Today, I saw a lot of information saying that this round of decline is closely related to BlackRock's $IBIT liquidation. This should be discussed in two steps. First, in the primary market, although there is indeed a net outflow of $BTC spot ETF, the outflow is not significant. The outflow from BlackRock investors is less than 3,000 Bitcoins, which is not enough to affect the spot trend. Even if all ETF institutions in the U.S. were to withdraw, it would be less than 6,000 BTC.

However, ETFs are not just in the primary market; there is also the secondary market. Indeed, the secondary market has seen the largest trading volume in history, possibly due to exorbitant liquidations, but this part of the liquidation is unrelated to BTC spot; it is merely the liquidation between ETFs. The BTC behind the ETFs has not yet seen large-scale selling.

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