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? Grayscales 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? Zcashs 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. Zcash ETF Weekly Flows Chart. Source: SoSoValue The return of buyers suggests some investors are willing to bet on a recovery after Zcashs 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. 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 Reserves October 2728 meeting could help determine whether Zcashs recovery continues. Read the article at BeInCrypto
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
Understand the market, then trade.
Bitget offers one-stop trading for cryptocurrencies, stocks, and gold.
Trade now!