Zcash Crashes into Local Bear Market, Grayscale ETF Sees Massive Outflows

Zcash has entered a local bear market after plummeting by over 22% from its recent high of $1,689 to its current price of $1,313. Despite this decline, the coin remains 622% above its lowest level this year, making it the 9th biggest coin in the world.

The outflows from the Grayscale Zcash ETF have been substantial, with over $26 million in outflows on Friday, marking the third consecutive day of outflows. The ETF has lost over $55 million this month after adding $245 million last month. Its cumulative inflows since inception have jumped by $212 million, bringing its total assets under management to $751 million.

While Zcash's futures open interest has fallen this month, dropping to $2.5 billion from last month's high of over $3.4 billion, the coin's shielded tokens have continued to rise, with its shielded supply increasing to over 4.89 million, up modestly from the July low of 4.3 million.