Ordinary investors and institutions (excluding AP) cannot directly participate in the creation or redemption of ETF shares and can only trade IBIT on the secondary market. In other words, other participants, apart from AP, cannot Create or Redeem.

The net inflow or outflow of BTC holdings commonly referred to in the market is not the result of transactions in the secondary market, but rather the changes in issued shares caused by AP creating or redeeming shares in the primary market. An increase in issued shares indicates a net inflow, while a decrease indicates a net outflow.

Moreover, trading of the ETF on the secondary market does not directly lead to inflows or outflows of BTC.

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