Zcash Surges Above $1,000 as Grayscale ETF Soars Past $400 Million

Zcash (ZEC) has broken above $1,000 for the first time since its inception in 2018. This milestone comes just over two weeks after the launch of Grayscale's ZCSH ETF on NYSE Arca, which already boasts assets of over $400 million.

The price surge is not limited to the current market-wide advance, with ZEC rising nearly 100% over the past month and roughly 20% in just 24 hours. The asset value of Grayscale's ZCSH ETF has also seen a significant increase, reaching $414.7 million as of September 3.

The sharp appreciation in ZEC is largely responsible for the growth in assets under management by the Grayscale Zcash Trust. However, shares outstanding have also increased to 5.35 million, and the fund's holdings of ZEC now stand at 428,613.

CoinGlass data reveals that Zcash futures open interest has crossed $2 billion for the first time, while 24-hour futures volume has climbed above $6 billion since mid-August. This surge in trading activity suggests that traders are committing more capital to ZEC derivatives as the token tests levels it hasn't sustained in years.