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.
Replaced by version 2 of this study: dossier 37aca410ed871da5. The latest is version 4: dossier 1606581708e0909b. This dossier stays as it was published.
Paper, data and code of the study
- PaperPublic · Read the paper (PDF)
- DataNot public.
The data come from Yahoo Finance. Its terms allow personal use only, so the data stay with the source.Get the data from the source (its terms), or load them yourself with
e2er-data yfinance.The study's code reloads them:
code/get_data.py. - CodePublic · Get the code
Run settings
- e2er
- version 0.8.2 · code at f59c79fda8bf
- Template
- empirical · single pass
- Governance
- full
- AI backend
- claude_code
- Models
- claude_code/claude-sonnet-4-5
- Exported
- 20260911
- e2er code
- no local changes at run time
Input data
SHA-256 of the data files, as recorded in the study's provenance.
- ·data/data_dictionary.json 3b54e0ba6277
- ·data/data_summary.md 285377de56fb
Data used
This version does not record its data sources.
Workflow (20 steps)
The run in order, from the run's own record. Each specialist step shows the model and the file it wrote; the hash value is the SHA-256 of that file in the exported folder. Checks that stopped a step are listed where they happened: 1 here.
1 researcher decision or stop · 0 actions · 1 stop · 0 approved deviations · 0 failures
Initial 10 steps · idea developer, literature scanner, identification strategist and 5 more · 09:48–10:29 · 1 check failed
- idea developer · claude-sonnet-4-5 · 09:48–09:50 design/paper_plan.md a480534a2cc7
- literature scanner · claude-sonnet-4-5 · 09:50–09:55 design/literature_review.md e519715654e6
- identification strategist · claude-sonnet-4-5 · 09:55–09:58 design/identification_strategy.md 42aa7aa611a4
- data architect · claude-sonnet-4-5 · 09:58–10:02 data/data_dictionary.json 3b54e0ba6277
- data analyst · claude-sonnet-4-5 · 10:02–10:08 data/data_summary.md 285377de56fb
- econometrics specialist · claude-sonnet-4-5 · 10:08–10:18 design/econometric_spec.md ae90ccb7350c
- Check: contracts failed, step stopped and ran again
What the check found
paper_draft.tex: 2 inline tabular environment(s) in the draft (14 \input reference(s)) — tables must come from tables/*.tex via \input so their numbers trace to result files, not from the draft itself - paper drafter · claude-sonnet-4-5 · 10:18–10:27 paper_draft.tex (stopped by the check above; the step ran again)
- abstract writer · claude-sonnet-4-5 · 10:27–10:28 paper/abstract.tex 4e6faf86b4dd
- paper drafter · claude-sonnet-4-5 · 10:28–10:29 paper_draft.tex (revised into the paper; not in the exported folder)
Review 8 steps · mechanism reviewer, technical reviewer, literature reviewer and 3 more · 10:29–10:48
- Check: numbers passed
- Check: citations passed
- mechanism reviewer · claude-sonnet-4-5 · 10:29–10:31 reviews/review_mechanism.md 98dc62fc705b
- technical reviewer · claude-sonnet-4-5 · 10:31–10:35 reviews/review_technical.md c62e143a76fd
- literature reviewer · claude-sonnet-4-5 · 10:35–10:37 reviews/review_literature.md 74b218dd4397
- writing reviewer · claude-sonnet-4-5 · 10:37–10:41 reviews/review_writing.md 0dda5ad6e677
- data reviewer · claude-sonnet-4-5 · 10:41–10:44 reviews/review_data.md db8ed1e8bca1
- identification reviewer · claude-sonnet-4-5 · 10:44–10:48 reviews/review_identification.md 6a89ce902828
Revision 1 step · patch revisor · 10:48–10:51
- patch revisor · claude-sonnet-4-5 · 10:48–10:51 misc/paper_draft.tex.edits.json ec4f6503f012
Replication 1 step · replication packager · 10:51–10:55
- replication packager · claude-sonnet-4-5 · 10:51–10:55 replication/estimation.py 4e1399297fee
What it was built with (57)
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 f59c79fda8bf
| Template | By | Pinned version |
|---|---|---|
| empirical | e2er authors | pipelines/empirical.toml blob 644be030ae31 |
Specialists (16)
· by e2er authors · pinned at e2er f59c79fda8bf
Skills (39)
· by e2er authors · pinned at e2er f59c79fda8bf
Connectors (1)
· by e2er authors · pinned at e2er f59c79fda8bf
| Connector | By | Pinned version |
|---|---|---|
| claude-code | e2er authors | src/modules/llm/claude_code.py blob 7af2fb88bea1 |
Cite e2er with this dossier
A paper produced with e2er gives one reference for e2er: this dossier. It credits everyone listed above.
@misc{e2er-c46711b0dc073e96,
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/c46711b0dc073e96}},
note = {Workflow, templates, specialists, skills, connectors and models used, pinned by content hash. Dossier sha256:c46711b0dc073e9649d1ca81458e8a1961028c75e7e19b14fac8f5bce6d5ed2d}
}