grayscale launched zcash invest on november 10. it runs national ads, including a wall street journal wrap, and plans $1m in zcash grants, with $400k already awarded. the ads promote zcsh, its listed fund that holds zec. zcsh shares fell 5.96% from september 30 to november 9. cash creations need zec purchases, and redemptions are cash only, so fund exits turn into zec sales. the ads add zec demand only if they reverse those outflows.
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