The Zcash ETF (ZCSH) recorded its first week of net outflows since its launch in August, with $93.6 million withdrawn. This loss occurred as the price of ZEC dropped to $1,300. The outflow data marks a sharp change for the Grayscale fund, which just two weeks ago attracted $98.2 million, becoming the leader among crypto ETFs in weekly inflows. Now, a reverse trend is observed, raising the question: will Zcash be able to hold up in October?
As of October 3, ZEC was trading at approximately $1,308, which is 17.5% lower than at the beginning of the week and 23% below its recent peak of $1,690. The outflows from the ETF accompanied this decline, and the fund has not recorded any net inflows since September 22. These figures indicate that ETF investors are not willing to buy the asset at a lower price. Continued outflows could exert additional pressure on ZEC, although they do not fully explain the price drop. The key support zone for ZEC will be $1,270–$1,300, where buyers had previously entered. If this support is broken, the price of ZEC could fall to $1,155, which is about 12% lower than the current level.
However, there are some hopes for recovery. Short-term selling pressure is easing, which may allow price action to return to the range of $1,320–$1,360. A sustained recovery above the level of $1,380–$1,425 would strengthen the case for a rise to $1,500 during October. At this point, the charts indicate an unstable start to the month, and holding the $1,270 level would give buyers time to regain support. A resumption of inflows into the ETF would serve as an additional signal of returning demand.
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