Important Information
【Significant Net Outflows in U.S. Crypto ETFs; XRP Spot ETF Records First Net Outflow Since Launch】
Since January 7, U.S. spot Bitcoin ETFs have seen a net outflow of approximately $486 million, primarily driven by Fidelity's FBTC and BlackRock's IBIT; spot Ethereum ETFs recorded a net outflow of about $9.845 million on the same day. XRP spot ETF experienced its first daily net outflow since上市 in November 2025, amounting to roughly $40.8 million.
Impact/Insight: A weakening funding environment combined with profit-taking and macro uncertainty (e.g., employment data) is dampening risk appetite, temporarily weakening the upward momentum of major cryptocurrencies; it also reflects that crypto ETF flows are becoming more 'trading-oriented,' exerting more frequent marginal impacts on prices.
（Barrons：https://www.barrons.com/articles/bitcoin-crypto-price-today-434a0257）
Industry Trends
The Zcash core development team has collectively left ECC and will form a new company.
On January 7, all employees of Electric Coin Company (ECC), the developer of Zcash, resigned due to a governance conflict with its governing entity, Bootstrap (some of whose directors are referred to as "ZCAM"). Former ECC CEO Josh Swihart stated that the team would form a new company to continue advancing the vision of "privacy currency," and that the protocol and network operation would not be affected. The market reacted to the uncertainty the following day.
Impact/Insights: In the short term, this creates uncertainty regarding ZEC's sentiment and roadmap, potentially leading to a rebalancing of development pace and governance structure; privacy-related assets may experience "event-driven" volatility, triggering a re-examination of project governance. The significant intraday price pullback in ZEC further amplified this impact.
（Theblock：https://www.theblock.co/post/384737/zcash-developers-form-new-company）
Price Dynamics
[Bitcoin] $BTC
Driver Analysis: The main impact was the net outflow of approximately $486 million from the US stock spot Bitcoin ETF on January 7th, coupled with increased risk aversion and profit-taking sentiment ahead of the release of US employment data, which suppressed short-term risk appetite.
【Zcash】$ZEC
Driving analysis: The main impact was the governance event of "all ECC employees leaving to form a new company," which triggered selling pressure due to market concerns about the future R&D roadmap and governance stability.