For many of recent market historical past, buying and selling flows had been seen as little greater than the smoke from the fireplace – proof of deeper forces at work. Development, inflation, central banks, geopolitics: these had been the “actual” drivers of value motion. Order books and positioning knowledge merely mirrored how traders responded. However that causality has shifted. Flows are not simply echoes of fundamentals. They’re turning into market drivers, if not predictors, in their very own proper.
Proprietary circulation knowledge presents a novel
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