Crypto Morning Post, January 11th | ETF continues to flow out | CZ Shouts Super Cycle ️ | A16z fixed schedule infrastructure landing ️ TL; DR (too long to read): Macro funds are under short-term pressure, with continuous net outflows from ETFs and negative premiums on Coinbase indicating sluggish sentiment during the US stock market period. CZ's call for a "super cycle" boosts confidence, with a16z's billions of funds heavily invested in 2026 infrastructure landing. The market currently presents a dual sky pattern of "mainnet volatility and on chain Meme frenzy". Today's core focus: Institutional barometer: a16z has released a heavyweight outlook, holding $15 billion and setting 2026 as the "infrastructure landing year", with a focus on betting on privacy, AI, and prediction markets. Long Short Game: On one hand, US spot ETFs have had a net outflow of nearly $400 million for three consecutive days; On the other hand, CZ quoted VanEck's prediction and shouted for a target price of $2.9 million for Bitcoin, showing passionate emotions. Regulatory dynamics: Tennessee has issued a ban on prediction platforms such as Kalshi and Polymarket, intensifying state-level regulatory friction in the United States. Hot topics on the chain: Solana ecosystem's WhiteWhale innovation high, BSC Chinese Meme flying wildly, funds are looking for high wave opportunities here. The main text is as follows: Crypto Breakfast | January 11th 1. The US spot Bitcoin ETF has a net outflow of $399 million for three consecutive days, while the Ethereum ETF has a net outflow of $93.8 million. The sustained negative premium of Coinbae can also be felt. 2. Tether invests $40-50 million in Ledn, a cryptocurrency lending project valued at $500 million. Binance and OKX will launch FOGO perpetual contract pre-market trading. ZAMA has started the first level registration stage, and currently Chinese identity KYC can also be approved. A16z released its 2026 outlook report, setting this year as the "year of infrastructure landing" (privacy and prediction market), rather than just asset speculation. 6. Polymarket introduces Taker Fees in the 15 minute short-term forecasting market. Optimizing the protocol revenue model may also potentially dampen the enthusiasm of high-frequency traders in the short term. 7. The market value of Solana's ecological meme coin WhiteWhale has briefly exceeded 200 million US dollars, setting a new historical high. The Chinese memes on BSC are flying randomly. Tennessee regulators have ordered Kalshi, Polymarket, and http://(Crypto. com) to cease providing sports event prediction services to residents of the state, and have accused these companies of violating the state's gambling laws by operating without the necessary licenses. 9. CZ: Referring to the "approaching super cycle" and citing VanEck's statement of a BTC target price of $2.9 million, CZ has been very active in placing orders recently. Bitcoin market analysis: There is nothing to write about as Bitcoin continues to cross. The opinions of the four sub levels remain unchanged. After stabilizing at $94000, it will continue to take off. Otherwise, it will continue to adjust, and the bottom support will be tested again. Chain memes have been going crazy lately, and there are so many beautiful things to play in the industry, so people still choose on chain memes. Both Sol BSC and other on chain memes have some speculative targets. A16z has integrated with 15b and focused on investing in AI and cryptocurrency projects, so starting from 2026, real landing products will be born. In terms of privacy, ai， Prediction and other aspects can be given special attention. [Risk Reminder] Digital assets have significant fluctuations and extremely high risks. Please participate with caution, avoid full positions, and refuse loan leverage;