Zcash hits eight-year high near $850 with futures volume near $10 billion amid Grayscale ETF push
CoinGlass recorded nearly $10 billion in 24-hour futures volume and $1.76 billion in open interest, indicating that derivatives made up much of the trading.
Zcash (ZEC) has reached an eight-year high near $850, with futures volume nearing $10 billion, as Grayscale pushes forward with its efforts to convert its Zcash trust into an exchange-traded fund (ETF). The privacy-focused cryptocurrency briefly traded as high as $855 during the session, its highest level since 2018. The rally has been driven by Grayscale's latest amendment, which renamed the existing Grayscale Zcash Trust to The Zcash ETF and set its annual sponsor fee at 2.5%.
If approved, this conversion would make The Zcash ETF the first U.S. fund to directly track ZEC's price. Derivatives markets were particularly active during ZEC's price surge, with ZEC futures volume reaching over $9.5 billion over the past 24 hours, compared with just $1.06 billion in volume on spot exchanges.
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