Zcash has surged about 45% in a week and 140% in a month, briefly entering the top 10 cryptocurrencies by market capitalisation as ZEC reached $1,249, its highest level since 2016. The token later pulled back to around $1,145.45, down 3.7% over 24 hours, while market capitalisation stood near $19.31 billion and daily trading volume around $1.06 billion. Drivers included ETF demand, the July Ironwood upgrade, short liquidations and renewed interest in privacy. Grayscale converted its Zcash Trust into ZCSH, described in the supplied material as the first US spot ZEC ETF, which launched on NYSE Arca on August 25 and reportedly reached nearly $463 million in assets within about two weeks. The fund provided a regulated route to Zcash exposure against a maximum supply of 21 million coins. F2Pool founder Chun Wang called the move a "narrative bid" and questioned Zcash’s valuation, early reward allocations and privacy model. The May security problem involving a shielded pool (privacy-focused transaction pool) reportedly helped trigger a roughly 50% decline, while Ironwood closed the legacy pool and introduced a public turnstile and quantum recoverable notes. Perpetual open interest (outstanding positions in perpetual futures) later reached about $2.8 billion, and short liquidations added buying pressure when ZEC moved above $1,000. RSI has entered the high 70s, indicating that the rally is stretched without proving that a decline is imminent. The material says its price targets are technical analysis, not guarantees, and is for information rather than financial advice.