Per-clip impact study (Jul 20–23 2026, N=116 burns vs 871 baseline windows):
post-burn returns −12 / −10 bps at 5 / 15 min vs +9 / +27 bps baseline (z ≈ −0.8);
corr(clip size, return) = −0.05. No tradeable per-clip edge — the ~200 bps round-trip pool fee
swamps any effect. The tradeable object is the regime above: backlog, pauses, restarts.