#加密市场观察 Crypto Daily(12.30): Bitcoin ETF sees significant net outflows, Solana ETF defies the trend with inflows, ZEC breaks $500, institutions continue to increase BTC holdings

1. Bitcoin and Ethereum ETF Capital Flows
On December 29, the US Bitcoin ETFs experienced large net outflows, with 10 Bitcoin ETFs net outflow of 3,495 BTC (approximately $30.6 million), and 9 Ethereum ETFs net outflow of 17,969 ETH (about $5.27 million). This was mainly due to end-of-year institutional fund adjustments and decreased market liquidity. Solana ETF defied the trend with a net inflow of 6,401 SOL (about $794,000) in a single day, and a total net inflow of 117,433 SOL (about $14.56 million) over 7 days, reflecting changing market preferences for specific cryptocurrencies.

2. Zcash (ZEC) Independent Market Performance and Positioning Analysis
Zcash (ZEC) showed independent price movement during Bitcoin's sideways trend, breaking through $500, with a nearly 40% increase from its recent low, and a market cap rising to about $7 billion, making it one of the highest market cap privacy coins. The key drivers of this rise include privacy demand (countering surveillance states, CBDC programmable control risks) and privacy hedging needs in the context of institutionalization of Bitcoin. Its zero-knowledge cryptography technology is difficult to replicate with other assets. Technical upgrades (such as Sapling, Orchard) lowered transaction barriers, improved user experience, and helped ZEC shift from a "marginal asset" to a mainstream privacy hedge tool.

3. Centralized Exchange (CEX) Bitcoin Capital Flows (Inflow and Outflow)
In the past 24 hours, major CEX platforms experienced a net outflow of 1,706.50 BTC, with Kk (1,115.87 BTC), OK (426.06 BTC), and Bn (392.39 BTC) being the main outflow platforms. Bt had a net inflow of 509.45 BTC (possibly due to active derivatives markets). Galaxy Digital recently transferred about 447 BTC to CEX, worth approximately $39 million, suspected to be short-term trading activity, reflecting institutional responses to market sentiment changes.

4. Listed Company Bitcoin Purchase/Accumulation Activity
Nasdaq-listed iPower completed its first digital asset purchase, buying 15.1 BTC at an average price of $87,686.33 and 301.1 ETH at an average price of $2,934.67, planning to continue increasing holdings in the coming weeks. The world's largest publicly listed Bitcoin holder, Strategy (MSTR), increased its holdings by 1,229 BTC last week through issuing new common stock, bringing total holdings to 672,497 BTC, with a total cost of $50.44 billion and an average buy-in price of $74,997, continuing its Bitcoin treasury strategy.