Overview
- Zcash surged past $1,600 on Wednesday, briefly reaching about $1,670 before pulling back to roughly $1,626.
- 21Shares launched Europe’s first physically backed Zcash ETP on Euronext Paris and Amsterdam, and Grayscale has signaled plans for a U.S. spot ZEC product, expanding regulated ways to buy the token.
- Derivatives activity has amplified the move with open interest up about 13.35% to roughly $2.3 billion and large concentrations on Hyperliquid and Binance that raise the odds of rapid liquidations.
- Technical indicators show overbought conditions (RSI near 71) and identify $1,600 as a key near-term support level whose loss could expose downside near $1,400.
- The rally reflects renewed investor interest in Zcash’s optional privacy features and growing institutional bets by firms such as Multicoin and Cypherpunk Technologies, which could direct more capital on-chain and change custody preferences for privacy-focused traders.