Bitcoin Surges Past $79,000 as Zcash Soars Despite ETF Outflows

Bitcoin's price has surged to $79,499 as Zcash rallies by over 10% despite significant outflows from U.S. spot crypto ETFs, which saw a net loss of approximately $54 million on September 8.

The recent market recovery is attributed to investors' anticipation of the upcoming Federal Reserve decision and U.S. inflation data. This comes as a contrast to previous sessions where U.S. spot crypto ETFs recorded renewed inflows, reaching around $987 million in net inflows for the week ending September 4.

Notably, Zcash has seen a powerful rally, with its price increasing by nearly 49% over seven days and propelling it into the top ten cryptocurrencies by market capitalization. In contrast, Bitcoin ETFs have broken their winning streak, with Grayscale's GBTC experiencing $65.5 million in withdrawals.

Despite the recent outflows, the derivatives market reveals a return of speculative activity, with rising prices, higher open interest, and accelerating volume demonstrating increased risk exposure from traders.