{"schema_version":"1.0","name":"BITC Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"e1e44262-466c-4a4e-94c2-faf9670aaf62","symbol":"BITC","name":"CoinShares Bitcoin ETP","exchange":"LSE","country":"GB","asset_type":"etf","currency":"USD","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. A continued positive price response would confirm that price is catching up with the stronger 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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 -18.3% across 1 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 4.3% across 1 completed cases, with the largest move arriving after 1.0 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":61.709999},{"date":"2026-08-21","price":74.690002}],"reversal_warnings":[{"date":"2025-09-12","price":110.904999}],"reversal_dangers":[{"date":"2025-09-19","price":111.709999}]}},"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":[94.725,93.535,94.97,80.755,84.45,81.52,80.985,81.0,80.28,79.305,81.485,92.13,93.845,99.305,100.265,105.595,102.115,101.24,101.92,100.61,103.115,104.14,113.64,113.605,111.495,110.57,112.125,112.93,112.545,104.535,106.905,110.905,111.71,105.47,117.055,114.975,102.265,105.79,106.1,97.765,93.435,80.19,87.94,85.835,87.125,85.145,84.125,86.735,87.97,91.395,86.2,80.005,66.945,66.52,64.84,63.58,68.4,68.815,67.435,63.49,64.365,70.115,74.89,74.99,75.655,76.77,76.15,73.97,70.785,58.455,61.71,60.65,57.86,59.65,61.72,60.85,61.67,60.15,62.56,60.44,74.69],"consensus":[-17.612,0.0,55.3246,-24.6306,-44.356,-25.4936,-32.1432,-31.0612,-24.622,-15.8939,0.0,63.9602,47.0979,59.0196,39.0377,69.1319,10.4507,16.3328,14.3479,0.0,40.5636,23.7613,73.2734,25.0749,14.5081,0.0,26.6662,14.1684,20.8133,-47.4346,0.0,35.7945,10.4458,-39.0983,64.9291,0.0,-58.0243,0.0,-21.7096,-62.4898,-60.4932,-78.1522,0.0,-34.409,-22.6972,-26.5832,-38.6462,0.0,-10.0832,21.8211,-30.5358,-60.6291,-71.5958,-37.3159,-44.2907,-40.2191,0.0,-9.0395,-29.7346,-44.8417,-29.233,21.8892,40.5026,27.596,34.3017,17.8492,0.0,0.0,-38.3603,-68.0343,-14.1055,-27.1966,-39.9332,0.0,-10.8179,-8.7825,0.0,-38.7132,25.7448,-36.6822,71.8997],"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":[-44.4591,0.0,40.1668,12.7897,-42.0772,64.3591,0.0,-48.7856,0.0,-16.6737,-56.123,-54.3519,-77.4685,0.0,-20.6354,-20.3773,-31.1918,-44.7415,0.0,-13.9567,19.0999,-41.7753,-58.7951,-68.3372,-28.3546,-40.4002,-33.2231,0.0,-11.4908,-43.3952,-59.2981,-31.6385,29.0976,41.9085,23.772,32.7458,4.0421,0.0,0.0,-37.8571,-74.0817,-0.4258,-17.3745,-33.1783,0.0,-13.8972,-5.6949,0.0,-48.0157,21.33,-45.3279,62.7829],"force":[-82.2003,0.0,66.518,2.1248,-72.6863,90.7811,0.0,-91.6626,0.0,-17.6843,-84.7718,-78.0384,-92.881,0.0,-24.7502,-8.1406,-19.9947,-20.4721,0.0,-7.2828,42.9505,-32.6877,-81.1361,-87.2148,-13.39,-21.0497,-17.3971,0.0,-17.1585,-16.1749,-34.8157,-8.0127,46.0998,49.8052,21.875,29.7935,7.8083,0.0,0.0,-61.2907,-76.0052,-16.4379,-6.744,-27.3639,0.0,-11.1383,-6.6473,0.0,-50.2698,70.8114,-48.4603,98.3824],"direction":[-26.0026,0.0,8.8522,13.7108,-11.7024,47.1149,0.0,-44.5554,0.0,-30.34,-53.8506,-54.9796,-68.4128,0.0,-57.0494,-47.3754,-26.0221,-44.6617,0.0,-18.0606,9.8386,-16.1536,-48.0771,-64.1636,-64.6472,-65.3378,-64.5161,0.0,-24.9509,-23.8079,-35.4815,-41.6412,3.6421,32.2512,36.0527,39.3,40.8009,0.0,0.0,-22.5564,-55.4294,-51.556,-53.0309,-56.6311,0.0,-22.9818,-23.3324,0.0,-19.8272,1.4002,-18.3886,63.4025],"intensity":[86.2069,26.6667,54.8387,59.375,69.697,97.0588,77.1429,97.2222,72.973,23.6842,87.1795,55.0,95.122,78.5714,44.186,77.2727,26.6667,2.1739,25.5319,47.9167,34.6939,60.0,62.7451,100.0,90.3846,5.7692,28.8462,55.7692,9.6154,3.8462,42.3077,25.0,63.4615,61.5385,42.3077,1.9231,40.3846,1.9231,40.3846,46.1538,96.1538,34.6154,7.6923,42.3077,28.8462,21.1538,9.6154,40.3846,11.5385,23.0769,19.2308,96.1538],"confirmation":[84.2839,28.8829,80.324,48.3867,81.4897,89.5739,30.4825,87.7337,6.1777,74.9011,88.7728,87.9861,93.468,13.6629,78.9264,30.762,76.2356,79.72,6.2056,49.5253,75.6682,77.6658,88.0542,91.4363,79.3485,81.524,80.2812,8.4974,28.384,76.8937,81.8235,76.6712,53.7429,81.2229,76.7146,78.8629,28.2828,4.2125,49.0135,80.9818,89.9217,7.2981,53.5626,80.4985,6.0739,27.7885,26.472,4.3944,80.5987,55.3111,79.9655,91.9539],"persistence":[62.5,50.0,50.0,50.0,37.5,37.5,25.0,0.0,12.5,0.0,25.0,50.0,50.0,62.5,75.0,75.0,87.5,87.5,75.0,75.0,50.0,62.5,62.5,62.5,62.5,62.5,75.0,62.5,87.5,87.5,87.5,87.5,62.5,37.5,12.5,0.0,25.0,37.5,50.0,50.0,25.0,0.0,25.0,50.0,62.5,75.0,87.5,75.0,75.0,50.0,50.0,25.0],"assessmentRisk":[22.7633,48.062,42.2951,16.1691,30.6067,15.6232,35.6009,17.4559,0.1261,36.8866,18.384,14.3156,10.8633,47.8187,29.3834,24.4753,43.8637,5.9223,7.3313,12.0887,30.6269,34.2028,12.3104,14.1245,31.3214,27.8383,29.8526,15.0502,28.0203,40.8968,21.4312,21.3835,2.2146,25.0916,35.3668,32.1385,40.3279,19.0399,13.9849,27.4009,15.9645,42.8098,36.174,29.7818,17.0355,5.5324,7.0643,41.8037,26.0206,2.013,12.985,13.1108],"volumeParticipation":true,"latest":{"consensus":71.9,"control":62.8,"force":98.4,"direction":63.4,"confirmation":92.0,"persistence":25.0,"assessmentRisk":13.1,"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":"+71.9","detail":"Market Dynamics has stronger support","tone":"positive"},{"label":"SM Control Gauge","value":"+62.8","detail":"Buyer control supports the view","tone":"positive"},{"label":"SM Force Gauge","value":"+98.4","detail":"Upward commitment","tone":"positive"},{"label":"SM Direction Gauge","value":"+63.4","detail":"Upward follow-through","tone":"positive"},{"label":"SM Confirmation Gauge","value":"92/100","detail":"Strong support","tone":"positive"}]},"kpis":[{"label":"Price structure","value":"Rotational","detail":"completed-week alignment","tone":"caution"},{"label":"Momentum","value":"56.7","detail":"Positive","tone":"positive"},{"label":"Risk pressure","value":"6.8%","detail":"Contained","tone":"neutral"},{"label":"Trend quality","value":"28.7","detail":"Directional","tone":"positive"},{"label":"Range position","value":"82%","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":[94.725,93.535,94.97,80.755,84.45,81.52,80.985,81.0,80.28,79.305,81.485,92.13,93.845,99.305,100.265,105.595,102.115,101.24,101.92,100.61,103.115,104.14,113.64,113.605,111.495,110.57,112.125,112.93,112.545,104.535,106.905,110.905,111.71,105.47,117.055,114.975,102.265,105.79,106.1,97.765,93.435,80.19,87.94,85.835,87.125,85.145,84.125,86.735,87.97,91.395,86.2,80.005,66.945,66.52,64.84,63.58,68.4,68.815,67.435,63.49,64.365,70.115,74.89,74.99,75.655,76.77,76.15,73.97,70.785,58.455,61.71,60.65,57.86,59.65,61.72,60.85,61.67,60.15,62.56,60.44,74.69],"stroke":"#10243b","width":2.1},{"label":"Fast 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envelope","values":[null,null,null,null,null,null,null,null,null,72.7613,72.8178,73.248,73.5431,73.1542,72.9665,72.2007,72.3462,72.6793,73.0097,73.4547,73.2159,73.0066,71.8643,72.6174,73.4285,75.1512,77.2799,79.8276,83.1508,87.6095,92.5079,94.7262,96.8656,97.769,98.2722,98.3781,98.4045,99.1065,99.7479,99.0248,96.6806,90.2573,87.3045,84.341,82.039,79.6461,77.4566,76.113,75.2136,74.5789,73.4765,71.8833,67.9848,64.3101,62.3316,60.7795,59.2744,58.7981,58.8835,57.6501,56.5717,55.9246,55.9732,55.9872,56.2109,56.4028,56.5676,56.9876,57.6205,57.6344,57.9963,57.5204,56.1397,55.2608,54.8911,54.5314,53.9726,53.2368,52.8877,52.5421,52.5966],"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 tape.","series":[{"label":"Drawdown","values":[0.0,-1.2563,0.0,-14.9679,-11.0772,-14.1624,-14.7257,-14.7099,-15.468,-16.4947,-14.1992,-2.9904,-1.1846,0.0,0.0,0.0,-3.2956,-4.1243,-3.4803,-4.7209,-2.3486,-1.3779,0.0,-0.0308,-1.8875,-2.7015,-1.3332,-0.6248,-0.9636,-8.0121,-5.9266,-2.4067,-1.6983,-7.1894,0.0,-1.7769,-12.6351,-9.6237,-9.3589,-16.4794,-20.1786,-31.4937,-24.8729,-26.6712,-25.5692,-27.2607,-28.1321,-25.9024,-24.8473,-21.9213,-26.3594,-31.6518,-42.8089,-43.172,-44.6072,-45.6837,-41.5659,-41.2114,-42.3903,-45.7605,-45.013,-40.1008,-36.0215,-35.9361,-35.368,-34.4154,-34.9451,-36.8075,-39.5284,-50.0619,-47.2812,-48.1867,-50.5702,-49.041,-47.2726,-48.0159,-47.3154,-48.6139,-46.555,-48.3662,-36.1924],"stroke":"#c13f3f","width":1.9,"fill":"rgba(193,63,63,.10)"},{"label":"Recovery","values":[null,null,null,null,null,null,null,0.3034,0.0,0.0,2.7489,16.1717,18.3343,25.2191,26.4296,33.1505,28.7624,27.659,28.5165,26.8646,30.0233,31.3158,43.2949,43.2507,40.5901,39.4237,41.3845,42.3996,41.9141,31.8139,34.8023,39.8462,40.8612,32.9929,47.601,41.0996,11.0008,12.7284,6.8426,0.0,0.0,0.0,9.6645,7.0395,8.6482,6.1791,4.9071,8.1619,9.702,13.9731,7.4947,0.0,0.0,0.0,0.0,0.0,7.581,8.2337,6.0632,0.0,1.3782,10.4347,17.9556,18.1131,19.1605,20.9167,19.9401,16.5065,11.49,0.0,5.5684,3.755,0.0,3.0937,6.6713,5.1676,6.5849,3.9578,8.1231,4.459,29.0875],"stroke":"#07865c","width":1.7}],"guides":[{"label":"Prior 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