash traded at $1,483 at the September 28 daily close on Binance and at $1,149 at the October 16 close. That is a fall of about 23%. On October 17 it traded near $1,135.

Price and flows are separate datasets here. The Binance candles and Farside's table sit on different pages, and nothing in either one ties them together.

Week by week, the Zcash ETF outflows shrank

Group the 15 sessions into three weeks and the pace eases off. The first week, ending October 2, cost the fund $77.6 million. The second took out $30.8 million. By the third, ending October 16, the loss was down to $19.2 million, the smallest of the three. That is still a large sum leaving a single fund.

The ZEC price kept sliding over the same three weeks, but more gently each time. Binance closes on Friday were $1,301 on October 2, $1,206 on October 9 and $1,149 on October 16. That is falls of roughly 12%, 7% and 5%, counting from the September 28 close for the first week.

Weekend days are not trading days, so the next row appears after Monday's session. Anyone following the product can watch the same total row on Farside in the coming weeks. This article records published fund data and is not advice on ZEC or any fund.