Why Zcash soared to $1,600 as Europe unlocks new ETP access

21Shares has launched a Zcash ETP, a physically backed exchange-traded product, on Euronext Paris and Amsterdam, opening a brokerage route to ZEC for European investors. The issuer announced the listing on Sept. 22 as Zcash rallied, but the price advance began before the product arrived.

The 21Shares Zcash ETP trades as ZCASH, with a euro listing in Paris and a dollar listing in Amsterdam. Its ISIN is CH1608218801. The product holds ZEC through its structure, giving investors price exposure without requiring them to buy or custody tokens directly. Its annual fee is 2.5%, and brokerage charges may add to the cost. The investor holds the listed product while the underlying ZEC is kept within its custody structure, a different experience from acquiring coins and moving them between personal wallets. In its launch post, 21Shares called it the first Zcash ETP available to European investors.

The distinction between product inception and public launch matters here. The issuer's product page gives Sept. 21 as the inception date, while its listing announcement came Sept. 22. ZEC was already trading around $1,540 on Sept. 19, when CryptoSlate covered a rally tied to growing attention on Grayscale's separate U.S. Zcash ETF. The European product therefore adds a new access point to an established price move.

On Sept. 23, Zcash recorded a 24-hour ZEC high of $1,651 before retracing to around $1,487 as of press time.

Weekly activity reaches multiyear highs

Messari reported more than $23 billion in Zcash transfer volume last week, its highest weekly total since 2021 and second-highest on record. That measure counts value moving on the network. Capital flows into ZEC or the new ETP require different data, so the $23 billion figure describes network movement rather than fresh investment.

On X, Zodl reported 62,379 shielded transactions last week, the highest weekly reading since 2022. Shielded transactions conceal details that would otherwise be visible on the public chain. The count measures transactions rather than distinct users. Subsequent weekly readings will show whether that level of shielded activity persists.

The new European listing and the two activity readings give investors fresh ways to assess Zcash beyond its price. Changes in ZCASH's assets will offer a separate gauge of take-up through European brokerage accounts. Those signals will develop on different timelines as the product begins trading.