Grayscale's Zcash ETF (ZCSH), launched on 25 August 2026, is flirting with a $1 billion valuation. However, fresh investor inflows have recently stalled; the last three days of September saw heavy trading but zero net new capital. The current valuation is heavily reliant on ZEC's price holding above $1,443, as most asset growth has come from appreciation, not new deposits. What this means: This is neutral for ZEC. The near-$1B mark signals institutional product maturity, but the lack of recent inflows suggests the initial launch momentum may be cooling. The ETF's health now depends on ZEC's price stability and renewed investor interest