CoinDesk
Bitcoin clawed back toward $79,000 on Wednesday Asian hours after a Tuesday dip to $77,666 left it little changed over the day and just under 2% higher on the week, with traders focused on Thursday's PPI, Friday's CPI and the Federal Reserve's Sept. 15-16 rate decision. The real capital story sat one rung down the cap table: Grayscale's Zcash ETF (ZCSH) crossed $500 million in assets two weeks after its NYSE Arca debut, taking in more than $70 million of cumulative inflows on top of a $100 million seed from DCG International Investments and pulling roughly 3% of ZEC's 16.9 million circulating supply out of float.
Why it matters
The tape has decoupled from token-specific catalysts. Brent crude pushed $100 a barrel after U.S. strikes on Iranian tankers near Kharg Island drew missile retaliation and Houthi attacks on Saudi refining capacity, while gold held near $4,407 an ounce, roughly 30% above a year ago. Those flows have pinned the 10-year Treasury yield near 4.8% and the two-year above 4.3%, with traders pricing a 60% chance the Fed hikes next week per the CME FedWatch tool. Wintermute OTC trader Jasper De Maere said the tape is now trading rates rather than anything crypto-specific.
Market impact
ZEC traded past $1,180 on the day, up more than 4%, with about $1 billion in 24-hour volume against a $20 billion market cap that carried it to tenth largest. Spot bitcoin ETFs pulled about $1 billion last week, a third straight week of inflows, with BlackRock's IBIT carrying roughly $101 billion in net assets. The friction sits on-chain: more than 71% of bitcoin supply is now in profit against 67% at comparable May prices, leaving a deeper pool of sellers each time price tests the top of its $77,200 to $82,100 range. De Maere flagged $75,000 and $82,000 as the levels into the FOMC.
Frequently asked questions
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How much did the Grayscale Zcash ETF (ZCSH) accumulate in its first two weeks?
Grayscale said ZCSH crossed $500 million in AUM two weeks after its Aug. 25 NYSE Arca debut, combining $70M+ of cumulative inflows with a $100M seed from DCG International Investments.
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How much of ZEC's supply has the ZCSH fund pulled off the market?
The fund holds more than 550,000 ZEC, roughly 3% of the token's 16.9 million circulating supply, pulled out of float in a fortnight.
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Where did Bitcoin trade during the session and what range is it holding?
Bitcoin dipped to $77,666 on Tuesday before recovering to nearly $78,900 by Wednesday Asian hours, sitting inside a roughly $77,200 to $82,100 trading band.
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What macro factors are driving crypto markets ahead of the FOMC?
Brent crude pushed toward $100 after U.S. strikes on Iranian tankers near Kharg Island, gold held near $4,407/oz, and the 10-year Treasury yield sat near 4.8%, with traders pricing a 60% chance the Fed hikes at the Sept. 15-16 meeting.
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How have spot Bitcoin ETFs been performing recently?
Spot bitcoin ETFs pulled about $1 billion last week, the third consecutive week of inflows, with BlackRock's IBIT carrying roughly $101 billion in net assets.
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