Zcash Rises to Near Decade-High as ETF Demand Meets Short Squeeze
Zcash (ZEC) has held above $1,000 after a violent short squeeze lifted the privacy token to its highest sustained price in nearly a decade. The token traded at $1,023.49 at 6:54 p.m. EDT on Friday evening, up 7.9% over 24 hours according to CoinGecko.
The Grayscale Zcash ETF (ZCSH) has drawn about $34.4 million since its launch, while the rally erased an estimated $34.5 million of bearish leveraged positions. These figures are nearly identical and neither is large against ZEC's market value. However, together they landed in a market where futures exposure and momentum had already become unusually heavy.
The 30-day change reported by CoinGecko was 97.6%, with the token nearly doubling in price over that time period. Grayscale's Head of Index Steve Vanourny tied the product to artificial intelligence and financial surveillance, stating that demand for 'genuine financial privacy' would grow.