Grayscale's Zcash (ZEC) ETF Takes $41.1 Million in Strongest Inflow Week Since Mid-September

Grayscale's Zcash ETF Draws Buyers Back

Grayscale's Zcash exchange-traded fund just logged its strongest week of inflows since mid-September, taking in $41.1 million while the Zcash price held near $1,211, up 5.1% over the past 24 hours. The turn follows three difficult weeks in which the vehicle shed $143 million to redemptions, and last week's buying recovered nearly 29% of that sum. The streak began after a further $10.4 million left the fund on Monday, October 19; four consecutive sessions of net creations then followed, with Friday, October 23, alone contributing $20.5 million. That extended a recovery our desk had already flagged when the fund recorded a third straight session of $14.23M inflows earlier this month. An ETF inflow is not a market order. It represents newly created fund shares, which means an authorized participant bought and the issuer added ZEC to the trust's holdings, so creations on consecutive days reflect a decision to accumulate rather than trade a dip. The weekly series had run negative through most of October before this rebound. The wider ETF backdrop makes the reversal stand out. Bitcoin funds shed more than half a billion dollars across just two days last week yet still ended the week $301.2 million positive on earlier purchases, while Ethereum ETFs lost $220.7 million over the same stretch. Privacy-focused Zcash tells a different investment story from those large-cap funds because its emphasis on private transactions sets it apart, though the flow record alone cannot establish why buyers came back. Because issuer creation disclosures are the primary record here, the placement of demand also matters: the buying sits in a single Grayscale vehicle rather than a spread of issuers, so any read of broad institutional rotation should wait for further disclosures.

Analysts Split at the $1,223 Trigger

The price side of the story is less settled. ZEC rebounded after dipping to $1,118 last week, and the immediate test sits at the $1,200 handle. A crossover, the point where a faster moving average crosses above a slower one, is the technical event several analysts are waiting on: they argue a daily close above $1,223 would set one up around October 28, a shift that typically precedes stronger directional momentum. The trader behind an October 23 chart post treats it as a timing question, writing that the daily green cross is roughly five days away and that a run of candles above $1,414 would force it sooner, with the battle for the $1,200s to play out over the coming week. Not everyone shares that reading. Whale Factor frames the same chart more cautiously, describing a declining price channel and flagging $597 as a major historical level below the market. September is the cautionary case for the flows as well. A $98.2 million inflow week, more than double the size of last week's total, was followed by three straight weeks of withdrawals while ZEC retreated from its peak near $1,690. That slide, which our earlier coverage traced through a rejection at $1,292 resistance and a stretch when derivatives leverage unwound near $1,176, took the coin to the $1,118 low before the current rebound began. Flows and price fell together during that stretch; the open question is whether they can now rise together for longer than a single week, and the Federal Reserve's October 27-28 meeting falls inside the window that may settle it. Either way, the flows are betting against the trend: even after the rebound, ZEC sits well below its September high.

@that1618guy · X post

October 23 chart post.

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For now, the two series point the same way. Our live reading puts ZEC at $1,211, up 1.4% since the newest flow disclosure, with the strongest resistance confluence, scored 98/100, sitting at $1,234.54 just above the $1,223 trigger. The strongest support sits much lower at $1,062.14, scored 96/100 where the lower Bollinger Bands boundary meets Fibonacci and Ichimoku levels. A moderate cluster of pivot points and the EMA 50 near $1,173 sits just under the current price. Funding on perpetual futures is mildly positive at 0.0054% and open interest stands near $711 million. The agreement holds while daily closes clear $1,223; September's pattern, one inflow week followed by three of redemptions, is what would break it. Our Zcash technical analysis page tracks the levels as they move.