Daily fund flows into US spot Bitcoin ETFs are poor predictors of Bitcoin's subsequent price direction, according to a research report released Thursday by DWF Labs. The study found that investors tend to buy after rallies and withdraw during declines, making ETF flows a confirmation of market trends rather than a leading indicator. The analysis covered 694 trading days since US spot Bitcoin ETFs launched in January 2024. In the eight instances where Bitcoin's price fell by 15%, net ETF outflows occurred seven times. Conversely, all nine instances of a 15% price gain saw net inflows.