According to a DWF Labs study published on October 22, Bitcoin ETF flows have tracked past performance more closely than future performance. Across 694 trading days analyzed through October 16, the correlation with the preceding five-day return was 0.54, compared with 0.03 for the following five days. This relationship can help interpret investor demand but does not provide a reliable forecasting method. The study also highlights that some ETF purchases may be paired with hedging positions in futures, concealing the funds’ actual exposure under custody.
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