BTC $78,546.70 -0.49%
ETH $2,444.38 -1.65%
BNB $694.70 -1.24%
XRP $1.44 -2.95%
SOL $96.66 -1.94%
TRX $0.3360 -2.44%
DOGE $0.0859 -4.50%
ADA $0.2093 -5.44%
BCH $266.01 -1.80%
LINK $11.30 -2.77%
HYPE $79.78 +1.55%
AAVE $126.11 -4.89%
SUI $0.7592 -5.22%
XLM $0.1829 -5.61%
ZEC $775.31 -6.50%
BTC $78,546.70 -0.49%
ETH $2,444.38 -1.65%
BNB $694.70 -1.24%
XRP $1.44 -2.95%
SOL $96.66 -1.94%
TRX $0.3360 -2.44%
DOGE $0.0859 -4.50%
ADA $0.2093 -5.44%
BCH $266.01 -1.80%
LINK $11.30 -2.77%
HYPE $79.78 +1.55%
AAVE $126.11 -4.89%
SUI $0.7592 -5.22%
XLM $0.1829 -5.61%
ZEC $775.31 -6.50%

spot

All
Article
Flash

Grayscale launches Zcash spot ETF: ZCSH officially listed on NYSE Arca

According to Decrypt, Grayscale's Zcash spot ETF has officially been listed on the NYSE Arca, with the stock ticker ZCSH, becoming the world's first exchange-traded product providing exposure to Zcash (ZEC).The product is a successor to the Grayscale Zcash Trust, which was established in October 2017 as a private placement. Grayscale stated that ZCSH aims to meet the demand from investors for exposure to cryptocurrency assets beyond Bitcoin and Ethereum through traditional brokerage accounts.Steve Vanourny, head of Grayscale's index business, stated that Zcash has nearly a decade of network history, a fixed supply cap of 21 million coins, and a PoW mechanism, while also offering optional privacy features that Bitcoin does not have. The company positions ZCSH as a high-risk satellite position in a digital asset portfolio. It is worth noting that at the time of ZCSH's listing, the serious privacy system vulnerabilities previously disclosed by Zcash are still a concern in the market.In May of this year, researchers discovered exploitable vulnerabilities in the Zcash Orchard privacy pool, which theoretically could allow attackers to forge ZEC. Zcash subsequently deployed an emergency patch in June and activated the Ironwood upgrade in July to replace the vulnerable Orchard privacy pool and limit the potential forged ZEC from entering circulation through new supply accounting rules. Grayscale stated that it will focus on the adoption of the Ironwood upgrade, network security, exchange support, and regulatory policies for privacy assets in the future.

Bitfinex: The recent rise in Bitcoin is mainly driven by spot demand and short covering, with profit-taking potentially being the biggest risk

Bitcoin recently rose to a monthly high, with Bitfinex analysts stating that this round of market activity is primarily driven by spot buying and short covering, rather than new leveraged funds, thus providing a longer duration compared to typical short squeeze scenarios. As investors who bought Bitcoin in the past five months are currently in a profit state, the main risk of the current upward trend comes from profit-taking chips flowing into trading platforms.Bitfinex believes that the U.S. Treasury's announcement on August 19 to expand the scale of long-term bond repurchases is an important factor driving the recent market activity. The initial phase of this rise was indeed driven by short liquidations. On the same day, the U.S. spot Bitcoin ETF recorded an inflow of $297.6 million. However, the subsequent price increase mainly came from spot buying. From the position structure, while Bitcoin prices rose by 10% to 11%, open interest (OI) only increased by about 4%, indicating that spot demand and short covering played a major role, while the impact of leveraged funds was limited.Bitfinex pointed out that the $68,000 to $69,000 range is currently an important support level, close to the average cost of buyers over the past five months. If Bitcoin maintains above this level, it will keep these investors in a profitable state, reducing the pressure of previously trapped chips selling during rebounds. In terms of funds, the U.S. spot Bitcoin ETF saw an inflow of $606.29 million on August 20, the largest single-day inflow since May 1, with BlackRock's IBIT contributing about 82%. Bitfinex stated that if fund inflows continue for a week, it will further strengthen the market demand structure.However, Bitfinex warns that the current biggest risk is a large amount of profitable Bitcoin flowing into trading platforms, which could trigger the largest profit-taking market since 2026. Analysts indicate that if real yields rise again to levels that previously suppressed Bitcoin from falling below $65,000, macro factors could still quickly impact the market.

first_img Analysis: This round of BTC increase is accompanied by a decrease in OI, and spot demand has emerged for the first time

On-chain data analyst Murphy stated that this round of BTC price increase is "a bit different": the scale of futures liquidations has reached a record, but the open interest (OI) has simultaneously decreased. The price increase is mainly driven by short liquidations or buy-ins to cover positions, which belongs to the clearing of existing positions rather than new leveraged net exposure. If driven solely by liquidations, prices often show a spike followed by a drop; this time, after the surge, the price has stabilized, indicating that there are other spot funds taking over.Murphy pointed out that if the contracts are dominated by long positions, OI usually rises and rates increase, but this round saw OI decrease almost throughout, with no large-scale new leverage entering the market. The exchange's spot relative trading volume (SRV) reached 2.94 from August 19 to 20, about three times the average of the past 30 days. Similar volume increases in the past two years have mostly occurred during panic sell-offs or bull market phases, which is different from the scenarios in January when it rebounded to about $96,000 and in May when it rebounded to about $82,000, where leverage was dominant.He emphasized that the demand for spot is only a potential sign that has appeared for the first time since entering a bear market, combined with the price challenging the short-term holder cost line (STH-RP) and the seller exhaustion index entering extreme zones, it is still insufficient to conclude a trend reversal.
app_icon
ChainCatcher Building the Web3 world with innovations.