US spot Bitcoin ETF flows have become a popular real-time barometer for market direction, but DWF Labs argues investors should treat daily inflow and outflow data as confirmation rather than a predictive signal. In a research report released Thursday, DWF reviewed 694 trading days since US Bitcoin ETFs began in January 2024. The firm found that investors tended to move money into the funds after sharp rallies, and withdraw during sizable drawdowns—meaning ETF flow patterns largely reflect what investors are already reacting to, not what Bitcoin is about to do next.