According to @cas_abbe, headline inflows such as $500M into spot Bitcoin ETFs do not equal immediate BTC purchases because creations are processed by Authorized Participants rather than on each client trade. According to @cas_abbe, APs like JPMorgan, Jane Street, and Virtu deliver cash to the issuer, the issuer buys real Bitcoin via OTC desks or large exchanges, and coins are moved into cold storage primarily with Coinbase Custody. According to @cas_abbe, the process can take hours or even days, so inflows and outflows impact market demand over time rather than minute by minute. According to @cas_abbe, outflows reverse the path through AP redemptions, where the fund releases or sells BTC from custody. According to @cas_abbe, ETF prices track spot via NAV arbitrage as APs sell shares and buy BTC when the fund trades rich and buy shares and sell BTC when it trades cheap. According to @cas_abbe, investor returns come from BTC price changes minus management fees, and creations convert TradFi cash into real BTC demand through a slow, mechanical bridge.