Zcash Spot ETF Falls 8% After Launch, Ending 60% Rally

The immediate post-launch pullback underscores how much of the rally was priced in anticipation, leaving the ETF to face real demand dynamics. For privacy-focused assets, this debut tests whether institutional appetite extends beyond the novelty of a listed vehicle. The key signal will be sustained trading volumes and inflows over the coming weeks, as those determine whether the initial surge was a one-off event or the start of a viable market for Zcash exposure.