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Institutional Financial Analysis

Home/Markets & Investing/CRYPTO IRS RULING · BITCOIN ETF

SEC No-Action Decision Drives Zcash Market Cap Above $5.5 Billion

RW

Reagan Winters

crypto IRS ruling · Apr 9, 2026

SEC No-Action Decision Drives Zcash Market Cap Above $5.5 Billion

Source: DojiDoji Data Terminal

Zcash's market cap grew to above $5.5 billion, closing the gap on Monero's $6.2 billion valuation for the first time since early 2025. The jump was triggered by a 24.75% single-day gain on April 8, which moved the price from $253 to $314.70. This rally was supported by a broader risk-on move following a U.S.-Iran ceasefire announcement.

Related Brief1d ago
cryptocurrency

Institutional ETF Inflows Reduce Available Bitcoin Supply

Available Bitcoin supply on exchanges is reduced when authorized participants purchase actual Bitcoin to back new shares generated by ETF inflows. On April 9, U.S. Spot Bitcoin ETFs recorded $358.1 million in net inflows, led by BlackRock’s iShares Bitcoin Trust (IBIT) with $269.3 million. Fidelity’s Wise Origin Bitcoin Fund (FBTC) contributed $53.3 million and Morgan Stanley’s MSBT added $14.9 million. Bitwise (BITB) added $11.7 million and Ark Invest (ARKB) added $4.8 million. Franklin Templeton (EZBC) and VanEck (HODL) each added over $2 million. Long-term holders expanded their holdings to 4,370,000 bitcoin as of April 7.

Underlying this move was a regulatory shift. In January 2026, the SEC completed a review of Zcash that had been open since 2023 and decided not to take enforcement action. This no-action decision removed the single biggest overhang that had kept institutional capital away from ZEC for years.

Related Brief1d ago
cryptocurrency

Institutional Bitcoin ETF Inflows Surge to $600 Million Over Two Days

U.S. spot Bitcoin ETFs now hold 721,000 BTC, valued at approximately $56.7 billion. The accumulation happened through two consecutive days of strong accumulation. U.S. spot Bitcoin ETFs pulled in $358.1 million in net inflows on April 9, led by BlackRock’s iShares Bitcoin Trust (IBIT), which captured $269.3 million. Fidelity’s Wise Origin Bitcoin Bitcoin Fund (FBTC) added $53.3 million, while Morgan Stanley’s newly launched ETF attracted $14.9 million. Other contributors included Bitwise’s BITB ($11.7 million) and ARK 21Shares’ ARKB ($4.8 million). On April 10, ETFs recorded another $240 million in net inflows, with BlackRock's IBIT leading with $137.6 million and Fidelity's FBTC adding $78 million. This surge follows a brief retreat where nearly $250 million in outflows occurred over two sessions. The rapid return of capital underscores how quickly institutions can actually rotate into crypto exposure when risk conditions improve.

Following the SEC's decision, institutional interest intensified. Foundry Digital announced plans to launch an institutional ZEC mining pool, while a Winklevoss-backed treasury firm disclosed accumulation. Grayscale formally filed to convert its Zcash Trust into a U.S.-listed spot ETF, the first-ever privacy coin ETF application. ZEC jumped 24.75% on April 8, climbing from $253 to $314.70.

Related Brief1d ago
geopolitical finance

Iran's Proposed Oil Tolls in Bitcoin Would Bypass Sanctions-Based Financial Blockades

Oil tankers passing through the Strait of Hormuz would pay approximately $1 per barrel of oil in crypto to bypass sanctions-based financial blockades. This proposed system would allow Iran to collect millions of dollars per shipment in digital assets. The Strait of Hormuz is a critical route for nearly 20% of global oil supply. Iran is exploring the use of Bitcoin, an asset that operates outside centralized control. Because Bitcoin operates without a central authority, foreign governments would be unable to freeze or block these transactions.

crypto IRS rulingBitcoin ETF

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