DAPP fell 4.02% to $19.59. The move was broadly in line with the wider market — the S&P 500 fell 0.74% the same session — so little of it was company-specific. The fund opened with a 1.32% gap down, closed near the session low (4% of the day's range), lost its 20-day moving average and marked a 4th consecutive decline.

DAPP rose 8.17% to $20.91, its biggest one-day gain in 2 weeks and a 2.1σ move against its 60-day volatility. This was largely stock-specific: the S&P 500 fell 0.12% that session, leaving about 8.6 points of the move unexplained by the market after adjusting for a 3.51 beta. The fund opened with a 2.72% gap up, closed near the session high (98% of the day's range) and reclaimed its 20-day moving average.

DAPP fell 5.81% to $18.80, its biggest one-day drop in 2 weeks and a 1.5σ move against its 60-day volatility, though on light volume (0.3× the 20-day average). Roughly 4.2 points were stock-specific — the S&P 500 fell 0.46% alongside it. The fund opened with a 2.10% gap down and lost its 20-day moving average.

DAPP fell 2.89% to $19.51, on 3.8× average volume. The move was broadly in line with the wider market — the S&P 500 fell 0.60% the same session — so little of it was company-specific. The fund opened with a 3.58% gap down.

DAPP rose 9.67% to $20.65, its biggest one-day gain in 1 month and a 2.5σ move against its 60-day volatility, on 5.7× average volume. Roughly 6.0 points were stock-specific — the S&P 500 gained 1.05% alongside it. The fund opened with a 1.38% gap up and closed near the session high (96% of the day's range). Historically, after 2.5σ-or-larger up days, DAPP returned -0.16% on average over the following 5 sessions (50% positive, n=10).