Bitcoin ETF Flows Trail Price Moves, DWF Study Finds

Bitcoin ETF flows track recent price moves more closely than subsequent ones, according to DWF Labs research published October 22. The findings challenge a familiar shortcut: treating a large daily inflow as a forecast.
TL;DR: DWF finds Bitcoin ETF flows track past returns more closely than future returns.
The study examined 694 trading days through October 16, using aggregate U.S. spot ETF flows from Farside and Coinbase BTC-USD prices. It reported a correlation of 0.54 with the preceding five-