Grayscale's Zcash ETF Posts Its First Losing Week With $93.56M Out

Grayscale's Zcash fund has had its first losing week. The product, which trades as ZCSH on NYSE Arca, shed $93.56 million over the week to Friday, a figure Crypto Briefing and two KuCoin flashes all carry and BeInCrypto rounds to $93.6 million. Two weeks earlier the same fund took in $98.2 million, its strongest week since it listed on 25 August. Nothing in the mechanics changed in between. What changed is the direction of the money.

The week, session by session

Redemptions ran at $26 million to $30 million a day through most of the stretch, by the KuCoin account. Crypto Briefing puts the two heaviest single days at $30.25 million on 30 September and $26.93 million on 2 October. BeInCrypto draws a longer boundary around the same data: the fund has not booked a day of net inflows since 22 September, which makes this more than a week of one-way traffic. Grayscale's own flow disclosures were not read here, so every figure above reaches this desk through outlets.

Two tallies that do not reconcile

A second count of the same five sessions gives a smaller number. Farside's table for 28 September to 2 October, carried by crypto.news on Saturday morning, puts Zcash ETF outflows at $77.6 million. That is roughly $16 million below the figure the other write-ups use, over what both describe as the same window, and neither side explains the gap. Farside marks its Friday entries provisional, which would cover part of it. We could not establish which tracker treats the week as settled.

The disagreement is not confined to the week. Crypto Briefing puts the fund's peak cumulative inflows at $271 million in mid-September; a KuCoin flash covering the same fund says $268 million by mid-September. One flash also calls the share split a 1-for-3. The split gave three new shares for each old one, so that label is the flash's error.

What the fund has left

Assets stood at about $751 million in early October, against a September peak Crypto Briefing gives as a range of $915 million to $979 million. Cumulative net inflows since the listing are $212.56 million by the same count, and BeInCrypto reads the week's redemptions as erasing roughly 30 percent of everything the fund had taken in since it opened. The 2.5 percent annual fee set when the fund started trading on NYSE Arca is the dearest of Grayscale's spot products, and more than one write-up names it as a reason holders leave once momentum stalls. The 3-for-1 split took effect on 30 September, the same session as the largest single-day redemption.

Where this sits against the rest of the board

Zcash was not alone that week. The same Farside table shows US spot bitcoin ETFs taking $82.9 million across the five sessions against $2.39 billion the week before, while ether funds lost $118 million after a $689.8 million intake. Solana products drew $800,000, down from $188.1 million. Set against those, a single-asset fund losing the better part of $100 million is the sharpest move on the board. ZEC itself traded near $1,308 on Saturday, BeInCrypto said, about 17.5 percent lower on the week and some 23 percent below a peak it puts near $1,690. One account, Crypto Briefing's, holds that the fund reached about 3.5 percent of Zcash's supply and up to 32.5 percent of all spot crypto ETF turnover at its height; no second write-up read here carries either number, and both are worth treating as unconfirmed. What flow data cannot answer is whether holders are leaving a 2.5 percent fee or leaving Zcash.