Zcash (ZEC) Rallied Hard This Year, But Is the Party Finally Over?

Grayscale's ZEC ETF attracted $41.09 million last week, but the fresh inflow has yet to ease concerns about a potential correction. ZEC has been one of the best-performing assets this year. The privacy-centric coin briefly neared $1,700 in September before suffering a pullback, which has prompted market commentators to speculate about the risk of a deeper price correction. CryptoPatel, for one, believes the token may have formed a major top, and the “party might be over.” Rally Under Pressure ZEC has lost more than 20% over the past month alone despite some of the major ecosystem developments. On the institutional side of things, Grayscale’s ZEC ETF saw $41.09 million in inflows last week, and ended a three-week stretch of outflows. The week didn’t get off to a great start, as $10.45 million left on Monday. But sentiment picked up the following day, bringing in $1.61 million. Inflows then jumped to $15.18 million on Wednesday and $14.23 million on Thursday. Friday closed the week on an even stronger note, with $20.52 million flowing in. The late-week turnaround helped push the fund back into positive territory for the first time in four weeks. Then there is Zcash Network Upgrade 7 ...