{"schema_version":"1.0","name":"BPI Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"1a92240a-f098-4e6c-b45e-892c5aedb8ef","symbol":"BPI","name":"GRAYSCALE BITCOIN PREMIUM INCOME ETF","exchange":"NYSEARCA","country":"US","asset_type":"etf","currency":"USD","sector":null,"industry":null},"summary":"The completed price path and its progression through the positioning zones can be described, but there is not enough usable Market Dynamics history to confirm or challenge the technical state.","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, Completed returns and cumulative progression, Range expansion and closing direction, Acceleration, deceleration and rollover, Range position and boundary pressure, Activity pressure and cumulative balance."},{"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":17,"displayedObservations":17,"assetType":"ETF","state":"Rotational","stateTone":"caution","summary":"The completed price path and its progression through the positioning zones can be described, but there is not enough usable Market Dynamics history to confirm or challenge the technical state.","evidenceAlignment":{"status":"Evidence developing","headline":"Price structure is visible; Market Dynamics is not yet established","summary":"The completed price path and its progression through the positioning zones can be described, but there is not enough usable Market Dynamics history to confirm or challenge the technical state.","take":"Treat movement through the zones as price-location context only. Reaching the upper zone shows extension, but without an established Market Dynamics read it does not by itself establish active distribution, divergence or reversal risk.","tone":"neutral","conflict":false},"marketDynamics":{"available":true,"readAvailable":false,"dates":["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"],"values":[0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0],"opens":[24.583145,25.281165,26.047261,24.930668,24.837916,23.288753,20.558103,21.309831,20.881228,19.249176,20.540087,20.006133,20.940181,21.024538,20.103609,20.805592,20.43],"highs":[25.203586,26.16363,26.316753,25.189396,24.945313,23.288753,20.899114,21.309929,20.881228,19.876875,20.672985,20.869719,21.237909,21.024538,20.888834,20.805592,24.16],"lows":[24.47628,25.281165,25.394426,24.505963,23.563778,19.605673,19.973513,20.316291,19.135877,18.334667,19.846065,20.006133,20.612383,20.275256,20.103609,19.82,20.43],"closes":[25.185355,25.824221,25.453006,24.562199,23.798827,19.605673,20.483324,20.316291,19.301868,19.876875,20.531424,20.586183,20.612383,20.282141,20.888834,20.2387,24.07],"hoverRows":[[{"label":"Open","value":"24.6","className":"is-ohlc","compact":true},{"label":"High","value":"25.2","className":"is-ohlc","compact":true},{"label":"Low","value":"24.5","className":"is-ohlc","compact":true},{"label":"Close","value":"25.2","className":"is-ohlc","compact":true},{"label":"Market 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Dynamics","value":"Unavailable","note":"Insufficient completed history","className":"is-muted","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"21.0","className":"is-ohlc","compact":true},{"label":"High","value":"21.0","className":"is-ohlc","compact":true},{"label":"Low","value":"20.3","className":"is-ohlc","compact":true},{"label":"Close","value":"20.3","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"Unavailable","note":"Insufficient completed history","className":"is-muted","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"20.1","className":"is-ohlc","compact":true},{"label":"High","value":"20.9","className":"is-ohlc","compact":true},{"label":"Low","value":"20.1","className":"is-ohlc","compact":true},{"label":"Close","value":"20.9","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"Unavailable","note":"Insufficient completed history","className":"is-muted","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"20.8","className":"is-ohlc","compact":true},{"label":"High","value":"20.8","className":"is-ohlc","compact":true},{"label":"Low","value":"19.8","className":"is-ohlc","compact":true},{"label":"Close","value":"20.2","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"Unavailable","note":"Insufficient completed history","className":"is-muted","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"20.4","className":"is-ohlc","compact":true},{"label":"High","value":"24.2","className":"is-ohlc","compact":true},{"label":"Low","value":"20.4","className":"is-ohlc","compact":true},{"label":"Close","value":"24.1","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"Unavailable","note":"Insufficient completed history","className":"is-muted","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}]],"pressureRange":[-2.3,2.3],"priceRange":[18.910527,26.215562],"zones":{"accumulationBoundary":-1.5,"accumulationDarkBoundary":-2.0,"distributionBoundary":1.5,"distributionDarkBoundary":2.0},"state":"Insufficient history","context":{"scenario":"developing","latestDirection":"steady","fourWeekDirection":"steady","now":{"label":"Little changed this week","detail":"Market Dynamics remains positive and was little changed this week."},"fourWeek":{"label":"Broadly steady over four weeks","detail":"The broader path has not changed enough to establish a new direction."},"price":{"label":"Price and Market Dynamics are broadly aligned","detail":"The current price response is broadly consistent with the underlying Market Dynamics path."}},"diagnosis":{"label":"Zone progression","detail":"Price is travelling between the lower accumulation area and the upper positioning zone. Market Dynamics history is not yet sufficient to confirm or challenge that progression.","tone":"neutral"},"chartSummary":"Price is between the outer positioning zones. The Market Dynamics bars show whether underlying support is strengthening or weakening.","summary":"Price is travelling between the lower accumulation area and the upper positioning zone. Market Dynamics history is not yet sufficient to confirm or challenge that progression.","annotations":[{"label":"Current tape relationship","value":"Zone progression","detail":"Market Dynamics remains positive and was little changed this week.","tone":"neutral"},{"label":"Price location","value":"Between zones","detail":"Price is progressing between the lower and upper positioning zones while the Market Dynamics read develops.","tone":"neutral"},{"label":"Latest positioning marker","value":"None in view","detail":"Entering the lower zone alone does not create a positioning confirmation.","tone":"neutral"},{"label":"Market Dynamics confirmation","value":"Unavailable","detail":"Too little usable Market Dynamics history is available for a directional confirmation read.","tone":"neutral"}],"relationshipEvidence":{"available":false,"observations":17,"summary":"More completed weekly history is needed for a dependable ticker-level record."},"events":{"positioning_recoveries":[],"reversal_warnings":[{"date":"2026-05-01","price":25.185355}],"reversal_dangers":[{"date":"2026-05-08","price":25.824221}]}},"smTape":{"available":true,"dates":["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":[25.1854,25.8242,25.453,24.5622,23.7988,19.6057,20.4833,20.3163,19.3019,19.8769,20.5314,20.5862,20.6124,20.2821,20.8888,20.2387,24.07],"consensus":[94.9867,23.0771,-87.2973,-48.455,-72.2688,-81.2114,-35.4931,-65.2666,-82.9894,0.0,0.0,-12.3788,-23.3918,-39.6758,21.3946,-42.6081,69.0347],"supportDates":["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":[null,null,null,null,null,-90.3262,-20.0323,-69.1488,-79.5438,0.0,0.0,-12.3537,-43.659,-55.8923,21.2197,-42.2798,62.642],"force":[94.9867,23.0771,-87.2973,-48.455,-45.4945,-57.9581,-4.6238,-37.8608,-90.0798,0.0,0.0,-14.6929,-6.2115,-29.5912,66.823,-42.5146,87.9796],"direction":[null,null,null,null,-91.3934,-87.404,-81.8176,-80.4052,-81.8625,0.0,0.0,-31.7446,-12.5009,-28.346,10.8545,-43.0501,62.8085],"intensity":[null,null,null,null,50.0,100.0,83.3333,28.5714,75.0,55.5556,80.0,9.0909,33.3333,15.3846,42.8571,46.6667,93.75],"confirmation":[53.0624,30.0513,50.6018,38.1723,67.2354,93.1401,56.6905,87.9909,94.8252,10.2638,10.7617,28.9377,51.9863,80.1418,33.2157,81.6368,55.0],"persistence":[null,null,33.3333,0.0,20.0,33.3333,42.8571,50.0,75.0,87.5,75.0,75.0,75.0,75.0,50.0,50.0,25.0],"assessmentRisk":[null,null,null,null,12.8891,9.3459,32.0005,16.9443,8.2964,10.1045,2.5704,16.0249,49.9073,35.4884,3.2292,7.7662,13.9114],"volumeParticipation":true,"latest":{"consensus":69.0,"control":62.6,"force":88.0,"direction":62.8,"confirmation":55.0,"persistence":25.0,"assessmentRisk":13.9,"intensity":93.8,"evidenceDepth":65},"analysis":{"status":"Completed tape 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":"Completed tape","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":"Qualified support","riskState":"Contained","intensityState":"Elevated"},"cards":[{"label":"SM Consensus Gauge","value":"+69.0","detail":"Completed tape has stronger support","tone":"positive"},{"label":"SM Control Gauge","value":"+62.6","detail":"Buyer control supports the view","tone":"positive"},{"label":"SM Force Gauge","value":"+88.0","detail":"Upward commitment","tone":"positive"},{"label":"SM Direction Gauge","value":"+62.8","detail":"Upward follow-through","tone":"positive"},{"label":"SM Confirmation Gauge","value":"55/100","detail":"Qualified support","tone":"neutral"}]},"kpis":[{"label":"Price structure","value":"Rotational","detail":"completed-week alignment","tone":"caution"},{"label":"Momentum","value":"67.3","detail":"Positive","tone":"positive"},{"label":"Risk pressure","value":"5.2%","detail":"Elevated","tone":"caution"},{"label":"Trend quality","value":"-","detail":"Developing","tone":"neutral"},{"label":"Range position","value":"72%","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":[25.1854,25.8242,25.453,24.5622,23.7988,19.6057,20.4833,20.3163,19.3019,19.8769,20.5314,20.5862,20.6124,20.2821,20.8888,20.2387,24.07],"stroke":"#10243b","width":2.1},{"label":"Fast trend","values":[null,null,null,null,24.9368,23.9675,23.334,22.7853,22.152,21.7383,21.5189,21.3493,21.2153,21.0456,21.0171,20.8756,21.4564],"stroke":"#176fa3","width":1.7},{"label":"Slow trend","values":[null,null,null,null,null,null,null,null,null,null,null,null,22.8479,22.6579,22.5268,22.3573,22.4842],"stroke":"#07865c","width":1.8},{"label":"Upper envelope","values":[null,null,null,null,null,null,null,null,null,27.6257,27.3312,27.0638,26.8218,26.608,26.4085,26.2295,26.3705],"stroke":"#98a9b8","width":1.0,"dash":[6,5]},{"label":"Lower envelope","values":[null,null,null,null,null,null,null,null,null,17.2559,17.2032,17.1904,17.1994,17.1662,17.2326,17.2139,17.3492],"stroke":"#98a9b8","width":1.0,"dash":[6,5]}],"guides":[],"dates":["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":"returns","eyebrow":"Observed return path","title":"Completed returns and cumulative progression","description":"Period returns are shown beside the total move recorded across the available tape.","reason":"Selected because direct returns remain fully observable while longer indicators develop.","series":[{"label":"Period return","values":[null,2.5367,-1.4375,-3.4998,-3.1079,-17.6192,4.4765,-0.8155,-4.9932,2.979,3.293,0.2667,0.1273,-1.6022,2.9913,-3.1124,18.9306],"stroke":"#176fa3","width":1.7},{"label":"Cumulative 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range","values":[2.8878,3.4172,3.6236,2.7825,5.8051,18.7858,4.5188,4.8908,9.0424,7.7588,4.0276,4.195,3.0347,3.6943,3.7591,4.8698,15.4965],"stroke":"#b87806","width":1.8},{"label":"Open-to-close direction","values":[2.4497,2.1481,-2.2814,-1.478,-4.1835,-15.8148,-0.3637,-4.6624,-7.5635,3.2609,-0.0422,2.8994,-1.5654,-3.5311,3.9059,-2.7247,17.8169],"stroke":"#176fa3","width":1.8}],"guides":[{"label":"Unchanged close","values":[0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0],"stroke":"#8fa0af","width":1.0,"dash":[6,5]}],"dates":["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":"impulse","eyebrow":"Price impulse","title":"Acceleration, deceleration and rollover","description":"The impulse path separates directional acceleration from a loss of momentum.","reason":"Selected because the latest 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Market Dynamics construction and private inputs are not disclosed. Historical research is not a forecast or instruction to trade."}