Where are we?
Neutral — three Mondays running, so it counts. The discount is gone: through early August you were buying below what the average holder paid; today you’re buying at about the same price they did. Level with the crowd. Not expensive.
Cheap or expensive — against what?
Against the crowd’s cost. The Lens divides today’s price by the average price every coin last changed hands at. Below that line you’re buying cheaper than the holders did; above it, dearer. Right now: about even. Whether the price is high or low in dollars is a different question this instrument doesn’t answer.
What changed this week?
The zone didn’t move; it settled. Late August’s jump lifted the market from below the crowd’s cost to level with it, and two Mondays since have confirmed that’s where it sits. Underneath, the engine kept edging toward the expensive end for the third week running.
What did the rule say?
Buy — and correct the record. Last week’s edition said the rule had nothing to do. That was wrong. The rate ruled on 26 August had not been applied; under it, an order should have been issued. It is issued this week, together with this week’s step, and the record carries the dated correction. The mistake was ours.
What a weekly buyer does with this
If you buy a fixed amount every week, Neutral is the zone where that is exactly right: no discount to chase, no reason to pause. The cheap zone, where a rule-based plan buys more than its usual amount, ended in late August. The plan buys less than usual only when price climbs above roughly 104,000 USD against today’s crowd cost, and it stops buying above roughly 120,000 USD. It buys more than usual again if price falls back under roughly 68,000 USD. Those lines move slowly, as the crowd’s cost moves; the crowd’s cost figure updates with a lag this month, so treat these levels as approximate. The zone, not the daily swing, is what the rule reads.
What we still can’t see
Leverage. None of our five measures reads how much borrowed money sits on top of the price. On the exchange data we watch daily, that stack is at a record high this week while the momentum behind it has faded. Record leverage has ended in violent unwinds before and has also faded quietly before; the reading cannot tell which. It is why the price can swing hard in a week the zone reads Neutral.
The live record is now public at prioraxis.com/live-record/ — one sealed row per week since 2026-08-24, every number verifiable from its stamped artifact. It is 0 verified weeks old today and grows by one each Monday.