The Zcash ETF (ZCSH) has crossed $500 million in assets under management two weeks after listing on NYSE Arca, the fund said on Sept. 8, and ZEC has rallied roughly 43% on the week as bitcoin steadies near $79,000.
Announcing the milestone in a post on X, the fund said it now holds more than 550,000 ZEC, roughly 3% of the token’s 16.9 million circulating supply. The fund’s post calls it “the only ZEC fund in the world” and ties the milestone to “the demand for privacy in the digital asset ecosystem.”
Not all of that half-billion is organic. The fund, which debuted Aug. 25, reportedly took in more than $70 million of cumulative inflows, on top of a $100 million investment from DCG International Investments.
The demand is showing up in the token. ZEC traded past $1,180 on Sept. 9, up more than 4% on the day, on about $1 billion in 24-hour volume against a $20 billion market value that has made it the tenth-largest crypto over the past week. Bitcoin, by contrast, dipped to $77,666 on Tuesday before recovering to nearly $78,900 by Asian morning hours Wednesday, leaving it little changed on the day.
The macro backdrop stays heavy. The 10-year Treasury yield sits near 4.8% and the two-year above 4.3%, with traders pricing about a 60% chance the Fed hikes at the Sept. 15-16 FOMC, per the CME FedWatch tool. Thursday’s PPI and Friday’s CPI, where core is seen easing to 2.4%, are the last major data points before that meeting. Gold sat near $4,407 an ounce and Brent crude pushed toward $100 a barrel as of Sept. 9.
Total crypto market value stood at about $2.8 trillion on Sept. 9, with BNB near $755 and ether close to unchanged around $2,490.
