Grayscale’s Zcash spot ETF, ZCSH, recorded approximately $93 million in net outflows through Oct. 2, including $26.93 million that day, as ZEC fell from a Sept. 27 peak of $1,697 to $1,304 by Oct. 3. Existing ETF data put the weekly outflow at $93.56 million, marking ZCSH’s first negative week since late August. Because ZCSH holds ZEC directly rather than futures, redemptions can return coins to authorized participants and potentially add supply to the market. Cumulative net inflows remained positive at approximately $212.56 million, while assets under management fell from nearly $979 million in September to about $751 million, partly because of the lower token price. Futures open interest also declined from above $3.4 billion to roughly $2.5 billion. ZEC recovered to around $1,333-$1,337 by Oct. 4, but buyers now face a key test at $1,270-$1,300; a break could expose roughly $1,155, while a sustained recovery would require reclaiming $1,360 and then the $1,380-$1,425 area. ZCSH remains net positive since its Aug. 25 launch, shielded holdings remain above 4.89 million ZEC, and the NU7 network upgrade remains targeted for Nov. 5 subject to a final activation decision on Oct. 20.