Crypto ETFs Are Surging Despite Bitcoin and Ether Not Leading the Gains
Cryptocurrency spot ETFs have seen a surge in performance over the past week, with Bitcoin nearing $87,000 for the first time since January. However, despite this rally, major crypto assets like Bitcoin (BTC-USD) and Ethereum (ETH-USD) are still below their all-time highs and 2026 starting levels. The recent ETF gains appear to be driven by a broader risk-on market sentiment rather than specific regulatory developments or industry news. Among the standout performers in the U.S.-listed crypto ETF space is Grayscale Zcash (ZCSH), which has surged over 184% year-to-date, outperforming nearly all other funds. This growth reflects renewed interest in privacy-focused cryptocurrencies like Zcash and increased accessibility through its recent conversion to an ETF structure. Another notable performer is the Bitwise Hyperliquid ETF (BHYP), up 118% since launching in May. Hyperliquid's blockchain model ties token value directly to platform activity, offering a novel approach that differentiates it from traditional models like Ethereum.
Topics: Bitcoin price movement Crypto ETF performance Ether recovery Privacy coins