Zcash Reclaims $800 Amid ETF Hype

Zcash has reclaimed the $800 price level after months of consolidation, driven by the hype surrounding Grayscale's plan to convert its Zcash Trust into a spot ETF.

The rapid advance exposed an overhead liquidity gap, allowing aggressive orders to push the price toward $858.62 before sellers responded and pulled the price back downward toward $760.

However, longs were able to absorb the new supply quickly, pushing ZEC back to $797.39 and holding the pullback above $680.

The derivatives-heavy structure of the market has intensified price sensitivity, with futures turnover reaching $5.77 billion and Open Interest growing to approximately $1.8 billion.

Zcash's rally outpaced social attention, with trading momentum increasing due to Grayscale's ETF announcement but public awareness continuing to lag behind the price increase.