<?xml version="1.0" encoding="UTF-8"?><rss xmlns:dc="http://purl.org/dc/elements/1.1/" xmlns:content="http://purl.org/rss/1.0/modules/content/" xmlns:atom="http://www.w3.org/2005/Atom" version="2.0" xmlns:itunes="http://www.itunes.com/dtds/podcast-1.0.dtd" xmlns:googleplay="http://www.google.com/schemas/play-podcasts/1.0"><channel><title><![CDATA[Novara Research: The Engine Room]]></title><description><![CDATA[The Engine Room is where the torque is built. Digging deeper into the models and data, showing exactly how conviction is engineered beneath the surface.]]></description><link>https://research.novaraworks.io/s/the-engine-room</link><image><url>https://substackcdn.com/image/fetch/$s_!89TD!,w_256,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff00f6d48-86ce-4868-8bea-dce75bd0721f_400x400.png</url><title>Novara Research: The Engine Room</title><link>https://research.novaraworks.io/s/the-engine-room</link></image><generator>Substack</generator><lastBuildDate>Mon, 20 Apr 2026 07:12:06 GMT</lastBuildDate><atom:link href="https://research.novaraworks.io/feed" rel="self" type="application/rss+xml"/><copyright><![CDATA[btcnovara]]></copyright><language><![CDATA[en]]></language><webMaster><![CDATA[btcnovara@substack.com]]></webMaster><itunes:owner><itunes:email><![CDATA[btcnovara@substack.com]]></itunes:email><itunes:name><![CDATA[Novara Research]]></itunes:name></itunes:owner><itunes:author><![CDATA[Novara Research]]></itunes:author><googleplay:owner><![CDATA[btcnovara@substack.com]]></googleplay:owner><googleplay:email><![CDATA[btcnovara@substack.com]]></googleplay:email><googleplay:author><![CDATA[Novara Research]]></googleplay:author><itunes:block><![CDATA[Yes]]></itunes:block><item><title><![CDATA[Transition Score]]></title><description><![CDATA[An [experimental] Bitcoin regime-stress index.]]></description><link>https://research.novaraworks.io/p/transition-score</link><guid isPermaLink="false">https://research.novaraworks.io/p/transition-score</guid><dc:creator><![CDATA[Novara Research]]></dc:creator><pubDate>Tue, 24 Mar 2026 14:16:09 GMT</pubDate><enclosure url="https://substackcdn.com/image/fetch/$s_!R7As!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F186e2ebc-4d9a-43d2-bd1e-d899bc73183b_1483x885.png" length="0" type="image/jpeg"/><content:encoded><![CDATA[<p>In our <a href="https://btcnovara.substack.com/p/is-bitcoins-next-shock-weeks-away">last article</a>, we introduced <strong>Regime Instability Score (RIS)</strong> as a way to understand how persistent the so-called <em>&#8220;scaling-shock&#8221;</em> <em>(r&#178;)</em> pressure is. When plotted against price deviation percentile and rolling 2-year exponent percentile, we noticed curious timing.</p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!nG7H!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1de3c083-7bff-4ab5-baab-b43a32f4122e_1710x884.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!nG7H!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1de3c083-7bff-4ab5-baab-b43a32f4122e_1710x884.png 424w, https://substackcdn.com/image/fetch/$s_!nG7H!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1de3c083-7bff-4ab5-baab-b43a32f4122e_1710x884.png 848w, https://substackcdn.com/image/fetch/$s_!nG7H!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1de3c083-7bff-4ab5-baab-b43a32f4122e_1710x884.png 1272w, https://substackcdn.com/image/fetch/$s_!nG7H!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1de3c083-7bff-4ab5-baab-b43a32f4122e_1710x884.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!nG7H!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1de3c083-7bff-4ab5-baab-b43a32f4122e_1710x884.png" width="1456" height="753" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/1de3c083-7bff-4ab5-baab-b43a32f4122e_1710x884.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:753,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:314237,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:false,&quot;topImage&quot;:true,&quot;internalRedirect&quot;:&quot;https://btcnovara.substack.com/i/191939284?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1de3c083-7bff-4ab5-baab-b43a32f4122e_1710x884.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!nG7H!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1de3c083-7bff-4ab5-baab-b43a32f4122e_1710x884.png 424w, https://substackcdn.com/image/fetch/$s_!nG7H!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1de3c083-7bff-4ab5-baab-b43a32f4122e_1710x884.png 848w, https://substackcdn.com/image/fetch/$s_!nG7H!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1de3c083-7bff-4ab5-baab-b43a32f4122e_1710x884.png 1272w, https://substackcdn.com/image/fetch/$s_!nG7H!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1de3c083-7bff-4ab5-baab-b43a32f4122e_1710x884.png 1456w" sizes="100vw" fetchpriority="high"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a><figcaption class="image-caption">Does RIS flag momentum/transition shifts in the 2-year rolling exponent percentile? Can w&#8230;</figcaption></figure></div>
      <p>
          <a href="https://research.novaraworks.io/p/transition-score">
              Read more
          </a>
      </p>
   ]]></content:encoded></item><item><title><![CDATA[Experiment: Correlative proxy metric]]></title><description><![CDATA[Introducing the rolling 2Y exponent percentile]]></description><link>https://research.novaraworks.io/p/experiment-correlative-proxy-metric</link><guid isPermaLink="false">https://research.novaraworks.io/p/experiment-correlative-proxy-metric</guid><dc:creator><![CDATA[Novara Research]]></dc:creator><pubDate>Wed, 25 Feb 2026 04:33:49 GMT</pubDate><enclosure url="https://substackcdn.com/image/fetch/$s_!8kie!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F79648ce0-cd23-4aed-8700-c366cbb20359_1103x637.png" length="0" type="image/jpeg"/><content:encoded><![CDATA[<p>We wanted to know whether our internal rolling instrumentation (read: top secret metrics) could tell us something about where we sit in the price deviation distribution. In other words, does anything else deviate in tune with price? We have some early data, and the answer is maybe.</p>
      <p>
          <a href="https://research.novaraworks.io/p/experiment-correlative-proxy-metric">
              Read more
          </a>
      </p>
   ]]></content:encoded></item></channel></rss>