Bitcoin Recovers as Zcash ETF Hits $500 Million Mark

Bitcoin's price has recovered slightly from its dip below $78,000 on Tuesday, reaching nearly $79,000 by Wednesday morning. According to CoinDesk data, the token is up less than 2% for the week and remains little changed over the past 24 hours.

The money that moved out of Bitcoin went into Zcash, whose Grayscale ETF crossed $500 million in assets just two weeks after listing on NYSE Arca. The fund has seen cumulative inflows of more than $70 million since its August 25 debut and a $100 million investment from DCG International Investments.

The Zcash ETF now holds over 550,000 $ZEC, or roughly 3% of the token's circulating supply. This milestone reflects continued investor conviction in Zcash and the demand for privacy in the digital asset ecosystem.