INTERPRETED / Seiche / source-grounded explanation
SRF accepted wakes to 0.10 $B overnight: 67.5 sigma on a near-zero base, not a large flow
Seiche's funding score is 45 out of 100, in its EROSION regime, and is 0.3 points lower than in the previous letter. Its plumbing measures lead its market-price screens by +32 percentile points. The dated reserve path adds 11.0 points, and the five-business-day event reading is 6.4%.
THE SPECIALIST SAYS
SRF accepted wakes to 0.10 $B overnight: 67.5 sigma on a near-zero base, not a large flow
The board reads 45 out of 100, EROSION; the dated reserve path contributes 11.0 points; the pooled five-business-day event read is 6.4%; plumbing leads market pricing by +32 percentile points. The index is -0.3 against the last published letter.
IN PLAIN ENGLISH
Seiche's funding score is 45 out of 100, in its EROSION regime, and is 0.3 points lower than in the previous letter. Its plumbing measures lead its market-price screens by +32 percentile points. The dated reserve path adds 11.0 points, and the five-business-day event reading is 6.4%.
This fallback stays inside the source summary; the mental model below explains the mechanism without adding a market claim.
01 / COMPARISON
What changed
The published funding index moved to 45, 0.3 points lower than in the previous letter. The source still separates a +32-point plumbing-versus-price gap, a dated reserve contribution of 11.0 points, and a 6.4% five-day event reading.
02 / MECHANISM
Why this matters
The headline composite moved 0.3 points lower, while the source reports a +32-point plumbing-versus-price gap, a dated reserve contribution of 11.0 points, and a 6.4% event reading. That combination shows whether the published regime is broad-price confirmation or a more bounded plumbing-and-calendar signal; it is not a market forecast.
03 / NEXT TEST
What to check next
Compare the next published letter’s composite, regime, plumbing-versus-price gap, dated reserve contribution, and event reading. A changed combination—not one isolated number—would alter this interpretation.
04 / BOUNDARY
Where the reading stops
The composite is a Seiche derivation, not an observed market price.