The Grayscale Zcash Trust (ZCSH), a spot ETF for Zcash (ZEC) tokens, has seen its average daily trading volume double to approximately $1.7 million in April, marking the highest level since January. This increase comes despite the volume still being below the peak levels of late 2025. Concurrently, ZEC's shielded supply has reached an all-time high, with nearly 30% of circulating ZEC now held in protected balances. The growth in shielded supply is driven by the Orchard pool, which utilizes Halo 2 zero-knowledge proofs, attracting significant migration of ZEC holders. Over the past year, the amount of ZEC in the Orchard pool has increased from 1.92 million to 4.55 million. ZEC's price has risen 50% over the past 30 days to $320, although it remains down 35% for the year. The sustained increase in ETF trading volume and shielded supply could influence future price movements, reflecting regulatory demand for privacy assets.