Table Records $41.1 Million in Flows Into Zcash Fund Amid Divergent Reading
Key Facts
A flow table for Grayscale’s Zcash exchange-traded fund recorded net inflows of $41.1 million for the week ended October 23, according to data cited by TokenPost. But another calculation based on changes in shares outstanding and net asset value showed net outflows of $10.87 million in the first three sessions of the week. Over the same period, the flow table showed net inflows of $6.4 million. The difference between the readings puts the method used to calculate flows at the center of the story, as the reported result varies according to the methodology. The available data do not explain the discrepancy between the two measures.
According to figures cited by TokenPost, the calculation based on shares and net asset value showed outflows of $1.19 million on October 19, followed by outflows of $11.43 million on October 20. On October 21, the direction reversed, with inflows of $1.75 million. Net outflows calculated using this method totaled $10.87 million over the three sessions, according to the same source. By contrast, net inflows in the flow table totaled $6.4 million over the same period. The difference shows that the two measures gave opposing signals on money movement at the start of the week.
Grayscale’s fund, which trades under the ticker ZCSH, began trading on NYSE Arca on August 25, 2026, according to the company’s filing with the U.S. Securities and Exchange Commission. About two weeks later, Grayscale said in a filing dated September 8 that the fund’s assets had exceeded $500 million. It said the increase included an investment of about $100 million from DCG International Investments. The company said ZCSH was the only exchange-traded product globally that gave investors spot exposure to ZEC through brokerage accounts. The fund therefore provides a channel for trading through brokerage accounts, while the measurement of weekly flows remains disputed among the published figures.
The divergent flow readings coincided with fluctuations in ZEC’s price during the week. The token closed at $1,152.25 on October 19, then closed at $1,315.75 on October 21. It fell to $1,182.98 on October 23, after reaching its highest close among the prices cited for the period on October 21. On October 26, ZEC ended trading at $1,200.91. These closing prices show the token moving in different directions on the dates cited, without establishing a causal relationship with the fund’s flows.
As the product grew, Grayscale’s page showed ZCSH assets of $686,199,009 on October 23, according to the non-GAAP measure of assets under management, with the fund holding 560,771.2934 units of ZEC. The page also listed an annual management fee of 2.50%. Grayscale warned in its filing that investing in the fund does not constitute a direct investment in ZEC and that it is not an investment company registered under the Investment Company Act of 1940. On potential products, Winklevoss filed a preliminary registration for a Zcash fund with the SEC on October 6. The filing says the proposed fund’s purpose is to hold ZEC and that its shares will trade on Nasdaq once the registration becomes effective.