Zcash Price Plunges 23% as Grayscale ETF Experiences First Negative Week

Zcash's price took a hit after its blistering run in September, plummeting roughly 23% from its peak of $1,697 on Sept. 27 to around $1,335 now.

The decline was accompanied by a sharp reversal in Grayscale's zcash ETF, where approximately $93 million exited during its first negative week.

Grayscale's ZCSH fund lost assets under management from a peak near $979 million to roughly $751 million, with around $26.93 million leaving on Friday alone.

The fall in the price also flushed out leverage, with futures open interest dropping from over $3.4 billion in September to around $2.5 billion now.

The immediate price test sits around $1,270 to $1,300, and if that level is lost, it would put roughly $1,155 within reach.