Grayscale Boosts Zcash Stance as Institutional Interest and Spot Buying Rise

Grayscale is doubling down on its support for Zcash ($ZEC) as institutional interest in blockchain privacy grows. The asset manager recently highlighted Zcash’s potential to expand its share of the privacy-focused blockchain market. Zach Pandl, Grayscale’s Head of Research, is set to present the "Macro Case for Zcash" at Singapore’s Digital Asset Yield Summit on October 6th, bringing Zcash’s privacy features to an audience focused on institutional digital assets.

This renewed interest coincides with significant on-chain activity. A new wallet withdrew 7,166 $ZEC, valued at approximately $9.67 million, from Coinbase within 12 hours, reducing the supply available on the exchange. Spot market activity also supports strong demand, with the Spot Taker CVD indicator showing aggressive buying outweighing selling at press time. Despite this, the price has yet to reflect sustained recovery.

Leveraged positions on Binance are concentrated around $1,370, $1,380, creating a potential liquidity target if the price rebounds. Further liquidation levels extend up to $1,400, adding overhead resistance. Meanwhile, Zcash’s price has retraced after completing an Elliott impulse wave, pulling back to the $1,295 support level. The RSI indicator has cooled to 49.65, signaling weaker buying pressure.

If the $1,295 support holds, Zcash could recover toward the $1,370, $1,380 liquidation cluster. A failure to hold this level might extend the retracement toward the $1,100 order block, providing deeper support. The current market dynamics suggest a cautious but optimistic outlook for Zcash amid growing institutional attention.