Zcash Hits $1,651 as 21Shares Launches European ETP Amid Record Network Activity

Zcash reaches $1,651 following new European listing

Zcash (ZEC) briefly traded above $1,600, hitting a 24-hour high of $1,651 on September 23. This price movement coincided with the launch of a new exchange-traded product (ETP) in Europe. An ETP is a financial instrument that tracks the price of an asset, allowing investors to gain exposure without holding the digital token directly.

The product was issued by 21Shares and lists under the ticker ZCASH on Euronext Paris and Amsterdam. While the listing was announced on September 22, the price rally began earlier in the week. The new product offers a regulated way for European investors to access Zcash through standard brokerage accounts.

New access route for European investors

• 21Shares launched a physically backed Zcash ETP on September 22, with an inception date of September 21.
• The product trades as ZCASH in both euros (Paris) and dollars (Amsterdam).
• The annual management fee is set at 2.5%, excluding potential brokerage charges.
• Investors hold the listed product while the underlying ZEC tokens remain in custody.
• 21Shares stated this is the first Zcash ETP available to European investors.

Network activity hits four-year peak

Data from Messari shows Zcash transfer volume exceeded $23 billion last week. This represents the highest weekly total since 2021 and the second-highest on record. It is important to note that this figure measures value moved on the network, not necessarily new capital entering the market.

Additionally, data provider Zodl reported 62,379 shielded transactions in the same week. Shielded transactions are transfers where details like sender, receiver, and amount are hidden from the public blockchain. This count marks the highest weekly level since 2022.

Timeline of recent price movements

ZEC was already trading around $1,540 on September 19, before the European listing was announced. This earlier rise was linked to growing attention surrounding Grayscale's separate U.S. Zcash ETF. The subsequent European listing added a new access point to an existing upward trend rather than starting it.

What remains to be seen

While current data shows elevated activity, future weekly readings will determine if the high levels of shielded transactions persist. Similarly, the growth of assets in the new European ETP will provide a separate metric for investor adoption over time.

Sources

• CryptoSlate