Ethereum will undergo a major upgrade called Fusaka on December 3, 2025. This is Ethereum's third milestone update since The Merge and the Dencun upgrade. It aims to significantly improve the network's scalability, reduce transaction costs, and optimize node operating efficiency. It also focuses on upgrading and optimizing functions related to account abstraction.

The crypto market has recently experienced a significant rebound, with Bitcoin breaking through $94,000 and stabilizing above the key level. Sentiment and liquidity have seen a temporary recovery. However, this rebound is mainly driven by improved expectations for macro liquidity, the return of funds after the panic selling, and a technical rebound, and is not enough to prove the systemic start of a bull market.

In the future, prediction markets are expected to become an "information pricing layer" embedded in social media, news, and financial terminals, while entrepreneurial and investment opportunities will mainly focus on key infrastructure areas such as rules and oracles, liquidity and capital efficiency, distribution and interaction, and compliance and AI integration.

By the end of 2025, the crypto market will be in a period of deep volatility driven by a high degree of macroeconomic factors: although Bitcoin is still in the high range of $90,000, sentiment has fallen to the level of extreme fear since the 2020 pandemic. The massive outflow of ETFs in a single day, the structural turnover of whales and retail investors selling at a loss have formed a typical "redistribution of chips" in the middle of a bull market.

This report uses the surge in Zcash (ZEC) as a starting point to systematically analyze the technological evolution, valuation repricing, and medium- to long-term investment logic of the privacy coin sector.

In November 2025, the crypto market will be at a structural turning point: after fiscal recession and peak interest rates, liquidity will flow back to the private sector, risk assets will become more differentiated, and the U.S. Treasury General Account (TGA) will only receive funds and not withdraw them due to the U.S. government shutdown. The balance will expand from about $800 billion to more than $1 trillion, which is equivalent to withdrawing about $200 billion of liquidity from the market and exacerbating the tightness of funds in the banking system.

The x402 protocol, jointly launched by Coinbase and Cloudflare in 2025, aims to build a native payment layer for the internet by activating the HTTP 402 status code, which has been dormant for thirty years.

Stablecoins have evolved from "crypto-native settlement chips" to "global digital dollar infrastructure."

Looking ahead to the fourth quarter of 2025, the market is likely to enter a cycle of "risk repricing" and "deleveraging", with overall volatility remaining high. BTC and ETH may seek to bottom out at key support levels.

Web3 is self-hosted, verifiable on-chain, and globally accessible, and relies on oracles, partial liquidation, unified collateral, and fund reuse to improve capital efficiency.

美联储主席鲍威尔在9月降息25个基点后强调，美国货币政策依旧处于微妙平衡：一方面，通胀虽回落至接近目标，但仍面临粘性风险；另一方面，就业增长放缓，劳动市场的疲态逐步显现。

数字资产金库（Digital Asset Treasury，DAT）近年来成为资本市场与加密市场交汇的一种全新现象。

本研报在回溯2019/2020/2024三轮降息期的基础上，结合最新就业与通胀数据、美元与黄金的价格信号，以及ETF申赎与稳定币供给等高频指标，提出“降息=条件触发而非单一催化”的核心判断。

过去两年，去中心化衍生品赛道迎来爆发式增长。随着CeFi的监管与信任危机不断显现，用户对于“高性能、透明、可验证”的链上衍生品平台需求快速上升。

美联储主席鲍威尔在杰克逊霍尔年会释放明显鸽派信号，暗示9月大概率降息25个基点。市场对降息预期的概率一度升至91.1%，推动风险资产集体反弹。