There's a fundamental misunderstanding among some folks: the liquidation of IBIT doesn’t necessarily trigger the liquidation of BTC. At least during Thursday’s large-scale liquidation, BTC’s liquidation wasn’t caused by IBIT. The liquidation of IBIT didn’t lead to APs massively selling BTC. In fact, the BTC sold through ETFs on Thursday was less than 6,000 units. The liquidation of IBIT only resulted in IBIT’s liquidation and didn’t involve BTC being dumped. In plain terms, IBIT is just an internal cycle. Buying or selling IBIT doesn’t equal buying or selling BTC. So, in reality, BTC can only be sold during redemptions in the primary market. It’s the same logic as USDC.