Grayscale’s Zcash ETF sheds $93.56 million in a single week

The first US spot Zcash ETF just had its roughest week yet. The fund lost $93.56 million to outflows over a single week. From launch-week darling to redemption queue The fund is Grayscale’s ZCSH, which debuted on August 25, 2026, on NYSE Arca. It was converted from the existing Grayscale Zcash Trust. It became the first US-listed spot exchange-traded fund offering direct exposure to ZEC tokens. A spot ETF holds the actual asset rather than futures contracts tied to it. Buying a share means owning a slice of a pile of real ZEC, held on your behalf. The opening act was strong. Cumulative net inflows hit $271 million by mid-September. The best stretch was the week ending September 18, 2026, when $98.2 million in fresh money arrived. Trading activity was equally loud during the honeymoon. In its strongest week, ZCSH accounted for up to 32.5% of all spot crypto ETF turnover. At its height, the fund held roughly 3.5% of the total ZEC supply. The numbers behind the retreat The slide shows up clearly in the daily data. On September 30, the fund recorded a single-day redemption of $30.25 million. On October 2, another $26.93 million left. Those were not isolated blips. Several trading days ...