Grayscale's Zcash ETF, trading under ticker ZCSH, attracted $41.1 million in inflows during the week ending October 23, 2026—its highest weekly total since mid-September. The inflow arrived as larger crypto ETF products experienced notable headwinds.
The week's momentum built gradually. ZCSH logged $10.4 million in outflows on October 19, continuing a recent losing streak. The trend reversed starting October 20 with $1.6 million in inflows, followed by $15.2 million on October 21 and $14.2 million on October 22. October 23 proved strongest, with $20.5 million flowing in.
The recovery came after three consecutive weeks of withdrawals totaling $143 million in combined net outflows, meaning last week's gains recovered less than one-third of that drawdown.
Broader market context
Bitcoin ETFs experienced outflows exceeding $500 million over a two-day span during the period but finished the week with net positive flows of $301.2 million. Ethereum ETFs saw a different outcome, ending the week with net outflows of $220.7 million.
Zcash (ZEC) itself traded near or above $1,200 during the week, representing a 7% increase while Bitcoin and Ethereum faced significant pressure.
Fund performance since launch
Grayscale launched ZCSH on August 25, 2026, on NYSE Arca as the first US spot Zcash product, offering mainstream investors regulated exposure without accessing crypto exchanges. The fund carries a 2.5% management fee.
Since launch, ZCSH has accumulated cumulative net inflows between $177 million and $270 million. As of late October 2026, the fund's assets under management stood at approximately $686 million, holding between 537,954 and 560,771 ZEC—representing more than 3% of the token's circulating supply.
Implications
The inflows may reflect growing interest in assets with differentiated features, particularly those emphasizing privacy, during volatile market conditions. For ZEC holders, the fund's substantial position presents dual implications: steady inflows create persistent buying pressure as the fund acquires tokens for new shares, while the concentration of more than 3% of circulating supply in a single vehicle could amplify pressure from any future outflow cycles.
