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%.

Grayscale followed with a fifth amended registration on Friday, filling in the blanks left by Tuesday's filing: the sponsor fee is set at an annual rate of 2.5% of the trust's net asset value, accruing daily, and the fund will be renamed The Zcash ETF, with shares still planned for NYSE Arca under ZCSH. Grayscale also pledged to direct 100% of that fee toward marketing and development for up to 12 months, a voluntary commitment. Coinbase Custody Trust Company will hold the tokens, while Bank of New York Mellon serves as transfer agent and administrator. Meanwhile, ZEC crossed $800 for the first time since January 2018, touching an intraday high of $857 before easing to around $784. The token is up 34% over the past 24 hours, the largest gain among the top 100 cryptocurrencies, after a June vulnerability in the Orchard shielded pool had cut its value roughly in half before an emergency upgrade.

(as of 12:24 UTC) The rally has carried ZEC to $804.20, up 26.90% in 24 hours, with market cap at $13.55 billion and 24-hour volume near $4.64 billion. The immediate test is the $849.2880 resistance, which grades 76/100 (STRONG) on Fibo 0.000, Donchian Upper, R2 and ATR Upper confluence; with RSI at 86.61 and funding at 0.0113% on $617 million of open interest, the setup is overbought but MACD remains bullish and the trend is firmly up. Our composite engine places primary support at $788.3739 (68/100, STRONG, backed by Fibo 0.114, MACD Cross, ATR Lower and a resistance-to-support flip), with secondary buffers at $727.6229 (50/100) and $625.5612 (57/100). A confirmed breakout above $849.2880 on volume could extend the rally toward $1,022.8727, while an overbought unwind — Fear & Greed already at 71 (Greed) — could pull the altcoin back to the $788 zone first.