Zcash Surges to $1,190 as Grayscale's Zcash ETF Fuels Price Action
Zcash (ZEC) price has surged nearly 12% in the past 24 hours, climbing to around $1,190 on September 7. This move extends its seven-day gain to more than 45%, following a brief trade near $1,250.
The recent price action is largely driven by Grayscale's Zcash ETF (ZCSH), which has attracted significant interest from US investors since its launch on NYSE Arca on August 25. The fund has recorded over $34.4 million in net inflows, with a total of around $463 million in assets under management.
Leveraged traders have also contributed to the speed of the move, with several clusters of short positions above the current price visible on Coinglass' 24-hour liquidation heatmap. If Zcash breaks through these zones, it could lead to further buying pressure as traders close bearish positions.