Zcash Surges 40% Toward $700 as Grayscale ETF Push Sparks Massive Leverage Rally
Zcash is driving a 40% weekly rally to test key resistance near $700 following Grayscale's updated ETF filing. Daily futures volume has topped $4.5 billion, confirming heavy leverage behind the privacy asset's move. Technical indicators point to overbought short-term conditions, though buyers maintain control above core moving averages.
Privacy giant Zcash is leading market momentum, jumping nearly 20% in 24 hours to trade near $675 after clearing structural resistance. Catalyst fuel is surging as Grayscale files its fourth amendment to convert the Zcash Trust into a spot ETF, backed by reports of a $110 million spot acquisition target by a DCG subsidiary.
Derivatives activity is doing the heavy lifting, with daily ZEC futures volume scaling to $4.55 billion compared to $553 million in spot trading. Open interest stands near $1.35 billion, confirming that leveraged traders are heavily leaning into the breakout while squeezing outstanding short positions.
Technical indicators show short-term tension as the two-hour RSI hovers near 86, suggesting a brief pause or consolidation toward $620-$650 could unfold. However, with price holding firmly above all primary moving averages, a high-volume break past $700 opens a clear path toward $750.