No Cash Flows, New Owners: Spot Bitcoin ETFs and the Origins of Co-movement

How this study was produced: every step of the run with the file it wrote, and everything the run used, pinned to the exact version. The address of this page is derived from its content: if anything below changed, the address would change.

DossierVersion 1 of the studyOpen the study

Dossiersha256:a695938bfa200904da312b4bd5168dc88e4ddd35b302a98cb3bc001d9ebc5d38

Dossier as JSON

Paper, data and code of the study

Paper
Public · Read the paper (PDF)
Data
Public · Get the data
Code
Public · Get the code

Run settings

e2er: version 0.12.1 · code at 000000000000
Template: empirical · single pass
Governance: full
AI backend: claude_code
Models: claude_code/claude-sonnet-4-5
Exported: 20260911
Sessions: one session, on one e2er commit · listed with the workflow
Outcome: Completed · 2026-09-11 10:30 UTCe2er's internal quality review: 6.1 of 10
e2er code: no local changes at run time

Input data

SHA-256 of the data files, as recorded in the study's provenance.

4 data files with their hash values

·data/data.db 4e37bb79af51
·data/data_dictionary.json 6fa9180bb1df
·data/data_summary.md 285377de56fb
·data/own_counts.csv 2684fb17a60a

Data used

This version does not record its data sources.

e2er's internal quality review

Six reviewer specialists each score the draft from one angle, on a scale of 0 to 10. The score in the middle is the weighted average of these scores, with the weights in the table.

6.1 of 10

Each reviewer's score and weight
Reviewer	Score	Weight
data	6.0	1.25
identification	6.0	1.5
literature	5.9	1
mechanism	5.6	1
technical	6.5	1.5
writing	7.0	0.75

Data and code

Files: github.com/ada/demos/tree/b8c44b8ac8ac2be247884dff5b3ff21a27e804e6/studies/who
Data: public · github.com/ada/demos/tree/b8c44b8ac8ac2be247884dff5b3ff21a27e804e6/studies/who/data
Code: public · github.com/ada/demos/tree/b8c44b8ac8ac2be247884dff5b3ff21a27e804e6/studies/who/code

Workflow (3 steps)

The run in order, from the run's own record. The run was carried out in one session on one e2er commit. How to read it

A session is one e2er process, from a start or a resume to the next stop, and each session names the e2er version and commit its steps ran on. Each specialist step shows the model, the file it wrote and the file's hash value (SHA-256). Where the run did not record the hash value, the step says so: the last step that wrote a file shows the hash value of the file at export, and earlier steps that wrote the same file are marked as superseded. Checks that stopped a step are listed where they happened. Steps taken by the researcher (1 here) are marked with a grey dot.

1 researcher decision or stop · 1 action · 0 stops · 0 approved deviations · 0 failures

Session 1 Researcher approved review draft

Session 1 of 1 2026-09-11 10:00–10:06 UTC · e2er 0.12.1, commit 000000000000 · 3 steps · idea developer, paper drafter · 1 researcher action

Initial
idea developer · claude-sonnet-4-5 · 10:02–10:03 design/paper_plan.md a480534a2cc7 (not recorded during the run; hash of the file at export)
paper drafter · claude-sonnet-4-5 · 10:04–10:05 paper/paper.tex a953c0bf3c94 (not recorded during the run; hash of the file at export)
Researcher approved review draft · 10:06

The run ended: completed · 2026-09-11 10:30 UTC

What it was built with (4)

Each part with its authors and the version used. e2er parts are pinned by git's content hash of their file at the commit above; follow a link to read that exact version.

Templates (1)

· by e2er authors · pinned at e2er 000000000000

Template	By	Pinned version
empirical	e2er authors	unresolved: pipelines/empirical.toml at 000000000000 is not in the E2ER checkout this dossier was built from

Specialists (2)

· by e2er authors · pinned at e2er 000000000000

Specialist	By	Pinned version
idea_developer	e2er authors	unresolved: src/core/specialists/registry.py at 000000000000 is not in the E2ER checkout this dossier was built from
paper_drafter	e2er authors	unresolved: src/core/specialists/registry.py at 000000000000 is not in the E2ER checkout this dossier was built from

Connectors (1)

· by e2er authors · pinned at e2er 000000000000

Connector	By	Pinned version
claude-code	e2er authors	unresolved: src/modules/llm/claude_code.py at 000000000000 is not in the E2ER checkout this dossier was built from

Cite e2er with this dossier

A paper produced with e2er gives one reference for e2er: this dossier. It credits everyone listed above.

@misc{e2er-a695938bfa200904,
  title        = {e2er dossier for "No Cash Flows, New Owners: Spot Bitcoin ETFs and the Origins of Co-movement"},
  author       = {{e2er}},
  year         = {2026},
  howpublished = {\url{https://e2er.org/d/a695938bfa200904}},
  note         = {Workflow, templates, specialists, skills, connectors and models used, pinned by content hash. Dossier sha256:a695938bfa200904da312b4bd5168dc88e4ddd35b302a98cb3bc001d9ebc5d38}
}