Zcash fell 7.6% on Wednesday to $787, giving back much of a 56% gain over the previous week that had lifted ZEC to about $880, its highest level in eight years. The pullback came as Grayscale’s Zcash Trust converted into a spot ETF and began trading Tuesday on the NYSE Arca under the ticker ZCSH. The trust holds about 393,000 ZEC worth more than $260 million. ZEC’s perpetual-futures open interest nearly doubled to $1.8 billion during the rally, increasing both the buying momentum and the risk of an accelerated decline. Bitcoin fell 2% to $78,900 and most major cryptocurrencies also closed lower, pausing a weeklong crypto-market rebound.