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      "net_return": -0.146854,
      "policy": "60% BTC / 25% ETH / 15% SOL",
      "prior_btc_30d_return": 0.038129,
      "regime": "BTC prior 30d up",
      "start": "2026-04-01",
      "terminal_usd": 853.1456,
      "underwater_days": 78
    },
    {
      "end": "2026-06-30",
      "entry_fee_rate": 0.002,
      "exit_fee_rate": 0.002,
      "max_drawdown": -0.263559,
      "min_account_usd": 857.0248,
      "net_return": -0.13211,
      "policy": "70% BTC / 20% ETH / 10% cash",
      "prior_btc_30d_return": 0.038129,
      "regime": "BTC prior 30d up",
      "start": "2026-04-01",
      "terminal_usd": 867.8899,
      "underwater_days": 77
    },
    {
      "end": "2026-06-30",
      "entry_fee_rate": 0.002,
      "exit_fee_rate": 0.002,
      "max_drawdown": 0.0,
      "min_account_usd": 1000.0,
      "net_return": 0.0,
      "policy": "Cash only",
      "prior_btc_30d_return": 0.038129,
      "regime": "BTC prior 30d up",
      "start": "2026-04-01",
      "terminal_usd": 1000,
      "underwater_days": 0
    },
    {
      "end": "2026-07-30",
      "entry_fee_rate": 0.002,
      "exit_fee_rate": 0.002,
      "max_drawdown": -0.286891,
      "min_account_usd": 764.8076,
      "net_return": -0.165272,
      "policy": "BTC only",
      "prior_btc_30d_return": 0.118066,
      "regime": "BTC prior 30d up",
      "start": "2026-05-01",
      "terminal_usd": 834.7277,
      "underwater_days": 85
    },
    {
      "end": "2026-07-30",
      "entry_fee_rate": 0.002,
      "exit_fee_rate": 0.002,
      "max_drawdown": -0.301682,
      "min_account_usd": 743.4333,
      "net_return": -0.16279,
      "policy": "70% BTC / 30% ETH",
      "prior_btc_30d_return": 0.118066,
      "regime": "BTC prior 30d up",
      "start": "2026-05-01",
      "terminal_usd": 837.2099,
      "underwater_days": 85
    },
    {
      "end": "2026-07-30",
      "entry_fee_rate": 0.002,
      "exit_fee_rate": 0.002,
      "max_drawdown": -0.293858,
      "min_account_usd": 761.5652,
      "net_return": -0.155914,
      "policy": "60% BTC / 25% ETH / 15% SOL",
      "prior_btc_30d_return": 0.118066,
      "regime": "BTC prior 30d up",
      "start": "2026-05-01",
      "terminal_usd": 844.0859,
      "underwater_days": 85
    },
    {
      "end": "2026-07-30",
      "entry_fee_rate": 0.002,
      "exit_fee_rate": 0.002,
      "max_drawdown": -0.269729,
      "min_account_usd": 774.0773,
      "net_return": -0.14709,
      "policy": "70% BTC / 20% ETH / 10% cash",
      "prior_btc_30d_return": 0.118066,
      "regime": "BTC prior 30d up",
      "start": "2026-05-01",
      "terminal_usd": 852.9098,
      "underwater_days": 85
    },
    {
      "end": "2026-07-30",
      "entry_fee_rate": 0.002,
      "exit_fee_rate": 0.002,
      "max_drawdown": 0.0,
      "min_account_usd": 1000.0,
      "net_return": 0.0,
      "policy": "Cash only",
      "prior_btc_30d_return": 0.118066,
      "regime": "BTC prior 30d up",
      "start": "2026-05-01",
      "terminal_usd": 1000,
      "underwater_days": 0
    },
    {
      "end": "2026-08-30",
      "entry_fee_rate": 0.002,
      "exit_fee_rate": 0.002,
      "max_drawdown": -0.207453,
      "min_account_usd": 792.5474,
      "net_return": 0.057591,
      "policy": "BTC only",
      "prior_btc_30d_return": -0.058247,
      "regime": "BTC prior 30d down",
      "start": "2026-06-01",
      "terminal_usd": 1057.5913,
      "underwater_days": 87
    },
    {
      "end": "2026-08-30",
      "entry_fee_rate": 0.002,
      "exit_fee_rate": 0.002,
      "max_drawdown": -0.211181,
      "min_account_usd": 788.8195,
      "net_return": 0.106207,
      "policy": "70% BTC / 30% ETH",
      "prior_btc_30d_return": -0.058247,
      "regime": "BTC prior 30d down",
      "start": "2026-06-01",
      "terminal_usd": 1106.207,
      "underwater_days": 86
    },
    {
      "end": "2026-08-30",
      "entry_fee_rate": 0.002,
      "exit_fee_rate": 0.002,
      "max_drawdown": -0.198673,
      "min_account_usd": 801.3273,
      "net_return": 0.130833,
      "policy": "60% BTC / 25% ETH / 15% SOL",
      "prior_btc_30d_return": -0.058247,
      "regime": "BTC prior 30d down",
      "start": "2026-06-01",
      "terminal_usd": 1130.8325,
      "underwater_days": 86
    },
    {
      "end": "2026-08-30",
      "entry_fee_rate": 0.002,
      "exit_fee_rate": 0.002,
      "max_drawdown": -0.189193,
      "min_account_usd": 810.8074,
      "net_return": 0.084243,
      "policy": "70% BTC / 20% ETH / 10% cash",
      "prior_btc_30d_return": -0.058247,
      "regime": "BTC prior 30d down",
      "start": "2026-06-01",
      "terminal_usd": 1084.2426,
      "underwater_days": 86
    },
    {
      "end": "2026-08-30",
      "entry_fee_rate": 0.002,
      "exit_fee_rate": 0.002,
      "max_drawdown": 0.0,
      "min_account_usd": 1000.0,
      "net_return": 0.0,
      "policy": "Cash only",
      "prior_btc_30d_return": -0.058247,
      "regime": "BTC prior 30d down",
      "start": "2026-06-01",
      "terminal_usd": 1000,
      "underwater_days": 0
    }
  ],
  "output_sha256": "7dec31b6f097d05ea19ef03a058297bc96b394c5f02dc01bd9db71beb485c6a1",
  "protocol": "Monthly UTC-day starts 2022-01 through 2026-06; buy at day-0 Binance USDT daily open; hold 90 UTC days without rebalancing; sell at day-90 open; 0.20% entry and 0.20% exit fee+slippage assumption; cash earns zero; daily mark-to-market applies exit allowance. Same BTC/ETH/SOL availability required for every policy; prior BTC 30-day open return defines state; no threshold tuning after results.",
  "question": "What did the same $1,000 budget experience across four fixed crypto exposures and cash?",
  "version": "five-retail-guides-1.0"
}
