The fundamental mistake that some friends have is that the liquidation of $IBIT does not necessarily trigger the liquidation of $BTC. At least during the large-scale liquidation on Thursday, the liquidation of BTC was not caused by IBIT. The liquidation of IBIT did not lead to a large-scale sell-off of BTC by AP; in fact, the amount of BTC sold through the ETF on Thursday was even less than 6,000 coins. The liquidation of IBIT only resulted in the liquidation of IBIT itself and did not involve the selling of BTC.

In simpler terms, IBIT is just an internal cycle; buying and selling IBIT does not equate to buying and selling BTC. Therefore, the actual selling of BTC can only occur during redemptions in the primary market, which is similar to the situation with USDC.

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