Weekly flows turned negative for the first time since the August exchange debut. Most of the reversal in Grayscale’s fund came between Wednesday and Friday.
Grayscale’s Zcash ETF (ZCSH) ended September 28–October 2 with net withdrawals of $93.56 million. SoSoValue’s data show its first negative week since the August 25 NYSE Arca debut. Demand that had brought money into the fund earlier in September reversed as the month drew to a close.
The retreat has not erased all previous inflows. The data platform’s cumulative net inflow fell from $306.12 million on September 25 to $212.56 million on October 2. The weekly withdrawals amounted to roughly 31% of the net inflows accumulated before the week began.
The final three sessions accounted for 91% of withdrawals
Monday brought an $8.12 million outflow, followed by zero net flow on Tuesday. Redemptions then gathered pace: Wednesday, Thursday and Friday together accounted for $85.44 million.
| Trading day | Net flow, US$ millions |
|---|---|
| September 28 | −8.12 |
| September 29 | 0.00 |
| September 30 | −30.25 |
| October 1 | −28.26 |
| October 2 | −26.93 |
| Weekly total | −93.56 |
Net outflows measure the balance between share creations and redemptions, rather than the value of every share sold on the exchange. Nor does every dollar of falling fund assets represent a withdrawal. The ZEC price also changes the dollar value of holdings. The distinction between net flows, assets and trading volume, explained through Bitcoin funds in our guide to reading ETF flows, applies here too.
Two different asset figures: SoSoValue reports $751.03 million in net assets for October 2. Grayscale’s product page for the same date lists about $777.97 million in assets under management and 608,229 ZEC. The public pages do not explain the difference, so we have not treated the figures as a single comparable series. The weekly withdrawal calculation uses SoSoValue’s daily net flows.
The share split was separate from fund redemptions
ZCSH also completed a three-for-one share split during the week. Grayscale’s September 30 announcement says holders received two additional shares for each share owned, with split-adjusted trading starting that morning. Share counts tripled while the value per share fell to approximately one-third; the split alone did not change the total value of an investor’s position.
“More shares. Lower price per share. Same total investment value.”
The Zcash ETF, official X post dated September 30, 2026
ZCSH’s official September 30 share-split announcement
The post loads from X when you open it.
The split did not represent new money entering the fund, and its mechanical effect on share prices was not an equivalent loss in Zcash’s value. The timing of the split and withdrawals does not establish that one caused the other.
US fund demand weakened while the range of exchange-traded Zcash products was expanding. The Valour Zcash ETP launch in Sweden we previously covered involved a different issuer and market. ZCSH’s weekly outflow cannot be read as the combined result for all Zcash investment products.
