{"schema_version":"1.0","name":"BITP Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"0f3f1aea-7f39-4325-bbe2-abd235ad395d","symbol":"BITP","name":"CoinShares Bitcoin ETP","exchange":"LSE","country":"GB","asset_type":"etf","currency":"GBP","sector":null,"industry":null},"summary":"Market Dynamics strengthened this week and remains positive. Underlying support has strengthened across the recent completed path. Price has not yet responded to the same extent.","sections":[{"name":"Executive technical read","description":"Completed-week price state, Market Dynamics alignment, current price and the principal technical KPIs."},{"name":"Market Dynamics","description":"The proprietary relationship between completed price, underlying support, positioning zones and confirmation."},{"name":"Ticker evidence record","description":"Current application, comparable historical conditions, zone outcomes and practical review conditions."},{"name":"Adaptive technical evidence","description":"Six condition-selected views: Trend, acceptance and volatility envelope, Strength versus the research benchmark, Activity pressure and cumulative balance, Drawdown and recovery pressure, Range position and boundary pressure, Acceleration, deceleration and rollover."},{"name":"SM Tape Intelligence","description":"Resolved consensus with Control, Force, Direction and Confirmation gauges against completed price."},{"name":"Research boundary","description":"Dated scope, interpretation limits, methodology version and source references."}],"research":{"available":true,"asOf":"2026-08-21","observations":81,"displayedObservations":81,"assetType":"ETF","state":"Rotational","stateTone":"caution","summary":"Market Dynamics strengthened this week and remains positive. Underlying support has strengthened across the recent completed path. Price has not yet responded to the same extent.","evidenceAlignment":{"status":"Underlying strength ahead of price","headline":"Market Dynamics is improving before price has fully responded","summary":"Market Dynamics strengthened this week and remains positive. Underlying support has strengthened across the recent completed path. Price has not yet responded to the same extent.","take":"Treat the gap as an early-upside opportunity watch. 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The gap is an early-upside watch; a positive price response is needed for confirmation.","historical":{"label":"Broad directional cases","weeks":12,"direction":"higher","percent":0.0,"averageReturn":-20.1,"sample":2},"nowContext":{"label":"Stronger this week","detail":"Market Dynamics strengthened this week and remains positive."},"fourWeekContext":{"label":"Strengthened over four weeks","detail":"Underlying support has strengthened across the recent completed path."},"priceContext":{"label":"Price is lagging the underlying strength","detail":"Market Dynamics has advanced further through its recent range than price. This is positive divergence and an early-upside watch, but price confirmation is still required."}},"strategyApproach":{"headline":"Strategy observations from this ticker's own record","summary":"The current reading identifies the setup. The observations below show how this ticker's completed history can guide positioning, confirmation and risk control without treating any one reading as a forecast.","observations":[{"eyebrow":"Early repair watch","title":"Prepare the case before price confirms the recovery","tone":"recovery","approach":"Use the improvement to move the ticker onto a watchlist or define an entry trigger. Commitment should rise only after price responds; fading Market Dynamics cancels the early case.","finding":"In this ticker's completed record, 0.0% of comparable cases moved higher after 12 weeks, with an average move of -20.1% across 2 cases.","watch":"Reassess the reading when either price structure or the Market Dynamics state changes materially."},{"eyebrow":"Zone positioning","title":"Use distribution to protect capital before considering the short case","tone":"negative","finding":"After distribution, 100.0% of completed 12-week outcomes were lower across 1 cases. Distinct visits lasted 2.0 weeks on average before leaving the zone.","approach":"Review long exposure and define the evidence that would confirm a rollover. Short exposure should begin only after price weakens and the loss limit is known.","watch":"A sustained repair in price and Market Dynamics invalidates the downside setup."},{"eyebrow":"Disagreement playbook","title":"Use improving Market Dynamics to prepare, not anticipate","tone":"recovery","finding":"Comparable disagreements produced an average recovery of 4.7% across 2 completed cases, with the largest move arriving after 1.5 weeks on average.","approach":"Define the price level that would confirm the repair. Until that response occurs, keep the idea at watchlist or starter-position size.","watch":"The early repair fails if Market Dynamics fades before price responds."}]},"summary":"This record compares the ticker's completed price path with its published Market Dynamics history."},"events":{"positioning_recoveries":[{"date":"2026-06-12","price":45.970001},{"date":"2026-08-21","price":54.799999}],"reversal_warnings":[{"date":"2025-09-19","price":82.889999}],"reversal_dangers":[{"date":"2025-09-26","price":78.635002}]}},"smTape":{"available":true,"dates":["2025-02-07","2025-02-14","2025-02-21","2025-02-28","2025-03-07","2025-03-14","2025-03-21","2025-03-28","2025-04-04","2025-04-11","2025-04-18","2025-04-25","2025-05-02","2025-05-09","2025-05-16","2025-05-23","2025-05-30","2025-06-06","2025-06-13","2025-06-20","2025-06-27","2025-07-04","2025-07-11","2025-07-18","2025-07-25","2025-08-01","2025-08-08","2025-08-15","2025-08-22","2025-08-29","2025-09-05","2025-09-12","2025-09-19","2025-09-26","2025-10-03","2025-10-10","2025-10-17","2025-10-24","2025-10-31","2025-11-07","2025-11-14","2025-11-21","2025-11-28","2025-12-05","2025-12-12","2025-12-19","2025-12-26","2026-01-02","2026-01-09","2026-01-16","2026-01-23","2026-01-30","2026-02-06","2026-02-13","2026-02-20","2026-02-27","2026-03-06","2026-03-13","2026-03-20","2026-03-27","2026-04-03","2026-04-10","2026-04-17","2026-04-24","2026-05-01","2026-05-08","2026-05-15","2026-05-22","2026-05-29","2026-06-05","2026-06-12","2026-06-19","2026-06-26","2026-07-03","2026-07-10","2026-07-17","2026-07-24","2026-07-31","2026-08-07","2026-08-14","2026-08-21"],"close":[76.385,74.125,75.12,64.17,65.395,63.115,62.755,62.57,62.11,60.77,61.46,69.21,70.57,74.71,75.65,78.25,75.78,74.86,75.01,74.695,75.155,76.335,84.18,84.495,82.965,83.475,83.385,83.275,83.125,77.38,79.035,81.835,82.89,78.635,86.86,86.085,76.345,79.445,80.78,74.285,71.005,61.285,66.415,64.415,65.205,63.675,62.28,64.31,65.61,68.27,63.5,58.325,49.195,48.81,48.06,47.24,51.43,51.97,50.605,47.775,48.62,52.05,55.245,55.545,55.53,56.34,57.16,55.04,52.535,43.63,45.97,45.85,43.78,44.675,45.985,45.225,46.215,44.69,46.35,44.615,54.8],"consensus":[22.8385,-66.5817,100.0,-21.8745,-65.4466,-46.4978,-36.9328,-48.2674,-37.0576,-22.5342,-34.2424,60.178,48.8351,62.9686,55.2798,61.2952,0.0,18.6499,0.0,0.0,22.3623,29.2063,75.7313,33.9484,21.5521,30.4442,24.1097,8.9065,27.4344,-46.4108,0.0,30.969,25.1972,-38.6024,68.8665,0.0,-59.658,18.026,0.0,-65.04,-59.0063,-79.213,0.0,-42.5486,-27.5591,-30.2896,-37.8077,0.0,-8.8805,20.2995,-37.9717,-62.1687,-72.8791,-39.9937,-35.3102,-37.5677,0.0,0.0,-30.6672,-44.5911,-26.1711,20.7552,41.179,29.7526,27.9863,12.8046,20.6751,-15.0775,-34.0,-74.1719,-14.0779,-21.0913,-33.198,0.0,-9.2108,-11.7859,0.0,-44.988,21.9559,-45.1303,69.9229],"supportDates":["2025-08-29","2025-09-05","2025-09-12","2025-09-19","2025-09-26","2025-10-03","2025-10-10","2025-10-17","2025-10-24","2025-10-31","2025-11-07","2025-11-14","2025-11-21","2025-11-28","2025-12-05","2025-12-12","2025-12-19","2025-12-26","2026-01-02","2026-01-09","2026-01-16","2026-01-23","2026-01-30","2026-02-06","2026-02-13","2026-02-20","2026-02-27","2026-03-06","2026-03-13","2026-03-20","2026-03-27","2026-04-03","2026-04-10","2026-04-17","2026-04-24","2026-05-01","2026-05-08","2026-05-15","2026-05-22","2026-05-29","2026-06-05","2026-06-12","2026-06-19","2026-06-26","2026-07-03","2026-07-10","2026-07-17","2026-07-24","2026-07-31","2026-08-07","2026-08-14","2026-08-21"],"control":[-45.4674,0.0,40.8564,28.626,-44.437,68.4659,0.0,-52.3516,12.7953,0.0,-60.3933,-51.0926,-79.2931,0.0,-29.4681,-24.8947,-33.0806,-37.032,0.0,-12.1163,20.309,-48.8878,-66.3818,-69.9063,-31.6122,-24.4241,-29.847,0.0,0.0,-45.8869,-57.8705,-29.2745,25.4706,39.8563,27.4651,26.6879,2.8062,16.7095,-18.5238,-33.2227,-75.7447,-0.0107,-8.1177,-24.0399,0.0,-9.9279,-6.2512,0.0,-50.9465,18.0319,-50.3225,59.8033],"force":[-69.0403,0.0,47.3502,30.117,-73.7112,95.3242,0.0,-91.7085,63.3116,0.0,-89.6648,-79.0103,-93.8274,0.0,-38.3338,-3.8312,-24.2443,-19.4113,0.0,-13.6464,35.6727,-43.09,-67.3364,-87.5817,-16.608,-9.5309,-11.4568,0.0,0.0,-20.7735,-41.0748,-3.1805,54.7433,61.7748,26.9523,21.0369,4.9331,7.9257,-40.7482,-52.4135,-98.0718,-16.0365,-0.6077,-16.8335,0.0,-12.8234,-4.3428,0.0,-65.5828,67.3449,-66.6744,97.2475],"direction":[-31.3252,0.0,7.9684,17.7644,-6.8566,50.4259,0.0,-45.1149,8.3429,0.0,-52.7613,-53.7618,-68.6827,0.0,-60.5083,-53.0257,-31.418,-51.8346,0.0,-21.2731,9.3079,-21.8404,-53.6624,-65.7746,-66.2767,-66.1651,-65.0419,0.0,0.0,-20.3402,-31.9263,-39.0462,8.911,27.9794,34.3671,34.4341,36.268,34.3141,-7.1974,-21.7358,-55.3031,-51.6896,-51.4174,-55.3535,0.0,-24.13,-29.6319,0.0,-23.4678,5.9803,-23.8076,61.9707],"intensity":[75.8621,10.0,45.1613,18.75,69.697,91.1765,80.0,97.2222,56.7568,55.2632,79.4872,70.0,95.122,66.6667,13.9535,38.6364,31.1111,13.0435,17.0213,50.0,38.7755,68.0,72.549,96.1538,90.3846,5.7692,1.9231,59.6154,63.4615,9.6154,38.4615,11.5385,48.0769,46.1538,30.7692,1.9231,34.6154,1.9231,30.7692,48.0769,94.2308,84.6154,1.9231,34.6154,17.3077,15.3846,7.6923,51.9231,19.2308,25.0,26.9231,96.1538],"confirmation":[83.5555,28.0355,55.592,76.1608,58.6672,90.8497,7.7774,88.1787,31.6747,3.3989,89.6341,87.6122,93.7923,13.3179,81.6864,54.0535,77.4659,79.5496,6.8653,27.6838,74.9642,80.1406,87.9873,91.8147,80.213,78.6795,79.3435,7.8673,4.7089,77.2801,81.9596,52.9601,32.1733,81.8251,77.4704,76.7636,27.3608,51.6213,52.4234,79.453,92.4394,7.2253,51.7486,78.2642,5.5055,27.6673,26.9574,4.7196,82.933,55.0781,83.0191,91.3623],"persistence":[75.0,62.5,62.5,62.5,37.5,37.5,25.0,0.0,25.0,25.0,0.0,25.0,25.0,37.5,50.0,50.0,75.0,87.5,75.0,75.0,50.0,62.5,62.5,62.5,62.5,62.5,75.0,62.5,75.0,75.0,75.0,75.0,50.0,25.0,0.0,12.5,25.0,50.0,50.0,50.0,25.0,0.0,25.0,50.0,62.5,87.5,87.5,75.0,75.0,50.0,50.0,25.0],"assessmentRisk":[25.5847,47.3474,38.7596,16.7154,38.3269,13.9917,39.861,16.0905,0.4013,41.8252,16.9025,11.4393,10.3041,47.1217,26.3971,26.5378,36.8115,14.6484,0.084,8.9347,30.9985,34.0369,14.1953,13.5141,29.992,32.3262,31.1313,26.5739,37.4604,46.6528,29.8925,20.6771,9.2631,22.1947,33.9914,34.6607,42.4285,27.737,4.6851,27.1479,12.8911,42.8839,39.1826,33.0672,18.0561,4.8619,5.3723,35.5895,22.7664,4.4992,11.7372,13.6452],"volumeParticipation":true,"latest":{"consensus":69.9,"control":59.8,"force":97.2,"direction":62.0,"confirmation":91.4,"persistence":25.0,"assessmentRisk":13.6,"intensity":96.2,"evidenceDepth":100},"analysis":{"status":"Market Dynamics has stronger support","headline":"The gauges support the upward view","summary":"The completed evidence gives the upward view the clearer support.","take":"Current assessment: upward pressure has the stronger support.","tone":"positive","supportedView":"Market Dynamics","direction":"upward","disagreement":false},"support":{"window":"Latest 12 months","controlState":"Buyer control supports the view","controlPath":"Control support is strengthening","forceState":"Upward commitment","forcePath":"Commitment is strengthening","directionState":"Upward follow-through","persistenceState":"Unsettled","confirmationState":"Strong support","riskState":"Contained","intensityState":"Elevated"},"cards":[{"label":"SM Consensus Gauge","value":"+69.9","detail":"Market Dynamics has stronger support","tone":"positive"},{"label":"SM Control Gauge","value":"+59.8","detail":"Buyer control supports the view","tone":"positive"},{"label":"SM Force Gauge","value":"+97.2","detail":"Upward commitment","tone":"positive"},{"label":"SM Direction Gauge","value":"+62.0","detail":"Upward follow-through","tone":"positive"},{"label":"SM Confirmation Gauge","value":"91/100","detail":"Strong support","tone":"positive"}]},"kpis":[{"label":"Price structure","value":"Rotational","detail":"completed-week alignment","tone":"caution"},{"label":"Momentum","value":"55.5","detail":"Positive","tone":"positive"},{"label":"Risk pressure","value":"6.7%","detail":"Normal","tone":"neutral"},{"label":"Trend quality","value":"27.5","detail":"Directional","tone":"positive"},{"label":"Range position","value":"78%","detail":"location inside observed range","tone":"neutral"},{"label":"Adaptive set","value":"6 views","detail":"selected for the current tape","tone":"neutral"}],"charts":[{"key":"price","eyebrow":"Price architecture","title":"Trend, acceptance and volatility envelope","description":"Price is shown against fast and slow trend references with its current volatility envelope.","reason":"Selected as the anchor because price is rotating through its trend references.","series":[{"label":"Close","values":[76.385,74.125,75.12,64.17,65.395,63.115,62.755,62.57,62.11,60.77,61.46,69.21,70.57,74.71,75.65,78.25,75.78,74.86,75.01,74.695,75.155,76.335,84.18,84.495,82.965,83.475,83.385,83.275,83.125,77.38,79.035,81.835,82.89,78.635,86.86,86.085,76.345,79.445,80.78,74.285,71.005,61.285,66.415,64.415,65.205,63.675,62.28,64.31,65.61,68.27,63.5,58.325,49.195,48.81,48.06,47.24,51.43,51.97,50.605,47.775,48.62,52.05,55.245,55.545,55.53,56.34,57.16,55.04,52.535,43.63,45.97,45.85,43.78,44.675,45.985,45.225,46.215,44.69,46.35,44.615,54.8],"stroke":"#10243b","width":2.1},{"label":"Fast 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trend","values":[null,null,null,null,null,null,null,null,null,null,null,null,69.905,70.2609,70.6601,71.2223,71.5599,71.8044,72.0418,72.2384,72.4544,72.7419,73.5891,74.397,75.0316,75.6571,76.2295,76.7514,77.2235,77.2351,77.3684,77.6993,78.0838,78.1246,78.7717,79.3134,79.0935,79.1196,79.2426,78.8753,78.2923,77.0325,76.2461,75.3697,74.6167,73.8062,72.9524,72.3123,71.8158,71.5532,70.9566,70.0209,68.4783,67.0214,65.6168,64.2556,63.3055,62.4659,61.5873,60.5642,59.6794,59.1143,58.8276,58.5845,58.3582,58.2087,58.131,57.9021,57.5045,56.4768,55.6985,54.969,54.1402,53.439,52.8869,52.3193,51.8672,51.3355,50.9662,50.4958,50.8146],"stroke":"#07865c","width":1.8},{"label":"Upper 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envelope","values":[null,null,null,null,null,null,null,null,null,55.1691,54.8319,55.4392,55.961,56.1428,56.3049,56.2461,56.5596,56.9363,57.2975,57.6583,57.718,57.632,56.7474,56.7579,57.0726,57.9425,59.1628,60.7212,62.7321,65.5914,68.9795,70.4456,71.7741,72.2619,72.3863,72.4022,72.4927,73.1288,73.884,73.7889,72.7318,68.4277,66.2916,64.0387,62.2676,60.4579,58.6445,57.481,56.7185,56.2264,55.2137,53.63,50.4213,47.4613,45.7611,44.5144,43.4201,43.1381,43.4271,42.7286,42.1603,41.6437,41.7169,41.7513,41.9297,42.0949,42.2255,42.5435,43.079,43.2986,43.5442,43.1884,42.3369,41.7594,41.4959,41.2119,40.8029,40.208,39.9017,39.5375,39.5578],"stroke":"#98a9b8","width":1.0,"dash":[6,5]}],"guides":[],"dates":["2025-02-07","2025-02-14","2025-02-21","2025-02-28","2025-03-07","2025-03-14","2025-03-21","2025-03-28","2025-04-04","2025-04-11","2025-04-18","2025-04-25","2025-05-02","2025-05-09","2025-05-16","2025-05-23","2025-05-30","2025-06-06","2025-06-13","2025-06-20","2025-06-27","2025-07-04","2025-07-11","2025-07-18","2025-07-25","2025-08-01","2025-08-08","2025-08-15","2025-08-22","2025-08-29","2025-09-05","2025-09-12","2025-09-19","2025-09-26","2025-10-03","2025-10-10","2025-10-17","2025-10-24","2025-10-31","2025-11-07","2025-11-14","2025-11-21","2025-11-28","2025-12-05","2025-12-12","2025-12-19","2025-12-26","2026-01-02","2026-01-09","2026-01-16","2026-01-23","2026-01-30","2026-02-06","2026-02-13","2026-02-20","2026-02-27","2026-03-06","2026-03-13","2026-03-20","2026-03-27","2026-04-03","2026-04-10","2026-04-17","2026-04-24","2026-05-01","2026-05-08","2026-05-15","2026-05-22","2026-05-29","2026-06-05","2026-06-12","2026-06-19","2026-06-26","2026-07-03","2026-07-10","2026-07-17","2026-07-24","2026-07-31","2026-08-07","2026-08-14","2026-08-21"]},{"key":"relative","eyebrow":"Relative leadership","title":"Strength versus the research benchmark","description":"Relative performance is separated from absolute price direction to reveal leadership and lagging pressure.","reason":"Selected because benchmark-relative leadership is strengthening, fading or diverging from price.","series":[{"label":"Relative 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pressure and cumulative balance","description":"Observed activity is compared with its normal backdrop while cumulative balance tracks directional participation.","reason":"Selected because participation is confirming or diverging from the latest price path.","series":[{"label":"Activity versus 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risk","title":"Drawdown and recovery pressure","description":"Capital impairment and recovery are shown together so return is not separated from path difficulty.","reason":"Selected because the current recovery or drawdown path is central to the 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