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Zcash and Hyperliquid ETFs Surge as Bitcoin Lags

9/26/2026

While Bitcoin and Ether have rallied to recover significant ground, they are not the primary drivers of the recent surge in U.S. spot crypto exchange-traded funds.

The Grayscale Zcash ETF (ZCSH) has posted a remarkable 184% return year-to-date, significantly outperforming the major market leaders.

This performance marks a sharp divergence in the sector, where privacy-focused and decentralized finance assets are capturing investor attention while the broader market remains below its annual starting points.

Bitcoin neared $87,000 for the first time since January, nearly erasing its losses for the year after bottoming below $59,000 in June.

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