Bitcoin ETF buyers are trend followers, not setters, DWF Labs says

DWF Labs research has found that flows into Bitcoin exchange-traded funds follow earlier movements in Bitcoin’s price instead of predicting future returns. The research says ETF investors tend to buy when Bitcoin has already rallied and sell when it has dipped, so the flows respond to past price changes rather than signal future direction. The finding concerns Bitcoin ETF investors and their trading behavior. DWF Labs is the firm behind the research.