Zcash‘s ETF has recorded its first week of net outflows since launching in August. Investors withdrew $93.6 million this week, as ZEC’s price fell toward $1,300.
The withdrawals mark a sharp change for Grayscales ZCSH fund. Just two weeks earlier, it attracted $98.2 million, leading crypto ETFs in weekly inflows. Now that demand has reversed, can Zcash hold its ground in October？
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Zcash ETF Flows. Source: SoSoValueZcash Falls as ETF Investors Withdraw
ZEC traded near $1,308 in the October 3 chart snapshot, down about 17.5% since the start of the week. It has lost roughly 23% from its recent peak near $1,690.
ETF withdrawals have accompanied that decline. The fund has recorded no daily net inflows since September 22, according to SoSoValue.
These figures suggest ETF investors have been reluctant to buy the dip. Continued withdrawals could put further pressure on ZEC, although they do not explain the entire price decline.
Zcash (ZEC) Price Performance. Source: BeInCrypto Markets
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Zcash Price Outlook: Is the Bullish Rally Over for ZEC？
The first level to watch is $1,270–$1,300, where buyers recently stepped in. The four-hour charts longer-term moving average also sits near this area, making it an important test of demand.
If that support breaks, ZEC price could fall toward $1,155, roughly 12% below the chart snapshot.
The daily indicators suggest that risk remains. Buying momentum has faded, and selling pressure is still increasing.
But there is some room for optimism. Short-term selling pressure is easing, which could allow a bounce toward $1,320–$1,360.
A sustained recovery above $1,380–$1,425 would strengthen the case for a move toward $1,500 later in October.
For now, the charts favor an uneven start to the month. Holding $1,270 would give buyers time to rebuild support. Renewed ETF inflows would offer additional evidence that demand is returning.
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