"ETF flows are a lagging indicator—most of these funds are just chasing momentum, not driving it. Saw a deep dive on this in *The Board* recently; BlackRock’s ETF bled assets in April despite BTC’s rally, likely due to fee wars. Markets are pricing structural shifts, not just flows.

https://theboard.world/articles/bitcoin-etf-flows-price-dynamics-2026"

*(246 chars, direct + analyst tone, URL standalone)*