Key Notes

Grayscale's ZCSH Form S-3 filing represents a critical milestone toward launching the first institutional Zcash exchange-traded product.

Open interest dropped over 6% to just above $1B while volume surged 20%, indicating profit-taking dominated trading activity.

Long-to-short ratios fell below 1.0 on major exchanges, reflecting weakened bullish conviction despite the regulatory progress.

Digital asset manager Grayscale advanced its plans to convert the Zcash Trust, launched in 2017, into an Exchange-Traded Fund as US regulatory posture begins to shift under the Trump administration. The firm submitted its ZCSH Form S-3 filing, marking a required step toward launching the first Zcash ZEC $519.0 24h volatility: 4.1% Market cap: $8.47 B Vol. 24h: $9

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