Is not fadeing in black, is fadeing in background.
If you put other color/image on other inferior layer number you will see that color/image in background.
Your case is like this:
You are overlaying 2 items.
Your first item has 50% transparency during transition out: you will see 50% white, 50% background (as default virtual output has a black background).
Your second item has 50% transparency during transition in: you will see 50% white and 50% of the first item => 50%white + 25%white + 25% background.
#XPression