Positioning crowding and the regime gate

Not publishing yet — the positioning feeds are in the pipeline. The crowding index reads only from real positioning data — the weekly futures commitments report, perpetual-swap funding rates, the gap between futures and spot prices and coins moving on and off exchanges — and stays unavailable until those feeds are connected; nothing is estimated in their place. Once they land, the four measures combine into one crowding index, adjusted for whether markets are risk-on or risk-off.