The Grayscale Zcash Trust (ZCSH), a spot ETF for the Zcash (ZEC) token, has averaged roughly $1.7 million in daily volume in April, more than double the figure from the previous month.

Despite still being far lower than the volumes posted in the last two months of 2025, ZEC spot ETF's recent volume uptick represents its highest level since January.

Alongside this, ZEC’s shielded supply continues to make record highs as the privacy use case continues to structurally grow.

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The Orchard pool, which uses Halo 2 zero-knowledge proofs and is the only pool meaningful ZEC holders are migrating into, has grown from 1.92 million ZEC to 4.55 million ZEC in the last 12 months. Nearly 30% of all circulating ZEC now sits behind a shielded balance, the highest ratio in history.

The price of ZEC itself currently stands at $320, up 50% in the last 30 days according to The Block's price data. Despite the strong recent performance, ZEC is still down by approximately 35% year-to-date.

It will be worth watching whether the ZCSH ETF can sustain more than $2 million in daily volume next month, as its trading activity is increasingly being viewed as a real-time gauge of regulated institutional appetite for privacy assets.

At the same time, continued growth in shielded supply could help drive another upward repricing of ZEC, echoing the move seen in the fourth quarter of last year.

This is an excerpt from The Block's Data & Insights newsletter. Dig into the numbers making up the industry's most thought-provoking trends.