Grayscale's Zcash Trust trading volume doubled compared to the previous month, and ZEC shielded supply hit a record high.

CoinFeed reported on April 30th that, according to The Block, Grayscale's Zcash Trust (ZCSH) saw an average daily trading volume of approximately $1.7 million in April, more than doubling from the previous month and reaching its highest level since January, although still far below the trading volume of the last two months of 2025. Meanwhile, with the continued structural growth of privacy use cases, the shielded supply of ZEC continues to reach record highs. The ZEC privacy pool, Orchard, has increased from 1.92 million ZEC to 4.55 million ZEC in the past 12 months, and currently nearly 30% of the circulating ZEC is under privacy protection, the highest proportion ever. The price of ZEC has risen 50% to $320 in the past 30 days, but is still down about 35% year-to-date. Grayscale has previously filed a registration statement with the SEC, planning to convert the Zcash Trust into an ETF.