Grayscale Files 4th Amendment for Zcash (ZEC) ETF

Grayscale has filed a fourth amendment to its registration statement with the U.S. Securities and Exchange Commission, advancing a plan to convert the Grayscale Zcash Trust into an exchange-traded fund listed on NYSE Arca under the ticker ZCSH. The fourth amendment is the latest step in a long-running effort to bring a regulated Zcash product to U.S. markets, and the official filing also discloses that a Digital Currency Group subsidiary is in nonbinding talks to acquire roughly 200,000 Zcash (ZEC), valued at approximately $110 million, through the fund. The conversion proposal, if approved, would create a listed fund tied directly to ZEC, adding a new access point for U.S. investors. The filing lands as Zcash has rallied nearly 40% over the past week, pushing the privacy-focused altcoin to around $675 and placing it just below the $680-$700 resistance area that previously stopped the price from moving higher. Trading volume climbed above $1 billion, with ZEC adding roughly 19% in the latest 24-hour period. The advance accelerated after the token broke through resistance near $520 and $590, moves that attracted momentum traders and forced some traders betting against ZEC to cover their positions. Interest in privacy-focused cryptocurrencies also supported demand, while renewed institutional attention and broader strength across the crypto market gave buyers additional confidence. Prior attempts to clear the $680-$700 area have stalled, making that zone the clearest immediate test for buyers.

The altcoin's derivatives activity has been a major driver of the move, and the structure carries two-sided risk. ZEC futures volume reached roughly $4.55 billion over the latest window, compared with about $553 million in spot volume, while open interest stood near $1.35 billion. That imbalance shows that leveraged traders are heavily involved; leverage can push prices higher quickly, but it can also make a pullback sharper if momentum changes. A sharp unwind in futures positions could trigger forced liquidations, and the elevated open interest suggests that any breakdown could be abrupt. Funding conditions in the futures market will be an important signal in the coming sessions. The two-hour chart shows ZEC trading above all four major exponential moving averages, with the 20-period average near $609, the 50-period near $567, and the longer-term averages around $539 and $519. The two-hour MACD remains positive, suggesting buyers still control the larger move. The main warning comes from the Relative Strength Index: the two-hour RSI has reached almost 86, far above the overbought threshold, and a reading like that has often preceded a pause or pullback rather than a confirmed bear-market turn. On the 30-minute chart, RSI remains above 73 and MACD has produced a small bearish crossover, meaning the speed of the rally is starting to slow. The five-minute chart remains positive, with buyers defending dips. Based on the current structure, the most likely near-term scenario is consolidation or a pullback toward $620-$650, followed by another attempt at $690-$700. A strong close above $700 could open the way toward $733 and eventually $750, while a sustained close below $590-$600 would weaken the breakout and expose support near $567 and $539. Chart-based probabilities put the chance of reaching $700-$733 within a week at roughly 50%-55%, with the odds of a move to $750 closer to 40%.

The through-line connecting the filing and the price surge is institutional demand for a regulated Zcash exposure. The SEC filing is the primary source confirming both the conversion plan and the possibility that a DCG subsidiary could accumulate roughly 200,000 ZEC through the fund, though those talks remain nonbinding and do not guarantee a purchase. In our reading, the combination of an ETF application and heavy derivatives positioning makes the $700 resistance zone the pivotal test: a confirmed breakout on volume could extend the rally, while an overbought unwind could pull the altcoin back toward $620-$650. The filing gives the market a concrete catalyst to watch as the technical setup enters its most consequential phase.