Grayscale's Zcash Trust trading volume jumps in April as ZEC's privacy share hits a record

Grayscale's Zcash Trust averaged about $1.7 million in daily trading volume in April, roughly double the prior month and the strongest level since January, The Block reported. Activity still remained below the volumes recorded in the final two months of 2025. Zcash's shielded supply also set a new high. Over the past 12 months, the Orchard privacy pool expanded from 1.92 million to 4.55 million ZEC, putting roughly 30% of circulating ZEC in privacy-protected form—the highest share on record. ZEC has gained about 50% over the past 30 days to $320, though it is down roughly 35% year-to-date. Grayscale has filed a registration statement with the SEC to convert the Zcash Trust into an ETF.