U.S. November ADP employment change at -32K, vs. 10K expected and 42K prior.

- Zcash (ZEC) surged 700% in 2025 as institutional crypto investments hit $25B, driven by privacy demand and infrastructure-linked strategies. - Regulatory clarity and tokenized asset innovation enabled $25B RWA market growth, linking crypto to real-world infrastructure projects like NY’s Xerox campus redevelopment. - Institutional buyers (Cypherpunk, MaelstromFund) acquired 1.43% of ZEC supply, mirroring infrastructure investments in brownfield upgrades and industrial clusters. - The November 2025 halving

- Zcash (ZEC) surged nearly 900% in Q4 2025 due to regulatory clarity, institutional adoption, and infrastructure upgrades. - The U.S. CLARITY Act and $137M Grayscale ETF, plus $18M Cypherpunk investment, boosted institutional confidence in ZEC’s opt-in privacy model. - Orchard protocol upgrades and Ztarknet’s Layer-2 rollup enhanced Zcash’s DeFi utility while preserving privacy, attracting 4.5M shielded ZEC. - However, EU regulatory uncertainty and governance debates over privacy vs. compliance pose risks