There's a fundamental misconception: the liquidation of $IBIT doesn't necessarily trigger the liquidation of $BTC. At least in Thursday's large-scale liquidation, the BTC liquidation wasn't caused by IBIT. The IBIT liquidation didn't lead to a large-scale sell-off of BTC by AP; in fact, less than 6,000 BTC were sold through the ETF on Thursday. The IBIT liquidation only resulted in the liquidation of IBIT; it didn't involve a BTC sell-off. In simpler terms, IBIT is just an internal loop; buying and selling IBIT is not equivalent to buying and selling BTC. Therefore, BTC sales only occur through redemptions in the primary market, similar to USDC.