Zcash is going up because new access through Grayscale’s ZCSH product, heavy short liquidations, growth in shielded balances, the completed Orchard fix and a broader crypto rally all converged around the same time. ZEC broke $1,000 on September 4 and traded above $1,200 two days later.
ChangeNOW data shows that users followed the move. ZEC swap activity rose 99.01% from August 31 to September 6, with a 217.58% daily increase recorded on September 3.
Data cutoff: September 7, 2026
Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency prices are highly volatile. Research the asset and assess the risks before making a transaction.
Grayscale’s Zcash ETF began trading on NYSE Arca under the ticker ZCSH on August 25. It gives investors spot exposure to ZEC through shares available in brokerage accounts.
ZCSH shareholders track the value of the fund’s ZEC holdings but do not own coins in a personal wallet. The listing gave investors another way to gain exposure as demand for ZEC was already rising.
ZEC opened September 4 near $828 and later touched $1,023. CoinDesk reported $36.6 million in liquidations over 24 hours, including approximately $34.5 million in short positions.
Short sellers close their positions by buying the asset back. As ZEC climbed, forced purchases added more demand and pushed the price through $1,000.
ZEC crossed $1,000 as approximately $34.5 million in short positions were liquidated. Source: CoinDesk, September 4, 2026.
The squeeze explains the speed of the final move above $1,000. ZEC had been climbing for months before the liquidations began.
Zcash transactions can be transparent or shielded. A shielded transfer can conceal the sender, recipient and amount. Viewing keys allow selected transaction details to be shared when needed.
The amount of ZEC held in shielded addresses increased from 4.32 million to 4.85 million over three weeks, according to Invezz. The increase shows that more coins entered Zcash’s private address system, although the data does not reveal who moved them or why.
Monero makes privacy the default, while Zcash allows users to choose between transparent and shielded transfers. Our ZEC vs XMR comparison covers the practical differences. Other approaches to confidential transactions are included in our privacy coin guide.
Zcash entered the September rally after addressing the vulnerability affecting its Orchard shielded pool. The project temporarily disabled affected actions, released the NU6.2 fix and reported no evidence of exploitation or unauthorized ZEC creation. Our Zcash news update covers the original disclosure and market reaction.
Ironwood activated on July 28. The upgrade closed the old Orchard pool and required outgoing funds to pass through a transparent turnstile, allowing the supply to be checked during migration.
The fix removed a known security concern before the September breakout. Our Ironwood analysis follows the upgrade timeline and ZEC activity around it.
ZEC crossed $1,000 during a positive session across the crypto market. Bitcoin returned above $81,000 as traders lowered their expectations of a September US interest rate increase.
Zcash led the session with a gain of approximately 15%, according to CoinDesk. Improving market conditions supported the move, while ZCSH and the short squeeze gave traders reasons to concentrate on ZEC.
ZEC swap activity declined 17.4% from August 24 to August 30. It increased 99.01% the following week, from August 31 to September 6.
The largest daily increases occurred close to the breakout:
ZCSH started trading on August 25, during the week when activity fell. ChangeNOW users became more active the following week as ZEC approached and crossed $1,000.
We also checked the breakout against LunarCrush. ZEC’s social dominance measured 1.60% at the September 3, 22:00 observation and 3.27% at September 6, 23:00. Its share of tracked crypto discussion roughly doubled between those readings.
The engagements chart displayed 6.32 million at September 3, 22:00 and 14.23 million at September 7, 01:00. ZEC traded at $1,246.06 at the later observation.
LunarCrush displayed 6.32 million engagements with ZEC at $964.63 on September 3, 2026, at 22:00. Time as shown on the chart.
The later reading was more than twice as high, with ZEC trading above $1,200.
LunarCrush displayed 14.23 million engagements with ZEC at $1,246.06 on September 7, 2026, at 01:00. Time as shown on the chart.
While swap direction is needed to perfectly distinguish buying from profit-taking, the simultaneous surge in both swap volume and social chatter points to a strong feedback loop – rising prices fueled discussion, which in turn drove users to execute trades.
Example of a BTC-to-ZEC exchange on ChangeNOW. The estimated amount changes with the market rate.
ZEC network options available on ChangeNOW as of September 7, 2026. The selected network must match the receiving wallet.
Methodology: ChangeNOW figures measure platform-specific swap activity. LunarCrush values are readings at selected timestamps, not verified calendar-day totals. The chart timezone was not shown. The datasets do not establish which activity led the other.
A post titled “Sold my Z cash at $400” drew comments about missed profits, possible re-entry prices and the risk of buying after ZEC had already moved above $1,200.
The thread shows that users weren't just celebrating the price jump. Many regretted selling too early, but were afraid to buy back in at the new highs.
This mix of FOMO and caution is a common reaction from retail traders when a coin suddenly breaks out. Keep in mind, this is just a snapshot of the community's mood, not evidence of market-wide demand.
Honestly? It’s anyone’s guess. Pauline Shangett from ChangeNOW believes ZEC already rallied hard on the ETF news, so it probably won't pump much higher right now. But if the whole market takes off closer to the New Year, expect ZEC to jump right along with it.
Until then, here are the three price levels to watch:
A move from $1,200 to $1,500 would add another 25% to the ZEC price.
ZEC futures open interest reached about $2.3 billion during the move through $1,000, according to CoinDesk. Crowded leveraged positions can accelerate another rise or deepen a correction.
Spot trading volume, futures funding rates, ZCSH activity and ChangeNOW swaps will show whether demand continues after the breakout week.
Why Are Ethereum Gas Fees So Low in 2026?
Discover why Ethereum gas fees cost less now, what transfers and swaps use and what could push mainnet fees back up.
Baby Doge Ecosystem Overview
When it comes to cryptocurrencies, innovation knows no bounds. If you're a crypto enthusiast with a soft spot for our four-legged friends, then you're in for a treat – the Baby Doge ecosystem is here to steal your heart.
Top Stablecoins to Swap in 2026
Discover nine stablecoins, four backing models and the network mistakes to avoid before a swap.
