According to @milesdeutscher, spot BTC and ETH ETFs have recorded $17B in net inflows over the past 60 days, with more than $11B in July alone (source: @milesdeutscher). Such sustained inflows require primary market creations, meaning authorized participants acquire underlying BTC and ETH, adding direct spot demand that can underpin liquidity and price during inflow regimes (source: U.S. SEC Investor Bulletin on Exchange-Traded Funds; source for flow figures: @milesdeutscher). The July figure implies an average daily net buy pace above $350M via spot ETFs, a flow magnitude that traders can use to gauge near-term bid strength in BTC and ETH (source: calculation based on figures from @milesdeutscher; mechanics reference: U.S. SEC Investor Bulletin on ETFs).

According to Eric Balchunas, recent changes regarding IBIT ETF redemption are designed exclusively for authorized participants (APs), primarily large institutions that handle creation and redemption. This update does not allow retail investors to exchange IBIT shares for actual bitcoin, although a retail-accessible ETF with such features may launch in the future, similar to the $OUNZ gold ETF. The change is considered a technical adjustment to improve operational efficiency for institutions and has minimal immediate impact on retail traders. Source: Eric Balchunas.