Bitcoin dipped underneath $78,000 on Tuesday, touching $77,666 before buyers pushed it back up toward $78,900 during the Asian morning hours on Wednesday, based on CoinDesk figures.
This round trip left the leading cryptocurrency largely unchanged across a 24-hour period, though it remained up nearly 2% for the week. Capital instead flowed heavily into zcash, where Grayscale announced its Zcash ETF crossed the $500 million asset threshold just two weeks following its debut on NYSE Arca.
According to Grayscale, the fund—trading under the ticker ZCSH—attracted over $70 million in net cumulative inflows since its August 25 launch, in addition to a $100 million commitment from DCG International Investments.
We’re proud to share The Zcash ETF $ZCSH has crossed $500M+ in AUM.
The only $ZEC fund in the world now holds over 550,000 $ZEC.
This milestone reflects continued investor conviction in Zcash and the demand for privacy in the digital asset ecosystem.
Full announcement… pic.twitter.com/mnaVl5d3tV
The product currently holds in excess of 550,000 ZEC, representing about 3% of the token’s 16.9 million circulating supply, removed from the active float in a fortnight. ZEC climbed past $1,180 on the day, gaining more than 4%, alongside roughly $1 billion in daily volume against a $20 billion market capitalization that propelled it into the top ten coins over the past week.
Among other major digital assets, BNB stood out near $755 with a nearly 2% gain, while tron rose more than 1% to roughly 34 cents, and XRP advanced about 1% to $1.42. Ether hovered close to $2,490 and solana traded near $103, with both assets remaining virtually flat. Dogecoin hovered near 9 cents, and hyperliquid’s HYPE climbed slightly to almost $86, bringing the total cryptocurrency market capitalization to roughly $2.8 trillion.
Brent crude trended toward $100 per barrel after American strikes against Iranian tankers close to Kharg Island prompted missile retaliation alongside Houthi assaults on Saudi refining infrastructure. Gold traded near $4,407 an ounce, sitting approximately 30% higher than its level a year ago.
The strength in oil and gold prices has kept the 10-year Treasury yield anchored near 4.8% and the two-year yield above 4.3%, with market participants pricing in roughly a 60% probability of a Federal Reserve rate hike the following week, according to data from the CME FedWatch tool.
Wintermute OTC trader Jasper De Maere noted via email that the market is currently trading macroeconomic rates rather than internal crypto drivers. He added that volatility is expected to increase toward the end of the week ahead of incoming macro data and the upcoming Fed rate decision, noting that $75,000 and $82,000 remain the key levels leading into the September 15-16 FOMC meeting.
Thursday’s Producer Price Index (PPI) and Friday’s Consumer Price Index (CPI)—where core inflation is anticipated to moderate to 2.4%—serve as the final economic inputs prior to the September 15-16 FOMC gathering.
Meanwhile, analysts at Bitfinex outlined the primary test for the week in an email addressed to CoinDesk.
The analysts wrote that the key metric for the week is whether exchange-traded fund inflows maintain positive momentum through the September 9 buyback and the September 11 CPI report, even while the two-year yield remains above 4.34%. They added that a market continuing to absorb inflows despite elevated short-term yields would signal that investors no longer view the policy rate as the primary binding constraint.
Originally published at https://www.coindesk.com/markets/2026/09/09/bitcoin-recovers-toward-usd79-000-as-zcash-records-a-usd500-million-etf-haul.
