Ordinary investors and institutions (except for APs) cannot directly participate in the subscription or redemption of ETF shares; they can only trade IBIT on the secondary market. In other words, apart from APs, other participants cannot Create or Redeem shares. The commonly mentioned net inflow or outflow of BTC holdings in the market is not the result of secondary market transactions but rather the change in issued shares caused by APs creating or redeeming shares in the primary market. An increase in issued shares means net inflow, while a decrease means net outflow. Meanwhile, ETF trading in the secondary market itself does not directly lead to BTC inflows or outflows.