I am very happy to discuss the liquidation issue of IBIT with Teacher Jiang. Firstly, we need to clarify a few details. 1. Bitcoin spot ETFs trade ETFs instead of BTC 2. The secondary market trading of BlackRock spot ETF is IBIT, and only IBIT is traded 3. Spot ETFs only involve buying and redeeming Bitcoin in the primary market, which is provided by various APs (although not market makers, they can be understood as market makers) to BlackRock. When users in the primary market need to issue new IBITs, BlackRock requires AP to provide BTC spot as a "voucher" for the corresponding issuance of IBITs. And these BTC are stored in custodial wallets, which cannot be used or traded by BlackRock or any organization, and are subject to regulation. The current custodian is Coinbase. When users in the primary market need to redeem IBIT, BlackRock needs to transfer BTC to AP, who sells BTC and then transfers the funds to BlackRock, who completes the redemption. 6. The key point is that providing or selling BTC on AP may not necessarily be through the market, especially not through the secondary market. AP itself may store BTC, and for AP, it only needs to complete the transaction in BTC or USD within T+1 time. So, the less than 6000 BTC sold across the United States on Thursday is all the BTC sold by ETFs, and not all of this may enter the market, even if the maximum number of BTC sold is 6000. 7. IBIT itself tracks the price of Bitcoin, which is also very important ‼️， ETFs correspond to prices, not BTC itself, which is similar to MSTR (only in the form of expression, different structure). If MSTR rises, it must be BTC rising, and if MSTR falls, it must be BTC falling? This is definitely not believed by anyone. Will changes in the stock price of MSTR itself affect the price of BTC? There is definitely no direct transmission, as MSTR is an independent asset. IBIT is no exception. IBIT tracks the price trend of BTC. If BTC rises, IBIT will rise 99.99%. However, if BTC rises by 20% today and BlackRock suddenly sends out information that all BTC stored has been stolen and cannot be compensated, then IBIT will definitely fall. That's the truth. 8. Will the secondary market of IBIT affect the price of BTC spot? There is no direct transmission here. Teacher Jiang said that it is possible for the secondary market to receive a sell-off from market makers, but the maximum is 6000, which is the upper limit. Moreover, it is almost impossible for AP to sell to the market. Because AP can only receive BTC from all ETF institutions, including BlackRock, and the BTC transferred by IBIT on Thursday was less than 4000, so the significant decline is due to these 4000 BTC. I don't believe it. 9. It cannot be ruled out that AP may have sold other BTC on its own, but this has nothing to do with IBIT itself. AP is independent and also has BTC reserves and trading. But the only BTC that AP can obtain from IBIT are those that have been withdrawn from the primary market, and none of the other 0.01. All the pressure in the IBIT secondary market is on the IBIT ticket, where users buying and selling IBIT is equivalent to buying and selling BTC (price fluctuations), without actually touching BTC itself. Above, welcome Teacher Jiang @ Jiangzhuoer2 and friends to have friendly discussions.