We began our new Outset Data Pulse analysis expecting 12 years of headline data to confirm a familiar belief in crypto: that news moves markets, and that faster headlines give you an edge.

But what the findings showed instead was more unsettling: most of the time, price seems to move first, and the headline comes later to explain it.

That’s not to say that “news doesn’t matter.” It’s closer to saying we’ve been treating it as the trigger when it often behaves more like the explanation after the move….