ETF Investors Pouring Millions Back Into Zcash as Bitcoin Falls

Bitcoin ETFs lost more than half a billion in just two days last week. Meanwhile, Wall Street investors poured $41.1 million into Zcash. Are they anticipating another rally for ZEC?

Grayscale’s Zcash ETF recorded its strongest weekly inflows since mid-September, raising questions about whether investors are returning to the privacy-focused cryptocurrency ahead of a broader recovery.

Bitcoin funds still finished the week $301.2 million positive, thanks to earlier buying. Ethereum ETFs, meanwhile, lost $220.7 million.

Why Is Money Returning to Zcash?

Zcash’s recovery follows three difficult weeks. Its ETF lost $143 million during that period before recovering nearly 29% of those withdrawals last week.

After another $10.4 million left on Monday, the fund recorded four consecutive days of inflows. Friday alone brought $20.5 million.

The return of buyers suggests some investors are willing to bet on a recovery after Zcash’s recent correction. 

Its focus on private transactions offers a different investment story, although the fund data cannot establish why buyers returned.

Can Zcash Price Sustain the Recovery?

The immediate test is $1,200. ZEC rebounded after falling to $1,118 last week, but analysts remain divided.

Some analysts see a potential bullish signal if ZEC closes above $1,223. That could lead to a crossover of its short-term moving averages around October 28, suggesting stronger upward momentum.

Whale Factor is less optimistic. The analyst sees ZEC trading in a declining price channel, identifying $597 as a major historical level.

$ZEC next thing im watching is the 1D green cross, current eta is in ~5 days and if price can close above the 1223 levelif ZEC god candles above 1414 it will force the cross but atm its a bulls wet dream. imo the battle for the 1200ish levels will be fought over the next week https://t.co/cytWw82vOp pic.twitter.com/FdWIcayMPm

— that1618guy (@that1618guy) October 23, 2026

September offers a warning. A $98.2 million inflow week was followed by three weeks of withdrawals, while ZEC retreated from its peak near $1,690.

The next ETF flow reports and the Federal Reserve’s October 27–28 meeting could help determine whether Zcash’s recovery continues.