Grayscale's Zcash ETF drew $41.1 million in inflows last week, marking its largest weekly intake since mid-September and reversing three consecutive weeks of withdrawals totaling $143.4 million.
The Zcash price rose 6.98% over the week while Bitcoin and Ethereum prices declined. Friday brought the strongest single-day inflow of $20.5 million, representing half of the week's total. The ETF began the week with $10.4 million in outflows on Monday before recording positive flows across the next four sessions.
The latest week recovered approximately 29% of the $143.4 million withdrawn over the prior three weeks, leaving $102.3 million of those withdrawals unrecovered. Bitcoin ETFs finished the week with $301.2 million in net inflows despite losing more than $500 million across two sessions, while Ethereum ETFs recorded $220.7 million in withdrawals.
Technical Levels and Price Action
ZEC rebounded from a low of $1,118 and now faces immediate price tests at $1,200 and $1,223. Some technical analysis suggests a crossover of short and long moving averages could occur around October 28 if ZEC closes above $1,223, though such a crossover represents a chart signal rather than confirmation of sustained advance.
Alternative technical analysis identifies $597 as a major historical support level based on a declining channel pattern, placing potential downside risk well below current trading levels.
Network Upgrade and Market Catalysts
Zcash's NU7 upgrade is scheduled for mainnet activation on November 5, following an October 20 decision on the activation height. The upgrade reduces block spacing from 75 seconds to 25 seconds and introduces the Network Sustainability Mechanism intended to support network security. Version 4 transactions will become invalid after activation, while versions 5 and 6 remain valid.
The Federal Reserve's scheduled October 27–28 meeting represents another potential market event during the period. The connection between Zcash ETF buying activity and the upcoming upgrade remains unclear from available flow data.
