Grayscale Zcash ETF Sees Largest Weekly Outflow Since Launch

The Grayscale Zcash ETF has seen significant outflows in recent weeks. The fund recorded $93.56 million in net outflows over the past week, its largest weekly withdrawal since launching on NYSE Arca. This marks a sharp change from the initial trend of strong inflows, which reached $271 million as of mid-September.

The fund's asset value had increased considerably within its first few weeks of trading, but this recent decline has brought down the cushion of net inflows built up by the fund. The total net inflows currently stand at around $212.56 million after this recent decline, compared to approximately $268 million in the previous period.

ZEC is currently trading lower than its previous upward move, and crypto analyst Gopal notes that it has formed a falling-wedge formation on the four-hour chart. Breaking above the upper resistance could be good for momentum, but the price action is moving within descending resistance and support following the previous pullback.