The privacy coin's spot ETF began NYSE trading Tuesday, which was one of the catalysts behind its surge to an eight-year high. Now traders are selling the news, with leverage stacked into the move.

Zcash, which trades as ZEC, broke above $880 while open interest in perpetual futures climbed to $1.8 billion.

The privacy-focused chain Zcash's native token, ZEC, surged 66% over the past week.