may be because 100 - 100 in alpha channel = 0 ?
Yes, I think so.
also, because default png render both for ffmpeg and native NOT using alpha channel - be sure to select rgba format for ffmpeg and check alpha checkbox for png ....
I tried to render with native png and initially result loads/shows up in resources wrongly because it uses just png not png alpha (?) yet loading same png standalone via ffmpeg shows up alpha in image correctly ....