Zcash slides as the ETF that fueled its 60% surge starts trading

Zcash fell 7.6% to $787 on Wednesday, cooling off after a 56% weekly run that took it to an eight-year high near $880, per CoinDesk data. The pullback tracks the event that drove the rally: Grayscale’s Zcash Trust converted to a spot ETF and began trading on NYSE Arca on Tuesday under ZCSH, holding up to 393,000 ZEC worth more than $260 million.

ZEC ripped from below $600 to above $880 in the days ahead of the listing, its highest since 2018, powered by ETF anticipation and «next bitcoin» chatter tied to its 21 million supply cap and proof-of-work design.

ZEC perpetual futures open interest nearly doubled to $1.8 billion during the run, so the same borrowed money that accelerated the climb can force selling on the way down.

The broader tape offers no cover, with bitcoin off 2% to $78,900 and most majors red on the day as the week-long crypto rally takes a breather.