{"schema_version":"1.0","name":"CSEI Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"e4bf4321-73fc-43db-8fdc-bfc181ddd9cd","symbol":"CSEI","name":"CoinShares Sei Staking ETP","exchange":"EBS","country":"CH","asset_type":"etf","currency":"USD","sector":null,"industry":null},"summary":"Market Dynamics eased this week but remains positive. Underlying support has contracted across the recent completed path. Price structure remains downward.","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, Activity pressure and cumulative balance, Drawdown and recovery pressure, Range pressure and compression, Range position and boundary pressure, Directional strength and control."},{"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":56,"displayedObservations":56,"assetType":"ETF","state":"Aligned downward","stateTone":"negative","summary":"Market Dynamics eased this week but remains positive. 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Dynamics","kind":"structuralDivergence","expectedDirection":"lower","episodes":0,"completedEpisodes":0,"activeEpisodes":0,"horizons":[{"weeks":4,"sample":0,"expectedCount":0,"confidence":"Not enough evidence"},{"weeks":12,"sample":0,"expectedCount":0,"confidence":"Not enough evidence"},{"weeks":26,"sample":0,"expectedCount":0,"confidence":"Not enough 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Price must respond to the improvement before the downward technical state can be considered resolved.","invalidate":"Reassess the reading when either price structure or the Market Dynamics state changes materially.","level":"positive","direction":"weakening","zone":"middle","zoneContext":"Market Dynamics remains above zero, but support has contracted across the recent completed path. Price confirmation now carries more weight.","historical":{"label":"Broad directional cases","weeks":12,"sample":0},"nowContext":{"label":"Easier this week","detail":"Market Dynamics eased this week but remains positive."},"fourWeekContext":{"label":"Weakened over four weeks","detail":"Underlying support has contracted across the recent completed path."},"priceContext":{"label":"Price remains downward while Market Dynamics is positive","detail":"The positive Market Dynamics reading has not yet reversed the downward price structure."}},"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":"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 1.0 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 unsupported price strength to tighten discipline","tone":"caution","finding":"Comparable disagreements produced an average pullback of 22.5% across 1 completed cases, with the largest move arriving after 12.0 weeks on average.","approach":"Avoid adding simply because price is rising. Let improving Market Dynamics confirm the move, or let price reset before reassessing it.","watch":"The warning ends when Market Dynamics catches up or price gives way."}]},"summary":"This record compares the ticker's completed price path with its published Market Dynamics 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1.8637,15.1182,11.4786,13.3556,34.7651,25.2656,37.2244,22.2402,32.6319,19.216,21.7501,28.126,47.5924,25.2289,33.6889,56.6138,34.0883,43.7215,16.6852,42.7358,20.4924,38.1338,37.4909,43.7947,18.8237,8.0403,28.0256,20.4586,18.0187,26.2282,23.5054,23.3895],"volumeParticipation":true,"latest":{"consensus":-7.5,"control":-6.5,"force":-49.3,"direction":-21.1,"confirmation":5.9,"persistence":87.5,"assessmentRisk":23.4,"intensity":11.5,"evidenceDepth":100},"analysis":{"status":"Price structure has stronger support","headline":"The gauges support the price-technical view","summary":"Price structure and Market Dynamics disagree. The completed evidence gives the downward price structure stronger support.","take":"Current assessment: price structure remains primary, but the disagreement lowers confirmation.","tone":"negative","supportedView":"Price structure","direction":"downward","disagreement":true},"support":{"window":"Latest 12 months","controlState":"Control support is limited","controlPath":"Control support is easing","forceState":"Downward commitment","forcePath":"Commitment is easing","directionState":"Downward follow-through","persistenceState":"Established","confirmationState":"Limited support","riskState":"Contained","intensityState":"Quiet"},"cards":[{"label":"SM Consensus Gauge","value":"-7.5","detail":"Price structure has stronger support","tone":"negative"},{"label":"SM Control Gauge","value":"-6.5","detail":"Control support is limited","tone":"negative"},{"label":"SM Force Gauge","value":"-49.3","detail":"Downward commitment","tone":"negative"},{"label":"SM Direction 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and its trend references are aligned downward.","series":[{"label":"Close","values":[3.11,3.0395,3.4095,3.144,2.996,2.924,3.308,3.36,2.7485,2.945,2.7495,1.9434,1.9216,1.9386,1.7168,1.7082,1.35,1.4082,1.3168,1.292,1.15,1.1248,1.139,1.238,1.2104,1.0898,0.9648,0.8015,0.7613,0.7316,0.7188,0.6815,0.6823,0.6432,0.5748,0.5253,0.5874,0.6083,0.627,0.5808,0.6308,0.6481,0.6434,0.6752,0.499,0.5272,0.5522,0.547,0.5088,0.5082,0.486,0.4554,0.4306,0.4222,0.4122,0.4341],"stroke":"#10243b","width":2.1},{"label":"Fast trend","values":[null,null,null,null,3.1238,3.0874,3.1275,3.1698,3.0932,3.0663,3.0087,2.815,2.6525,2.5227,2.3762,2.2548,2.0903,1.9662,1.8482,1.747,1.6385,1.5451,1.4713,1.4288,1.3891,1.3347,1.2674,1.1827,1.1061,1.038,0.98,0.9257,0.8815,0.8381,0.7903,0.7421,0.714,0.6947,0.6824,0.664,0.6579,0.6561,0.6538,0.6577,0.6289,0.6104,0.5998,0.5902,0.5754,0.5632,0.5491,0.5321,0.5136,0.497,0.4816,0.473],"stroke":"#176fa3","width":1.7},{"label":"Slow 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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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