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The $ZEC institutional gateway has opened, and continuous buying requires AUM proof. On the morning of September 25, OKX spot $ZEC was quoted at $1,554.69, up 3.24% in 24 hours, and approximately 97% up in the past 30 days. Perpetual positions are about $168 million, and the funding rate remains positive. In the past week, it only rose about 4.9%, with the price entering high volatility turnover after falling back from the September 23 high of $1,680. On September 22, 21Shares listed a physically-backed Zcash ETP on Euronext Paris and Amsterdam, with a 2.5% annual fee, and the underlying ZEC is held by a custodian. This adds a compliant gateway for European brokerage accounts, but product listing only means it can be bought. Subsequent changes in AUM and shares will show whether there is real incremental demand. Ledger has also natively integrated shielded balances into its desktop wallet, lowering the usage threshold for private assets. On-chain data: Last week, shielded transactions increased to 62,379, with the shielded pool holding about 4.91 million ZEC. The visible circulating supply of these coins has decreased. If the ETP scale does not grow but the price surges again amid rising positions, the main drivers may be high-leverage long holders, and a pullback would trigger concentrated liquidations. If AUM, shielded transactions, and spot trading increase simultaneously, the institutional gateway truly converts into buying pressure.