Zcash ETF flows
1 spot ETF · since 25 Aug 2026
On Fri 13 Nov Zcash ETFs saw −$4.1M of net outflow — all of it ZCSH; the 3rd outflow day in a row. Read the issue
Net flow · Fri 13 Nov
Fund × day−$4.1M Outflow
Last moves
Quiet days
1 of 20 days flat
No creations or redemptions in any of the 1 funds. A 0 here is reported data, not a gap.
Avg entry vs close
By fund−25.2% −$53.5M
Avg entry$1,213
ZEC · Close 13 Nov$907.01
Avg entry below close0 of 1
Unrealised · our estimate from daily creations and redemptions, not an issuer report
ETF cost basisNet assets
$527.8M
Cumulative net flow+$193.7M
Net flow YTD+$193.7M
Close Fri 13 Nov$907.41 −0.73%
Zcash ETF daily net flow and ZEC price
30 trading days: −$34.8M net · 11 inflow days / 16 outflow days · 3 flat days
$M · bars: net flow of 1 fund · dashed: ZEC price, own scale · T+1Open dashboard
Zcash ETFs ranked by daily flow
1 fund · click a header to re-sort · tick up to four funds to compare them side by side
Share price: last daily close · — = not reported
Avg entry — the average price per coin the fund's clients paid, our estimate from daily creations and redemptions, not an issuer report · as of 13 Nov 2026
ETF holders’ average entry vs price
Zcash · how the gap to the waterline changed over time
Average entryPrice, daily averageabove entrybelow entry
entry$1,213price$907.01
Price below entry: 17 of 79 days · Entry: our estimate from daily creations and redemptions. Price: the coin’s volume-weighted average for each day; the last day uses the latest price.ETF cost basis
Zcash ETF flows by fund, day by day
Last 20 trading days, US$ m, newest first. A date opens that day’s issue, a ticker opens the fund.
| Day | ZCSHGrayscale · 2.50% |
|---|---|
| Fri 13 Nov | −4.1 |
| Thu 12 Nov | −9.9 |
| Wed 11 Nov | −14.6 |
| Tue 10 Nov | 0 |
| Mon 9 Nov | −2.2 |
| Fri 6 Nov | +1.8 |
| Thu 5 Nov | −11.0 |
| Wed 4 Nov | +3.4 |
| Tue 3 Nov | −3.6 |
| Mon 2 Nov | −3.6 |
| Fri 30 Oct | −4.6 |
| Thu 29 Oct | +14.8 |
| Wed 28 Oct | +2.1 |
| Tue 27 Oct | +3.5 |
| Mon 26 Oct | +2.0 |
| Fri 23 Oct | +20.5 |
| Thu 22 Oct | +14.2 |
| Wed 21 Oct | +15.2 |
| Tue 20 Oct | +1.6 |
| Mon 19 Oct | −10.4 |
| 20 days | +15.1 |
| Fund | 13 Nov | 12 Nov | 11 Nov | 10 Nov | 9 Nov | 6 Nov | 5 Nov | 4 Nov | 3 Nov | 2 Nov | 30 Oct | 29 Oct | 28 Oct | 27 Oct | 26 Oct | 23 Oct | 22 Oct | 21 Oct | 20 Oct | 19 Oct |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ZCSH | −4.1 | −9.9 | −14.6 | 0 | −2.2 | +1.8 | −11.0 | +3.4 | −3.6 | −3.6 | −4.6 | +14.8 | +2.1 | +3.5 | +2.0 | +20.5 | +14.2 | +15.2 | +1.6 | −10.4 |
— = the fund has not reported that day · 0 = reported, no creations or redemptions · fill shows the sign
Clients’ average entry is below the ZEC close in 0 of 1 Zcash ETFs
Average entry (hollow) vs ZEC close $906.89 (solid) · 13 Nov · sorted by gap
- ZCSHGrayscale−25.2%−$53.5Mentry $1,213
The gap is unrealised and before fees.
Staking in Zcash ETFs
Zcash cannot be staked, so its US spot ETFs hold coins without staking rewards.
Staking in all crypto ETFsNo manager filing Form 13F has reported a Zcash ETF yet. Q3 2026 filings are due by November 14, 2026. Institutional holders of all crypto ETFs ›
Other crypto ETF flows
Net flow on each asset’s latest reported day · cumulative net flow on the right
Bitcoin
Ethereum
Solana
XRP
Hyperliquid
Chainlink
Hedera
Avalanche
Dogecoin
Litecoin
Sui
Polkadot
BNB
NEAR
TronWhat the Zcash ETF flow data is telling us
Zcash ETF complex has attracted +$193.7M in cumulative net flow since 25 Aug 2026, with current assets under management of $527.8M across 1 issuer.
Zcash ETF flows measure money entering and leaving The Zcash ETF (ZCSH), Grayscale's converted Zcash trust and the only U.S. spot ZEC fund. It became an ETF on NYSE Arca on 25 August 2026 after almost five years on the OTC market, and its flow has been the most volatile of the newer altcoin funds.
From OTC trust to ETF
ZCSH is not a new fund. The Grayscale Zcash Trust was formed in 2017 and its shares were quoted on OTCQX under the same ticker from October 2021. On 25 August 2026 it converted into an exchange-traded product on NYSE Arca, with Coinbase Custody holding the ZEC and a 2.50% sponsor fee — the highest fee among the spot crypto ETFs on this site. Before conversion the trust reported more than $300 million in assets.
Conversion is what opened the creation window. As an OTC trust, ZCSH could not continuously create and redeem shares the way an ETF does. From listing, authorised participants could, in cash or in kind, and the money arrived quickly: creations on almost every session through mid-September, including a single day of about $112.1 million on 8 September 2026.
The direction then turned. From 28 September the fund recorded redemptions on most sessions, so cumulative flow fell back from its peak of roughly $306 million on 22 September. A converted trust with a high fee and a strong run in the underlying price is a classic setup for profit-taking through redemptions.
A 3-for-1 forward split took effect before the open on 30 September 2026: 7,989,300 shares at a NAV of $111.41 became 23,967,900 shares at $37.14. The split changed the share count without any money moving, so it is not counted as a creation.
What has driven ZCSH flow
- ZEC price momentum: the big creation days of September came during a sharp ZEC rally, and the redemptions began once the price stopped rising.
- The 2.50% fee: holding ZCSH costs several times what most spot crypto ETFs charge, which pushes long-term holders to compare it with owning ZEC directly.
- Privacy as a theme: Zcash is the main listed privacy coin with an ETF, so regulatory news about privacy technology reaches this fund first.
- Conversion overhang: assets accumulated during the OTC years can now be redeemed at NAV, a channel that did not exist before 25 August 2026.
- In-kind and cash creations: both routes are open, which keeps the share price close to NAV and makes flow respond quickly to demand.
Reading the ZCSH chart
The series starts on the ETF listing date, 25 August 2026, not in 2021. The trust's OTC years had no daily creations to measure, and the assets it carried into the ETF are a starting balance, not inflow.
There is no jump around 30 September: the split changed the share count without any money moving, so it does not appear as a phantom inflow.
Because ZCSH is large relative to the market value of ZEC, its daily flow can be large relative to other altcoin funds. Look at the run of signs (creation weeks versus redemption weeks) before reading too much into any single bar.
A daily flow is the dollar value of ZCSH shares created minus shares redeemed that day, starting from the ETF listing date, 25 August 2026.
Frequently asked questions
Is there a Zcash ETF?
Yes. The Zcash ETF from Grayscale, ticker ZCSH, has traded on NYSE Arca since 25 August 2026. It is the converted Grayscale Zcash Trust and holds ZEC at Coinbase Custody.
Why does the Zcash ETF history start in August 2026 if the trust is older?
The trust traded on OTCQX from October 2021, but it could not create and redeem shares like an ETF. Flow is measured from the ETF listing on 25 August 2026.
What was the ZCSH stock split?
A 3-for-1 forward split effective 30 September 2026. Shares outstanding went from 7,989,300 to 23,967,900 and NAV per share from $111.41 to $37.14; total value did not change.
Did the split show up as an inflow?
No. A split changes the number of shares without any money moving, so the tripled share count is not counted as money coming in.
What fee does ZCSH charge?
2.50% a year, the highest sponsor fee among the spot crypto ETFs tracked on this site. The fund does not stake — Zcash is a proof-of-work network.
What was the biggest day of Zcash ETF flow?
About $112.1 million of creations on 8 September 2026. Redemptions dominated from late September; the fund table and chart above show the latest days.
Which Zcash ETFs are tracked?
ZCSH (Grayscale).
How far back does the Zcash ETF flow history go?
Daily flows start on 25 Aug 2026, the first trading day of the earliest fund — 58 trading days so far.