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On October 11, the market was in turmoil, but the privacy coin sector seemed to be on a roll. ZEC not only didn't drop but instead surged against the trend, with a 24-hour increase exceeding 15%, breaking through $275 to reach a recent high. The entire privacy coin sector performed well, with some coins even doubling in value. The logic behind this is quite clear: when the market experiences severe turbulence due to geopolitical risks and instability in the financial system, some smart money begins to seek real hedging tools. With centralized exchanges crashing and liquidation mechanisms lacking transparency, privacy coins, which users can fully control and whose transaction trails are difficult to trace, demonstrate their value.

During the market crash, the movement of institutional funds is particularly worth following. There is an interesting phenomenon this time: BlackRock suddenly converted 80 million in Ethereum to Bitcoin. This operation directly accelerated Ethereum's decline by 14% at the time and revealed some important signals. This indicates that institutions do choose to hedge during risk events. However, BlackRock's action of swapping ETH for BTC is quite subtle, which may suggest that in uncertain times, Bitcoin's safe-haven properties are more recognized by institutions.

The flow of institutional funds is actually a very good market indicator. Their adjustments are often not random, but based on professional judgment of market risks and opportunities. BlackRock's choice to increase its holdings in Bitcoin instead of Ethereum may reflect their belief that Bitcoin is more robust in the current environment. As ordinary investors, it is essential to follow the movements of institutional funds, while also recognizing that the time horizons and risk tolerances of institutions differ from those of retail investors. They may place more emphasis on long-term value rather than short-term volatility. So even if we see institutions temporarily withdraw, it does not mean they are bearish on the entire industry.