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    },
    {
      "end": "2026-05-30",
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    },
    {
      "end": "2026-05-30",
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      "prior_btc_state": "prior_btc_down",
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      "terminal_usd": 1056.142
    },
    {
      "end": "2026-05-30",
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      "policy": "70% BTC / 20% ETH / 10% cash",
      "prior_btc_state": "prior_btc_down",
      "start": "2026-03-01",
      "terminal_usd": 1069.0128
    },
    {
      "end": "2026-05-30",
      "horizon_days": 90,
      "max_drawdown": 0.0,
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      "policy": "Cash only",
      "prior_btc_state": "prior_btc_down",
      "start": "2026-03-01",
      "terminal_usd": 1000
    },
    {
      "end": "2026-08-28",
      "horizon_days": 180,
      "max_drawdown": -0.286891,
      "net_return": 0.193445,
      "policy": "BTC only",
      "prior_btc_state": "prior_btc_down",
      "start": "2026-03-01",
      "terminal_usd": 1193.4452
    },
    {
      "end": "2026-08-28",
      "horizon_days": 180,
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      "net_return": 0.217325,
      "policy": "70% BTC / 30% ETH",
      "prior_btc_state": "prior_btc_down",
      "start": "2026-03-01",
      "terminal_usd": 1217.3246
    },
    {
      "end": "2026-08-28",
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      "max_drawdown": -0.292745,
      "net_return": 0.227654,
      "policy": "60% BTC / 25% ETH / 15% SOL",
      "prior_btc_state": "prior_btc_down",
      "start": "2026-03-01",
      "terminal_usd": 1227.6542
    },
    {
      "end": "2026-08-28",
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      "max_drawdown": -0.272993,
      "net_return": 0.19002,
      "policy": "70% BTC / 20% ETH / 10% cash",
      "prior_btc_state": "prior_btc_down",
      "start": "2026-03-01",
      "terminal_usd": 1190.0203
    },
    {
      "end": "2026-08-28",
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      "policy": "Cash only",
      "prior_btc_state": "prior_btc_down",
      "start": "2026-03-01",
      "terminal_usd": 1000
    },
    {
      "end": "2026-05-01",
      "horizon_days": 30,
      "max_drawdown": -0.042431,
      "net_return": 0.113598,
      "policy": "BTC only",
      "prior_btc_state": "prior_btc_up",
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    },
    {
      "end": "2026-05-01",
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      "prior_btc_state": "prior_btc_up",
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    {
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    {
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    {
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      "prior_btc_state": "prior_btc_up",
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    },
    {
      "end": "2026-06-30",
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    },
    {
      "end": "2026-06-30",
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    {
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    {
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      "terminal_usd": 867.8899
    },
    {
      "end": "2026-06-30",
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      "policy": "Cash only",
      "prior_btc_state": "prior_btc_up",
      "start": "2026-04-01",
      "terminal_usd": 1000
    },
    {
      "end": "2026-05-31",
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    {
      "end": "2026-05-31",
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    },
    {
      "end": "2026-05-31",
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    },
    {
      "end": "2026-05-31",
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      "prior_btc_state": "prior_btc_up",
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    },
    {
      "end": "2026-05-31",
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      "prior_btc_state": "prior_btc_up",
      "start": "2026-05-01",
      "terminal_usd": 1000
    },
    {
      "end": "2026-07-30",
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    {
      "end": "2026-07-30",
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    {
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    },
    {
      "end": "2026-07-30",
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    },
    {
      "end": "2026-07-30",
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      "policy": "Cash only",
      "prior_btc_state": "prior_btc_up",
      "start": "2026-05-01",
      "terminal_usd": 1000
    },
    {
      "end": "2026-07-01",
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    {
      "end": "2026-07-01",
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      "prior_btc_state": "prior_btc_down",
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    },
    {
      "end": "2026-07-01",
      "horizon_days": 30,
      "max_drawdown": -0.198673,
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      "policy": "60% BTC / 25% ETH / 15% SOL",
      "prior_btc_state": "prior_btc_down",
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    },
    {
      "end": "2026-07-01",
      "horizon_days": 30,
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      "policy": "70% BTC / 20% ETH / 10% cash",
      "prior_btc_state": "prior_btc_down",
      "start": "2026-06-01",
      "terminal_usd": 810.8074
    },
    {
      "end": "2026-07-01",
      "horizon_days": 30,
      "max_drawdown": 0.0,
      "net_return": 0.0,
      "policy": "Cash only",
      "prior_btc_state": "prior_btc_down",
      "start": "2026-06-01",
      "terminal_usd": 1000
    },
    {
      "end": "2026-08-30",
      "horizon_days": 90,
      "max_drawdown": -0.207453,
      "net_return": 0.057591,
      "policy": "BTC only",
      "prior_btc_state": "prior_btc_down",
      "start": "2026-06-01",
      "terminal_usd": 1057.5913
    },
    {
      "end": "2026-08-30",
      "horizon_days": 90,
      "max_drawdown": -0.211181,
      "net_return": 0.106207,
      "policy": "70% BTC / 30% ETH",
      "prior_btc_state": "prior_btc_down",
      "start": "2026-06-01",
      "terminal_usd": 1106.207
    },
    {
      "end": "2026-08-30",
      "horizon_days": 90,
      "max_drawdown": -0.198673,
      "net_return": 0.130833,
      "policy": "60% BTC / 25% ETH / 15% SOL",
      "prior_btc_state": "prior_btc_down",
      "start": "2026-06-01",
      "terminal_usd": 1130.8325
    },
    {
      "end": "2026-08-30",
      "horizon_days": 90,
      "max_drawdown": -0.189193,
      "net_return": 0.084243,
      "policy": "70% BTC / 20% ETH / 10% cash",
      "prior_btc_state": "prior_btc_down",
      "start": "2026-06-01",
      "terminal_usd": 1084.2426
    },
    {
      "end": "2026-08-30",
      "horizon_days": 90,
      "max_drawdown": 0.0,
      "net_return": 0.0,
      "policy": "Cash only",
      "prior_btc_state": "prior_btc_down",
      "start": "2026-06-01",
      "terminal_usd": 1000
    }
  ],
  "output_sha256": "c6e34a9966549b0816340b9b83f843d0536eac2d5f503b586749f7dc2f0df7ca",
  "protocol": "Same five prespecified $1,000 policies as v1; monthly starts January 2022–June 2026; 30/90/180/365 UTC-day open-to-open holding periods; 0.2% entry and 0.2% exit fee/slippage allowance; no rebalancing; cash earns zero. A horizon needs a complete BTC/ETH/SOL daily-open path, so longer horizons have fewer completed starts. Starts and horizons overlap; all results descriptive.",
  "question": "Does the beginner portfolio comparison depend on holding period?",
  "version": "retail-horizon-sensitivity-2.0"
}