Yesterday, that chain was using its own money to buy its own tokens. Today, the money is flowing outward. That privacy coin ETF was redeemed for $126 million. The same token—last week, another issuer submitted a filing saying they want to launch another one. The affiliated fund of the filing issuer stated its intention to buy up to $100 million. September 22nd was the last day this fund saw inflows. In the following 14 trading days, the net amount never turned positive even once. Cumulative net subscriptions dropped from $306 million to $180 million—40% of the new money is gone. Money flows out, and the token price follows. On September 26th, it peaked at $1698, and now it’s at $1210. Same time last year, it was $249—this year, it’s up nearly fourfold. Thirty percent of the tokens on-chain are still locked in the privacy pool. So, who pushed it to that September 26th peak? It definitely wasn’t this fund.