According to @FarsideUK, U.S. spot Bitcoin ETFs saw a total net outflow of $158.3 million on 2025-12-19, led by iShares IBIT at -$173.6 million and offset by Fidelity FBTC at +$15.3 million, while BITB, ARKB, EZBC, BRRR, HODL, BTCW, GBTC, and BTC were reported at $0. Source: @FarsideUK. Because IBIT processes creations and redemptions in cash, net outflows generally require the trust to sell bitcoin to meet redemptions, adding near-term supply to spot markets. Source: SEC iShares Bitcoin Trust prospectus. IBIT orders are keyed to end-of-day NAV with a 3:59 pm ET order cutoff and 4:00 pm ET NAV timing, concentrating primary-market flow around the U.S. equity close, a key liquidity window traders monitor for BTC execution. Source: SEC iShares Bitcoin Trust prospectus.