Zcash surges to eight-year high near $850 amid Grayscale ETF push and $10 billion in 24-hour futures volume.
Macro & Markets ·
Zcash reached a price near $850, marking an eight-year peak, as derivatives activity surged around the asset. CoinGlass data indicated approximately $10 billion in 24-hour futures volume alongside $1.76 billion in open interest, underscoring the role leveraged trading played in the broader market movement.
The timing coincided with efforts to launch a Grayscale ETF for Zcash, a development that has attracted institutional attention to the privacy-focused cryptocurrency. The scale of derivatives trading relative to spot activity suggests significant positioning ahead of or during the product's rollout.
It remains unclear whether the price momentum will sustain beyond current levels or whether the high open-interest positions signal a concentration of leverage that could face liquidation pressure.