Zcash rebounds after 30% drop, Grayscale outflows hit $143 million

Zcash showed signs of stabilization on Monday, edging higher after three straight weeks of declines knocked the privacy-focused digital asset down by around 30% from recent levels. ZEC traded near $1,165 following an 11% drop over the previous week, but overall market sentiment remained cautious amid persistent ETF outflows and declining participation in Zcash derivatives. Grayscale, the asset manager known for launching cryptocurrency investment products targeting institutional and accredited investors, registered $19.15 million in net outflows last week from its ZEC-focused exchange-traded fund. This followed two consecutive weeks of larger redemptions totaling $30.72 million and $93.56 million. Over the past three weeks, withdrawals have accumulated to approximately $143.43 million.

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