Zcash ETF records first weekly outflows of $93.6 million as ZEC falls

Zcash's ETF recorded $93.6 million in net outflows this week, its first week of net outflows since launching in August. Grayscale's ZCSH fund attracted $98.2 million just two weeks earlier, leading crypto ETFs in weekly inflows. Bitcoin, Ethereum, Solana and XRP ETFs also saw demand decline week over week.

ZEC traded near $1,308 in the October 3 chart snapshot, down about 17.5% since the start of the week. ZEC has fallen roughly 23% from its recent peak near $1,690. SoSoValue data show the fund has recorded no daily net inflows since September 22. The figures suggest ETF investors have been reluctant to buy after the price decline. Continued withdrawals could put further pressure on ZEC, although withdrawals do not explain the entire price decline.

The first support area to watch is $1,270 to $1,300, where buyers recently stepped in. The four-hour chart's longer-term moving average also sits near that area, making the area an important test of demand. A break below that support could send ZEC toward $1,155, roughly 12% below the chart snapshot. Daily indicators suggest that downside risk remains. Buying momentum has faded, and selling pressure is still increasing.

However, short-term selling pressure is easing, which could allow a rebound toward $1,320 to $1,360. A sustained recovery above $1,380 to $1,425 would strengthen the case for a move toward $1,500 later in October. The charts currently favor an uneven start to the month. ZEC holding $1,270 would give buyers time to rebuild support. Renewed ETF inflows would offer additional evidence that demand is returning.