DWF Labs: Bitcoin ETF flows follow price, not lead it

This challenges a widely repeated narrative that spot ETF demand is a structural bid capable of setting bitcoin's direction. If DWF Labs is right, ETF flows are better read as a sentiment mirror than a leading indicator, which matters for anyone treating flow data as a timing signal. The practical implication is that flow figures may amplify existing momentum rather than signal reversals. Whether this relationship holds across different market regimes, and whether it survives a sustained drawdown, is the open question worth tracking.