المنشور

Flows ≠ same-day price support ETF net inflow is creations minus redemptions, not a print of “buyers beating sellers on the tape.” A $999M day means authorized participants delivered cash/BTC and new shares were issued. That demand can be lagged (Friday orders show Monday), allocated (401k / model / SMA), or offset by futures, options, and spot selling outside the ETF. $BTC