IGV leads $BTC by ~2 days with the strongest significance in the set. IGV moves first because it’s where institutional risk is repriced first; BTC reacts next as the higher-beta liquidity asset.

$BTC , 10 numbers that matter

Price: $67,125
Trend value: $123,236
Discount: -45.5%
Z-score: -0.87 (statistically inexpensive)
Power-law R²: 0.961 (great fit)
Reversion half-life: ~4.5 months (~$107K)
Best forward signal horizon: 18 month (~$200K)
548d correlation (non-overlap): r = -0.786, R² = 0.617
BTC/IGV beta: ~2.0 (BTC 2X IGV, R^2~90%)
Gamma flip: $67,801 (near spot)

Fixed supply sets the structure.
Liquidity sets the path.
Beta sets the magnitude.

Structure is intact, liquidity is the accelerator, and BTC is still trading at a large discount to its long-run trend.