TLDR
- ZEC touched a low of $999.57 on Nov. 10, its weakest level since early September.
- Grayscale pledged $1 million to Zcash groups and has awarded $400,000 so far.
- The company will reinvest 100% of ZCSH sponsor fees into the network for up to a year.
- ZCSH shares fell about 12% to $27.25, with more than $15 million in November outflows.
- Analyst Daan Crypto Trades said ZEC needs a daily close above $1,045.
Zcash (ZEC) dropped to a low of $999.57 on Nov. 10, its weakest level since early September. The privacy coin later traded between $1,025 and $1,033, down about 12% to 13% on the day.
The move came on the same day Grayscale launched a national campaign for its Zcash ETF. The asset manager also pledged $1 million to groups working on the network.
Despite the daily drop, ZEC has more than doubled since the start of the year. Prices were near a two-month low when the campaign began.
Grayscale’s Zcash Trust ETF, ticker ZCSH, fell about 12% to $27.25. Shares traded near their lowest level in the same two-month period.
Grayscale Backs Four Zcash Groups With First Grants
Grayscale has awarded $400,000 through four equal grants so far. The money went to the Zcash Foundation, Pretty Good Policy for Zcash, Shielded Labs and Project Tachyon.
The Zcash Foundation supports open-source development and financial privacy research. Pretty Good Policy for Zcash is a nonprofit that educates policymakers.
Shielded Labs is a Swiss organization that researches and builds Zcash network technology. Project Tachyon is led by one of Zcash’s co-founders and aims to help wallets update faster and handle more private transactions.
Grayscale plans to reinvest 100% of ZCSH sponsor fees into the network for up to 12 months. The money would go to development, marketing, community and education, and Grayscale pays it from its own funds after receiving the fees. The company may change or end the plan.
Steve Vanourny, Grayscale’s head of index, linked privacy demand to more activity moving onchain. He said AI makes that activity easier to analyze, and he named quantum computing as a future challenge.
Wall Street Journal Ads and ZCSH Background
The campaign is called “Zcash: The Next Era of Crypto.” It includes a zebra-striped front-page wrap in The Wall Street Journal and a full-page ad inside the paper that highlights ZCSH.
Zcash is getting the full-page treatment in today’s Wall Street Journal.
Grayscale has taken out a front-page ad promoting Zcash, along with another full-page ad inside highlighting its Zcash investment fund (ZCSH). pic.twitter.com/6lNtfTaViI
— Frank Chaparro (@fintechfrank) November 10, 2026
Grayscale also launched ZcashInvest.com, an education site for investors and advisers. The campaign will also run across outdoor ads, digital media, streaming, social channels and events.
ZCSH began trading on NYSE Arca on Aug. 25. The fund started as a private placement in 2017 and began over-the-counter trading in 2021, and it is not registered under the Investment Company Act of 1940.
Zcash’s Ironwood upgrade went live on July 28 after a flaw was found in Orchard, a private transfer system. Ironwood added a new shielded pool and capped Orchard withdrawals at verified deposit amounts.
Analyst Daan Crypto Trades called ZEC “the most straight forward setup in the market,” pointing to its size, volume and large audience. He said the coin needs a daily close back above $1,045 after sweeping the lows, which could set up a bounce toward the mid-range or higher. If price fails to retake the range and hold, he said, there is no trigger.
$ZEC The most straight forward setup in the market here.
Obviously a big coin, lots of volume, lots of people watching it.
Need a daily close back above $1045 after sweeping the lows. From there you can play a bounce to the mid range or higher if you're really bullish.
If… pic.twitter.com/VLdoNyKBEa
— Daan Crypto Trades (@DaanCrypto) November 10, 2026
ZCSH has recorded more than $15 million in net outflows in November, not counting Tuesday. That follows $46.25 million in net outflows in October, according to SoSoValue data.
