There are two types of trading for spot ETFs, one is "subscription" and "redemption" in the primary market, and the other is buying and selling in the secondary market. For example, if BlackRock's net traffic data for spot ETFs was zero yesterday, it may indicate that buying and redeeming offset each other, or that there was neither buying nor redeeming. However, IBIT in the secondary market still has strong transactions, which is a behavior in the secondary market and has nothing to do with the primary market. No matter how much buying and selling is done, it will not change BlackRock's position data. This article is sponsored by Bitget | @ Bitgetzh