This on-the-spot product has an unusual setup: on September 18, it announced a 1-for-3 stock split; it was registered on September 28; it began trading under the new shares on September 30. And September 30 happened to be the heaviest outflow day, with a net daily redemption of $30.25 million. This week it recorded its first weekly net outflow of $93.6 million. Just two weeks ago it had entered with $98.2 million—those two moves nearly went back along the same path.
First, let the numbers line up. The “flow” figure for this week is the net amount of inflow and outflow: $93.6 million. The “stock” figure is the total amount the product holds, about $750 million. The media is focused on the first item; the second item only fell from a peak of about $915 million—it didn’t disappear. The 2.5% management fee isn’t either flow or stock; it’s the annual payment that holders pay.
I’m checking cumulative net inflows. It started from zero on the day it listed on August 25, surged to about $271 million over two months, and has since retreated to around $213 million. The money that went in didn’t just sit in place; the accounting moved the gap between the two figures.
Look at the four names laid out. For this week, how much did the in-and-out move relative to its own stock? Zcash had a net outflow of $93.6 million and stock of about $750 million—flow accounted for about one-eighth. Bitcoin had a net inflow of $82.9 million and stock of about $107.9 billion—about eight-tenths of one percent (one-thousandth). Ethereum saw net outflows for four straight trading days, totaling about $118 million, with stock of about $17.8 billion—roughly one-sixteenth. Ripple had a net inflow of $3.1 million and stock of about $1.4 billion—about one-fortieth.
Within the same week, Zcash’s in-and-out was heavy relative to its own stock at one-eighth; the other three were still below one-sixteenth. The $98.2 million that entered two weeks ago has almost been given back this week.
$93.6 million is the flow number; the stock still remembers about $750 million. Flow reversal only shows that holders swapped hands; the supply amount didn’t change at all. Next week, if daily net redemptions shrink back to below $10 million and the cumulative net inflow stops going downward, then that kind of reading—treating timing as causality—has to be revised. With both places the numbers stayed as they were; I’ll keep this way of reading for now.
Divide this week’s in-and-out by each one’s respective stock. Only Zcash reaches one-eighth. For the platform token BNB, those figures can be checked day by day on Binance—the books match themselves. $ZEC
$ZAMA
$ZK
#zcash现货etf首现周度净流出9360万美元
First, let the numbers line up. The “flow” figure for this week is the net amount of inflow and outflow: $93.6 million. The “stock” figure is the total amount the product holds, about $750 million. The media is focused on the first item; the second item only fell from a peak of about $915 million—it didn’t disappear. The 2.5% management fee isn’t either flow or stock; it’s the annual payment that holders pay.
I’m checking cumulative net inflows. It started from zero on the day it listed on August 25, surged to about $271 million over two months, and has since retreated to around $213 million. The money that went in didn’t just sit in place; the accounting moved the gap between the two figures.
Look at the four names laid out. For this week, how much did the in-and-out move relative to its own stock? Zcash had a net outflow of $93.6 million and stock of about $750 million—flow accounted for about one-eighth. Bitcoin had a net inflow of $82.9 million and stock of about $107.9 billion—about eight-tenths of one percent (one-thousandth). Ethereum saw net outflows for four straight trading days, totaling about $118 million, with stock of about $17.8 billion—roughly one-sixteenth. Ripple had a net inflow of $3.1 million and stock of about $1.4 billion—about one-fortieth.
Within the same week, Zcash’s in-and-out was heavy relative to its own stock at one-eighth; the other three were still below one-sixteenth. The $98.2 million that entered two weeks ago has almost been given back this week.
$93.6 million is the flow number; the stock still remembers about $750 million. Flow reversal only shows that holders swapped hands; the supply amount didn’t change at all. Next week, if daily net redemptions shrink back to below $10 million and the cumulative net inflow stops going downward, then that kind of reading—treating timing as causality—has to be revised. With both places the numbers stayed as they were; I’ll keep this way of reading for now.
Divide this week’s in-and-out by each one’s respective stock. Only Zcash reaches one-eighth. For the platform token BNB, those figures can be checked day by day on Binance—the books match themselves. $ZEC
$ZAMA
$ZK
#zcash现货etf首现周度净流出9360万美元
