Grayscale’s ZCSH, the first U.S.-listed spot Zcash ETF, recorded $93.56 million in weekly outflows, its steepest loss since launching on NYSE Arca on August 25, 2026. The fund, converted from the existing Grayscale Zcash Trust, initially attracted $271 million in cumulative net inflows by mid-September, including $98.2 million during the week ending September 18. Its share of spot crypto ETF turnover reached 32.5% at peak, while its holdings represented roughly 3.5% of ZEC’s total supply. Redemptions intensified in late September and early October, including outflows of $30.25 million on September 30 and $26.93 million on October 2. Cumulative net inflows fell from about $268 million to $212.56 million, while assets under management declined from an estimated September peak of $915 million to $979 million to around $751 million by early October. ZEC initially rose above $1,500 after the ETF’s debut before settling lower. Grayscale announced a 3-for-1 forward share split, with a September 28 record date and split-adjusted trading beginning September 30. ZCSH charges a 2.5% expense ratio. Future attention is focused on whether daily redemptions remain between $26 million and $30 million, whether ZEC stabilizes enough to support assets under management, and whether the split improves liquidity.