I believe you are correct. At least it should be that way. However thenthis makes no sense with the current price reaction:

Spot bitcoin ETFs see 11 straight days of net inflows as BlackRock’s IBIT claims top spot — TradingView News

U.S. spot bitcoin exchange-traded funds logged a total daily net inflow of $45.14 million on Tuesday. This marks the fund’s 11th consecutive day of inflows, which is the longest streak of positive flows since February. BlackRock’s IBIT drew in $102.5 million, leading net inflows among bitcoin ETFs on Wednesday, according to data from SoSoValue. This led IBIT to become the largest spot bitcoin fund in terms of net asset value, with $19.68 billion — surpassing that of Grayscale’s GBTC. Since converting into a spot bitcoin ETF, GBTC has been losing funds on most days, including yesterday, when it saw net outflows of over $105 million. As of Wednesday, GBTC has a net asset value of $19.65 billion. Fidelity’s FBTC reported the second-largest net inflows of $34.35 million. At the same time, other funds from Ark Invest and 21Shares, Bitwise, Invesco and Galaxy Digital, Valkyrie, and WisdomTree saw single-digit gains on Wednesday. Combined, the 11 spot bitcoin ETFs saw total net inflows of over $2 billion in the past 11 days, bringing the cumulative total net inflows since January to $13.73 billion. Meanwhile, the price of bitcoin rose 0.73% in the past 24 hours to $68.126, according to The Block’s Bitcoin Price Page.