Zcash (ZEC) traded above $1,600 on Tuesday, marking its highest level since 2016. The price movement followed 21shares' listing of Europe's first physically backed Zcash exchange-traded product (ETP) on Euronext Paris and Amsterdam, trading under ISIN CH1608218801.
ZEC traded at $1,622, up 8% over 24 hours. The European listing came after Grayscale introduced the first spot Zcash exchange-traded fund (ETF) to NYSE Arca under ticker ZCSH.
Fee Structure and Market Position
The 21shares ETP carries a 2.5% annual fee, significantly higher than most European bitcoin and ether products, reflecting the sourcing and custody costs associated with the underlying asset. The firm also listed a second ETP tracking ETHFI, the governance token of Ether.fi, a decentralized finance protocol.
ZEC's market capitalization reached $27.5 billion on September 23, placing it ninth among all crypto assets.
U.S. Market Developments
Grayscale's ZCSH fund has drawn substantial demand, prompting the company to announce a 3-for-1 forward split with a September 28 record date, additional shares distributed September 29, and post-split trading beginning September 30. The fund had absorbed $46.56 million in inflows during a single session, its second-largest daily inflow since launch, lifting net assets near $917 million.
Supply Metrics
More than 30% of all ZEC in existence, approximately 4.9 million coins, now sit fully shielded in encrypted pools, reaching an all-time high for the network. Shielded coins require holders to move assets out of transparent addresses, imposing a usability cost that suggests deliberate positioning rather than speculative trading.
Recent Price Action
ZEC fell from a year-to-date high of $1,590 on September 18 to $1,429 before finding support above $1,440. Tuesday's move reclaimed that ground and tested higher levels.
