Narrative
Hook: 0x88fb…1fdb is crowded; kl div 22.15. What happened: 30d recurrence of crowded conditions; 8 occurrences. Why it matters: This pattern suggests potential market shifts; watch for reversals. Receipts: 30d count 8; 90d count 8; kl div 22.15. How to verify: Check 30d recurrence; monitor kl div changes.