Grayscale's spot Zcash (ZEC) Trust more than doubled its average daily volume in April as the privacy network's shielded supply climbed to a record 30% of total circulation.

ZCSH Volume Surge

The Grayscale Zcash Trust, listed under the ticker ZCSH, averaged roughly $1.7 million in daily volume in April, more than twice the figure logged a month earlier, The Block's Data and Insights team reported.

The reading is the highest since January, though still short of the levels seen in late 2025.

Alongside the ETF activity, ZEC's shielded supply has continued to set fresh records. The Orchard pool, which uses zero-knowledge proofs, has grown from 1.92 million ZEC to 4.55 million ZEC over the past year.

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Privacy Trade Outlook

Analysts say the parallel moves point to growing institutional appetite for regulated privacy exposure. Block researchers said ZCSH activity is increasingly read as a real-time gauge of that demand, while expanding shielded supply could pressure prices higher.

ZEC last traded near $332, holding well above its February low of $191 but still capped below the $400 resistance band.

The token has staged a sharp recovery in recent weeks after Foundry launched a Zcash mining pool in April. A confirmed break above $400 would open a path toward $457 and $527, while a failure to defend $300 risks a slide back to the $240 zone.

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