What supports Zcash when the asset generates no cash flow? Zcash’s rally has been supported by a steady decline in tradable supply. Users move ZEC into the shielded pool to hold private balances, and those coins tend to stay there. The share of circulating ZEC in the shielded pool rose from roughly 8% in early 2024 to about 30% by May 2026. Zcash was also drawing interest from larger investors. Nasdaq-listed Cypherpunk targeted 5% of the supply while Grayscale filed for a US Zcash ETP. That support depends on confidence in the shielded pool.(Delphi Digital)