Crypto News Today: Grayscale Files for Zcash (ZEC) ETF, Institutional Adoption Drives Fresh Momentum

Key TakeawaysBreaking news: Grayscale files to convert its Zcash Trust into a spot ETFInstitutional accumulation intensifies as Nasdaq-listed Reliance Global reallocates its entire crypto portfolio into ZECTechnical resilience remains strong, with the 30-day SMA and key Fibonacci levels absorbing selling pressure and stabilizing price action.Zcash (ZEC) hovers above $500 to outperform a mostly stagnant crypto market. The move is being driven by a combination of institutional treasury reallocations, reinforced technical support, rapid growth in shielded balances, and a strengthening narrative around “compliance-ready privacy.” Breaking: Grayscale Files S-3 to Convert Zcash Trust Into Spot ETFIn a landmark development for privacy-oriented crypto assets, Grayscale has submitted an S-3 registration statement to the U.S. SEC to convert its existing Grayscale Zcash Trust into a spot Zcash ETF.Source: Grayscale on XIf approved, this would mark the first-ever regulated spot ETF for a privacy-preserving cryptocurrency—an important moment not only for ZEC holders, but for the broader push toward institutional-grade privacy technology. The Grayscale Zcash Trust currently has over $196 million in assets under management. Institutional Treasury Moves Fuel ZEC’s MomentumInstitutional activity remains the backbone of ZEC’s latest price strength. After a strategic review, Nasdaq-listed Reliance Global Group fully exited its portfolio of BTC, ETH, SOL, and other assets to consolidate entirely into ZEC. The firm then added additional cash, doubling down on ZEC as its primary long-term digital asset exposure.Source: Reliance Global Group Press ReleaseReliance emphasized Zcash’s ability to provide regulator-friendly privacy, offering transparent transactions when needed and shielded activity when confidentiality is essential. Technical Rebound Shows Stability After Weekly DowntrendZcash has also shown strong technical resilience. After an 18% weekly decline, ZEC found support at the 30-day SMA ($504.94) and held above the 50% Fibonacci retracement at $518.08.RSI: 49.53 — neutral, room for upsideMACD: -23.45 — still bearish but flatteningKey psychological level: $500Key threshold to watchA close above $569 (38.2% Fibonacci) would likely confirm a trend reversal and trigger renewed bullish momentum—especially if ETF excitement continues to build. Privacy Tech Upgrades Strengthen ZEC’s Long-Term AppealOn the fundamental end, ZEC’s protocol continues to improve. The NU6.1 upgrade , activated on Nov. 24, 2025, allocates 8% of block rewards to community grants and 12% to a coinholder-controlled fund.Source: Zcash WebsiteShielded balances now total 4.5 million ZEC (27% of supply), signalling rising demand for private, auditable transactions. Bottom Line: Breaking Down Drivers Behind ZEC’s MomentumToday’s ZEC momentum is the product of three converging forces:Major institutional reallocation, including full treasury consolidation by Nasdaq-listed firmsReinforced technical levels, stabilizing price after a sharp weekly dropRapidly evolving regulatory alignment, now punctuated by Grayscale’s surprise push for a spot Zcash ETF