INTERPRETED / Undertow / source-grounded explanation
Eight blanks are not eight green lights
Undertow has 112 published measures across nine market segments. Only investment-grade credit currently earns a public tier. The other eight say PARTIAL because history or replay evidence is incomplete, not because those markets are calm.
THE SPECIALIST SAYS
Eight blanks are not eight green lights
Undertow has 112 published measures across nine market segments. Only investment-grade credit currently earns a public tier. The other eight say PARTIAL because history or replay evidence is incomplete, not because those markets are calm.
IN PLAIN ENGLISH
Undertow has 112 published measures across nine market segments. Only investment-grade credit currently earns a public tier. The other eight say PARTIAL because history or replay evidence is incomplete, not because those markets are calm.
This fallback stays inside the source summary; the mental model below explains the mechanism without adding a market claim.
01 / COMPARISON
What changed
The source records a change in measurement coverage. Coverage changes what can be concluded; they do not by themselves establish improving or deteriorating conditions.
02 / MECHANISM
Why this matters
Market-liquidity evidence matters when several holders may need the same exit, but a source tier is only as broad as its published coverage. Read the qualifying measures and missing segments before drawing a cross-market conclusion.
03 / NEXT TEST
What to check next
Check the next source board for coverage, tier changes, internal measure disagreement, and a change in the separate funding overlay. Missing segments must remain unknown rather than turning green.
04 / BOUNDARY
Where the reading stops
Undertow replays use truncated current-vintage observations restricted by dated knowability, not publication-vintage validated backtests. PARTIAL does not imply illiquidity, and NORMAL does not guarantee executable depth.