Spot @Zcash exchange-traded products took in more than $41 million in net inflows this week, a turnaround for $ZEC investors after three con...

Spot @Zcash exchange-traded products took in more than $41 million in net inflows this week, a turnaround for $ZEC investors after three consecutive weeks of heavy redemptions. The funds now hold about 3.4% of ZEC's supply.

Four straight days of inflows

The weekly total was $41.1 million for the week ending October 23, 2026, according to data cited by The Currency Analytics. Flows started the week negative, with a $10.4 million outflow on Monday, followed by four consecutive days of inflows. Friday alone contributed $20.5 million.

Daily figures compiled from SoSoValue data show inflows of $1.6 million on October 20, $15.2 million on October 21, $14.2 million on October 22 and $20.5 million on October 23. The same source puts the preceding weekly outflows at $93.6 million, $30.7 million and $19.2 million.

On the supply share, SoSoValue data reported by Phemex shows total net assets for ZEC spot ETFs reached $707 million, a 3.38% net asset ratio. The Zcash ETF (ZCSH) accounted for all of the $20.52 million in net inflows on October 23.

Context: a fund still recovering

ZCSH is Grayscale's product. It began trading on NYSE Arca on August 25, 2026, and Grayscale described it as the first exchange-traded product in the world offering spot exposure to ZEC. Because it is a spot product, it holds the underlying token, so inflows require the fund to hold more ZEC, while redemptions work the other way, as Crypto Briefing noted in its coverage of the earlier outflow week.

The rebound should be read with some caution. The $41.1 million recovered only part of what the fund lost. The Currency Analytics reports it had shed $143 million over the prior three weeks, so this week's inflow offset roughly 29% of those withdrawals. Coingabbar's analysis likewise described the move as a recovery attempt, not yet a full reversal.

Price action has also been mixed. Coin Edition reported that ZEC fell 5.8% in 24 hours to $1,158.68 even as the funds drew inflows, with futures open interest down 12.45%. Traders are also watching the NU7 network upgrade, which the same report says is due around November 5.

Whether the inflows persist will be the key test for institutional demand in regulated $ZEC exposure.

Sources:

• The Currency Analytics: Zcash ETF inflows hit $41.1M
• Phemex: ZEC and NEAR spot ETF net inflows
• Grayscale press release via GlobeNewswire: ZCSH begins trading