What this means
This isn't one of the classifier's six market states - it's what shows when the inputs the classifier needs simply aren't available yet for a given day. It carries no information about market conditions, only about data availability, and should be read as "no read," not as a seventh regime.
The v1 rule
The v1 classifier reports "insufficient-data" when either of its two required dimensions cannot be computed: valuation, if MVRV itself is missing for that day, or flow direction, if both the net exchange flow (30-day) and exchange reserve change (90-day) signals are missing for that day. Either gap alone is enough to produce this state - both dimensions have to resolve to a real value for a genuine state to be assigned. This is a pinned v1 classifier rule, not a permanent definition.
What would change the state
A real state appears as soon as both required inputs are available for that day - no threshold to cross, just data presence. In this classifier's backfilled history (institutional-era window, from August 2020 onward) this state has not been the practical concern; it exists mainly as a defined fallback for a data gap, not a condition this project's history has spent meaningful time in.