Zcash reached a $26.27B market cap in 2026 following Grayscale's conversion of its Zcash Trust into a spot ETF (ZCSH) on NYSE Arca in August, attracting $233M in net inflows within weeks. The network completed its transition to the Halo 2 proving system, eliminating trusted setup requirements, while derivatives markets showed significant leverage with futures volume nearly nine times spot turnover and forced liquidations totaling $157.91M.