Santiment: The social heat of ZEC has faded before the spot ETF launch, with the price dropping about 6% from its peak

According to a post by Santiment, Grayscale has converted its Zcash trust established in 2017 into a spot ETF, trading on NYSE Arca since August 25. The price of ZEC rose from about $509 on August 18 to about $852 on August 23, an increase of approximately 65%.

Santiment stated that social mentions peaked at 232 times on August 22, about six times the baseline level for August, and then fell back to baseline on the day the ETF launched. Interest peaked the day before the price topped, and enthusiasm had waned before the fund opened. As of the post, ZEC is about $796, down approximately 6% from its peak. The market is more in a "rumor" phase, and when the news landed, funds had already begun to exit.