Zcash breaks $1,000 as its spot ETF crosses $400 million in assets

Zcash broke above $1,000 on Sept. 4, pushing the asset value of Grayscale’s recently listed ZCSH ETF past $400 million less than two weeks after its debut.ZEC registered an intraday high of $1,050.70, up roughly 20% over 24 hours and nearly 100% over the past month.The move lifted ZCSH’s assets to $414.7 million as of Sept. 3, compared with about $304.6 million when the fund began trading on NYSE Arca on Aug. 25.ZCSH inherited assets from the Grayscale Zcash Trust, and the sharp appreciation in ZEC accounts for much of the increase.Still, the fund’s ZEC holdings rose from 387,849 at launch to 428,613 by Sept. 3, while shares outstanding increased to 5.35 million.The Sept. 4 breakout came as Bitcoin surpassed $82,000 and ETH reclaimed $2,500, but Zcash’s move was considerably larger. Roughly $40 million of ZEC shorts were liquidated in 24 hours, adding fuel to a rally that had already gathered momentum before the latest market-wide advance.Leverage has expanded with the price. CoinGlass data showed that Zcash futures open interest crossed $2 billion for the first time, while 24-hour futures volume climbed above $6 billion for the first time since mid-August.Chart shows Zcash open in...