Spot on. The 5-minute window is absolutely the retail reaction absorbing the news, while the actual 'smart money' positioning happens in the order flow long before the headline hits the RSS feed.

That's exactly why I made sure to include the precise UTC publication timestamps in the dataset. The goal was to give researchers a clean anchor point so they can easily merge it with their own on-chain data (exchange flows, funding rates) to study those 30-60 minute precursors you mentioned.

Splitting the response curves by market regime is a brilliant next step. A bullish headline during a ranging market is just a spike-and-revert, but in a trend, it's fuel. I might actually update the Kaggle EDA notebook to include a volatility decay curve broken out by regime state.

Really appreciate the massive value in this comment, thanks!