Grayscale ZEC ETF Split Intensifies Privacy-Coin Flow Trade

Grayscale announced a 3-for-1 split of its ZEC spot ETF amid reported $233M inflows and ETF exposure equivalent to roughly 3% of ZEC supply. The 2.5% fee, possible legacy-trust migration, concentrated mining and miner profitability make sustained external inflows and post-split liquidity the key confirmation signals.