U.S. Spot Zcash ETFs Bled $9.88 Million in a Single Day

U.S. spot exchange-traded funds tied to Zcash (ZEC) posted $9.8797 million in net outflows on Thursday, Nov. 12 (ET), according to daily flow data, with a single product — the Zcash ETF (ZCSH) — accounting for the entire withdrawal.

The concentration matters. ZCSH's outflow matched, to the dollar, the total reported across all U.S. spot ZEC funds that day, meaning no other fund in the category saw net creations or redemptions large enough to offset or add to the move. For a young ETF category, one-product days like this are common — but they also mean the segment's headline flow numbers now swing on a single fund's redemption activity rather than a broad base of investor behavior.

The Nov. 12 withdrawal wasn't isolated. ZCSH also recorded a $2.1708 million net outflow on Nov. 9, an earlier session covered in a previous update on Zcash and Hyperliquid ETF flows.

What do the cumulative numbers show?

Despite the daily redemptions, the category's longer-term picture remains in positive territory. Cumulative net inflows for U.S. spot ZEC funds stood at $182 million, while total net assets across the products reached $526 million.

One caveat worth flagging: the daily outflow figure and the cumulative inflow figure cover different time periods. The $182 million represents money that has moved into the funds since they began trading, while the $9.8797 million is a single-session reading. The two numbers can point in opposite directions on any given day without contradicting each other.

The gap between the two metrics also frames the scale of the redemption. A $9.88 million single-day outflow equals roughly 1.9% of the category's $526 million in total net assets — a meaningful but not destabilizing pull for a fund suite of this size.

Why single-fund outflows matter for a thin ETF category

When one product drives 100% of a category's daily flow, the headline number says more about that fund's authorized-participant activity and its largest holders than about market-wide sentiment toward the underlying asset. In this case, the Nov. 12 reading reflects redemption pressure concentrated in ZCSH specifically, not a coordinated retreat from ZEC exposure across every U.S. listing.

That distinction matters for anyone reading ETF flow tables as a sentiment proxy. A category-level number built from one fund's outflow can look like a broader rotation out of the asset when it is, in practice, the trading decision of a narrow set of market participants.

What comes next

With cumulative inflows still positive at $182 million and net assets at $526 million, the category's trajectory will depend on whether the redemption pattern that began Nov. 9 and continued Nov. 12 extends into subsequent sessions — or reverses as it did after earlier outflow episodes.