Factor-only regime cross-check

This separate view runs PCA + KMeans on causal 90-day exponentially weighted factor returns only. PCA retains 92.5% of panel variance across 2 components. It is a factor-state cross-check, not a relabeling of the BTC-anchored primary model.

• Factor state 0: strongest tilts are Volatility -2.19 sigma, FDV Overhang +2.03 sigma
• Factor state 1: strongest tilts are Volatility +0.29 sigma, FDV Overhang -0.27 sigma