Grayscale Zcash Trust Converts to Spot Product as ZEC Jumps 43%

The conversion matters less as a listing event than as a structural shift in who can hold ZEC: brokerage and wealth-management channels that were previously fenced off now have a compliant wrapper, which explains the custody accumulation rather than pure speculation. The open question is whether that demand is sticky or reflexive — record open interest and an extreme RSI suggest positioning is crowded and largely momentum-driven. Watch whether custody balances keep rising after the initial flow fades, since that, not the first-day move, would signal genuine portfolio allocation.