I disagree with this point; I lean towards the reason being IBIT's large-scale liquidation. 1. Although on the surface, it seems like IBIT's primary market hasn’t sold much BTC, you have no idea how much BTC market makers/arbitrageurs in the secondary market sold or shorted on crypto exchanges to hedge against the pressure. 2. Or to put it simply: Would IBIT’s massive sell-off in the secondary market lead to a drop in BTC price? Of course, it would. The transmission path doesn’t necessarily go through the primary market redemption of BTC. Or rather, the primary market redemption of BTC is too slow to hedge in time.