Zcash just had its strongest week in years, but this move is now a test of real demand, not just a headline.

ZEC is up roughly 60% on the week and briefly touched $850 as traders reprice the token around Grayscale’s proposed Zcash ETF and a tighter supply story. Cypherpunk’s mining expansion, reported at about 18% of network hashrate, adds another reason the market is paying attention.

The risk is that positioning has heated up just as fast as price. Futures volume is nearing $10 billion in 24 hours and open interest is close to $1.8 billion, which suggests leverage and short covering are helping drive the move.

That makes the $800 area the key level after the ETF launch. If ZEC holds there and pushes back through $850 on steady spot demand, the breakout still has fuel. If it loses $800 and slides under $750, this starts to look less like fresh conviction and more like an overcrowded ETF trade unwinding.