The Lens reads Value. It has read Value on every completed day since 23 July, and last week it moved deeper rather than drifting back toward the middle — the price fell while the market’s average cost basis rose. The two moved in opposite directions, which is why the reading shifted more than the price alone would account for.
The sharpest disagreement came from the ETFs. On Friday the aggregated flow table showed the US spot Bitcoin funds posting their largest single-day net outflow in the three weeks it covers — the same day the reading took its deepest step into value. The completed week closed negative, the first after two positive ones. Cheapness deepened while money left.
The week’s scheduled buy went in as an order at a set price, and the market never came to it. The step was still owed, so it was completed at the market rather than letting the week close with nothing done. Nothing was trimmed. Nothing else triggered.
A plan that names a price has to be a plan about something. When the order didn’t fill, the question was whether the plan was about the price or about the buying. The amount was decided before the week began; how it gets executed is a separate decision from whether it gets executed at all.