Zcash (ZEC) has climbed above $1,600, as a new exchange-traded product (ETP) launched in Europe broadened investor access. The rise in Zcash, however, started before the ETP listing, it was confirmed.

On Sept. 24 (local time), blockchain media outlet CryptoSlate reported that 21Shares listed a physical-backed Zcash ETP on Euronext Paris and Amsterdam. The product is called the "21Shares Zcash ETP" and its ticker is ZCASH.

ZCASH trades in euros in Paris and in dollars in Amsterdam. Its international securities identification number (ISIN) is CH1608218801. Investors can gain exposure to ZEC price moves through a securities account without buying Zcash directly or holding it in a personal wallet. The product’s annual fee is 2.5 percent, and separate brokerage fees may be added.

A physical-backed ETP is structured to actually hold ZEC, the underlying asset. 21Shares said the underlying asset is held through an institutional-grade custodian, and the product’s current custodian is BitGo. Investors hold the listed ETP instead of directly holding ZEC.

21Shares said the product is the first Zcash ETP available to European investors. In Europe, single-crypto investment products are offered in the form of ETPs rather than the more common exchange-traded funds (ETFs).

The ETP listing, however, did not trigger the start of Zcash’s price rise. According to 21Shares’ official product page, ZCASH’s inception date is Sept. 21. CryptoSlate reported that Zcash was already trading around $1,540 on Sept. 19, and that rising interest at the time in a separately launched Grayscale Zcash ETF in the United States was cited as a factor behind the move.

Zcash continued to show high volatility. Its 24-hour high on Sept. 23 rose to $1,651, before returning to the $1,540 range as of the time of writing.

On-chain indicators also showed increased activity on the Zcash network. Messari estimated that the network’s weekly transfer volume exceeded $23 billion last week. That was the highest weekly volume since 2021 and the second-highest on record. The figure measures the value moved on the network and is a different concept from funds actually flowing into ZEC or the new ETP.

Shielded transactions also increased. Data citing figures from Zcash Open Development Lab showed shielded transactions on the Zcash network totaled 62,379 last week. That was the highest weekly level since 2022. Shielded transactions refer to transactions that use a function limiting transaction information visible on a public blockchain. The figure is a transaction count, not a count of unique users.

The European ETP listing is significant in that it adds a route for Zcash investors to access ZEC prices through securities accounts, beyond buying the cryptocurrency directly. Changes in ZCASH’s assets under management (AUM) could become a separate indicator for gauging product demand through European securities accounts.

ETP asset changes, Zcash network transfer volume and the number of shielded transactions are different indicators. It is therefore necessary to separately verify how much investor money actually flows in after the European ETP launch, and whether the recent rise in on-chain activity continues.