Zcash Drops 21% From Peak Amid ETF Outflows and Privacy Pool Inflows
ZEC trades 21% below its recent peak following a $30.25 million Grayscale ETF outflow and the movement of hack-linked funds into its shielded pool.
Privacy cryptocurrency Zcash traded at $1,333.50, marking a 7.29% decline on the day and sitting roughly 21% below its recent peak of $1,698.00, according to Decrypt. The drop follows a broader upward run that saw the coin climb approximately 253% from a $480.72 base.
Grayscale's Zcash ETF recorded a $30.25 million net outflow on September 30, bringing its cumulative net inflows to nearly $268 million since the fund launched on August 25. The fund's 3-for-1 share split also took effect that morning.
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Sentiment around the asset faced additional pressure following a major security breach. Blockchain investigator ZachXBT reported that 2,746 ZEC, valued at approximately $3.9 million, moved from hack-linked addresses into Zcash's shielded pool—where transaction details are hidden—following a $387 million heist at exchange Bitget.
Technical indicators show the asset undergoing a standard correction after overbought conditions during its recent rally. The Relative Strength Index sat at a neutral 50.2, while the Average Directional Index registered 52.0, reflecting strong prior momentum.
Key facts
- Zcash trades at $1,333.50, down 7.29% on the day and 21% below its $1,698.00 peak.
- Grayscale's Zcash ETF recorded a $30.25 million net outflow, bringing cumulative net inflows to nearly $268 million.
- Blockchain investigator ZachXBT flagged $3.9 million in ZEC moving from hack-linked addresses into Zcash's shielded pool.
Source: decrypt.co
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