Grayscale’s Zcash ETF pulls in $41.1 million as Bitcoin and Ethereum funds wobble

Grayscale’s Zcash ETF just had its best week in over a month, and it picked an odd time to do it.

The fund, which trades under the ticker ZCSH, took in $41.1 million in inflows during the week ending October 23, 2026. That is its highest weekly total since mid-September, and it came while the bigger names in crypto ETFs were having a rough stretch.

For a product that had spent three straight weeks watching money walk out the door, the timing matters.

A week that started badly and ended well

The week did not open with much promise. ZCSH logged $10.4 million in outflows on October 19, extending the losing streak that had defined its recent run.

Then the tide turned. October 20 brought a modest $1.6 million in inflows.

The real momentum arrived midweek. The fund pulled in $15.2 million on October 21 and another $14.2 million on October 22.

October 23 was the strongest day of the bunch, with $20.5 million flowing in.

Add it all up and you get the $41.1 million net figure. The shape of the week matters as much as the total: a negative open followed by four consecutive positive days suggests buyers were building conviction rather than making a single splashy bet.

Over the three weeks before this rebound, ZCSH had shed a combined $143 million in net outflows. So last week’s haul recovered less than a third of that drawdown.

Meanwhile, in the rest of the ETF market

The broader picture was far less cheerful. Bitcoin ETFs saw outflows of more than $500 million across a two-day span during the period.

Bitcoin funds still managed to finish the week with a positive net flow of $301.2 million.

Ethereum ETFs did not get the same rescue. They ended the week with losses of $220.7 million.

Against that backdrop, ZEC itself traded near or above $1,200 during the week of inflows. That represented a 7% increase, at a time when Bitcoin and Ethereum were both dealing with significant pressure.

How ZCSH got here

Grayscale launched the fund on August 25, 2026, listing it on NYSE Arca. It arrived as the first US spot Zcash product, which gave mainstream brokerage-account investors a regulated way to hold ZEC exposure without touching a crypto exchange.

The fund carries a 2.5% management fee.

Since launch, ZCSH has accumulated cumulative net inflows in a range of over $177 million to $270 million.

As of late October 2026, the fund’s assets under management stood at approximately $686 million. It holds between 537,954 and 560,771 ZEC, which works out to more than 3% of the token’s circulating supply.

What this means for Zcash and the ETF market

The research behind these figures suggests the inflows may point to growing optimism around Zcash during a volatile market. One interpretation is that some investors could be seeking assets with differentiated value propositions, particularly ones with privacy features, rather than simply adding more Bitcoin or Ethereum exposure.

Grayscale has built ZCSH into a product with roughly $686 million under management despite a 2.5% fee.

For ZEC holders, the fund’s growing footprint cuts both ways. Steady inflows mean persistent buying pressure as the fund acquires tokens to back new shares. But with more than 3% of circulating supply sitting in one vehicle, a renewed outflow streak like the $143 million drawdown earlier in the autumn could also weigh on the token.