Zcash Blasts Past $1,600 as Europe's First ETP Debuts

Zcash (ZEC) has broken above $1,600 for the first time since 2016 after the launch of Europe's first Zcash exchange-traded product (ETP) by 21Shares on Euronext Paris and Amsterdam.

The listing allows investors to gain exposure to the cryptocurrency without holding ZEC directly, through traditional brokerage accounts. The physically backed product carries a 2.5% annual management fee.

The price move has also caught the attention of leveraged traders, with one trader identified as 0xE34E opening a 50x long position on 140 ZEC, worth around $224,000. With the token breaking above $1,600, the position showed an unrealized profit of approximately $70,700, representing a reported return of 1,581%.

ZEC's weekly gain outpaced the broader crypto market's 14% advance, while daily trading volume rose to around $1.77 billion. Its one-year gain stands at 3,266%, with analysts predicting further growth.