Grayscale Zcash ETF goes live; ZEC pulls back 8% off record high

Grayscale's Zcash spot ETF began trading on the NYSE Tuesday, one of the catalysts behind Zcash (ZEC) surging 60% to an eight-year high above $800 — its first time at that level since 2016, briefly topping its January 2018 peak, with futures volume reaching billions of dollars. Now traders are selling the news, pulling the token down 8% as leverage stacked into the move unwinds.

• The ETF listing follows Grayscale's filing showing progress converting its Zcash Trust into a spot ETF, adding to the "next bitcoin" narrative around the privacy coin.
• The pullback reflects profit-taking on a heavily levered position rather than a fundamental reversal, per CoinDesk live updates.