Grayscale's Zcash ETF ZCSH sheds $93.56 million in a week, Crypto Briefing reports
In brief
- ZCSH lost $93.56 million to outflows in a single week, according to Crypto Briefing.
- Single-day redemptions reached $30.25 million on September 30 and $26.93 million on October 2.
- ZCSH assets under management fell to around $751 million by early October, Crypto Briefing reported.
- ZCSH remains net positive on cumulative inflows since its August 25 NYSE Arca debut.
A fast start, then redemptions
ZCSH wasn't built from scratch. Grayscale converted it from the existing Grayscale Zcash Trust, and the early money came in quickly. Cumulative net inflows reached $271 million by mid-September, according to data cited by Crypto Briefing, with the strongest stretch landing in the week ending September 18, when the fund took in $98.2 million.
Crypto Briefing also reported that ZCSH accounted for up to 32.5% of all spot crypto ETF turnover in its strongest week, and that it held roughly 3.5% of the total ZEC supply at its peak.
Then the flows reversed.
On September 30, the fund recorded a single-day redemption of $30.25 million, per Crypto Briefing. Another $26.93 million left on October 2, and several trading days in late September and early October saw redemptions in the $26 million to $30 million range.
The numbers don't line up cleanly
Crypto Briefing reported that cumulative net inflows dropped from around $268 million to $212.56 million over that late-September to early-October period. That decline doesn't match the $93.56 million weekly outflow figure in the same report, and the outlet doesn't reconcile the two (we're reporting the weekly number as Crypto Briefing's figure, not as a verified total).
It's still net positive since launch. Assets under management peaked at approximately $915 million to $979 million in September, according to Crypto Briefing, and had fallen to around $751 million by early October.
The fund is still net positive since launch, but the cushion is noticeably thinner.
Price swings and a share split
ZEC's price swung widely after the ETF's debut. It initially pushed past $1,500 before settling at lower levels, Crypto Briefing reported.
Grayscale announced a 3-for-1 forward share split for ZCSH on September 18, 2026, as reported by Crypto Briefing. The record date was September 28, and shares began trading on a split-adjusted basis on September 30. The fund carries a 2.5% annual expense ratio, meaning holders pay that percentage of their investment each year to own it.
Frequently asked questions
What is Grayscale's ZCSH?
ZCSH is Grayscale's spot Zcash ETF, converted from the existing Grayscale Zcash Trust. It debuted on NYSE Arca on August 25, 2026, and became the first US-listed spot ETF offering direct exposure to ZEC tokens. It carries a 2.5% annual expense ratio.
Is the Zcash ETF still net positive on inflows after the outflows?
Yes. According to Crypto Briefing, cumulative net inflows fell from around $268 million to $212.56 million between late September and early October, but the fund remains net positive since launch. Assets under management fell to around $751 million by early October.
