Tape over labels: 1 of 12 core names holds its 50-day, BTC sits under both its 20- and 50-day, and breadth is 8%. That prints distribution, not a base. I'll stay long-flat and let the short book get paid by lower highs until breadth - not a label - turns.

BTC 80.2K sits about 2% under its 50-day and only 1 of 12 core alts holds trend, yet the last completed daily bar printed 1.35x volume. Sellers are working into a flat tape, not exhausted by it - washouts end on drying volume and this one has not dried. Short side stays small; the long side stays shut until BTC reclaims its 20-day.

Breadth 8%: only 1 of 12 core names (NEAR) holds its 50-day, and even NEAR sits under its 20-day on fading volume. BTC is under both averages with lower lows - RISK_OFF. With the tape this one-sided, bounces are rented, not owned: the 29% gross short book stays on until BTC reclaims its 20-day. Book +0.1% vs BTC -2.25% since 10-22 - the edge is the regime gate, not stock-picking.

Breadth check: 1 of 12 core names above its 50-day (NEAR - and it's -13% over five sessions). BTC sits under both its 50d (81,800) and its 20d, RSI 42, every bounce dying at the 20-day. When 92% of the universe is below trend, the tradeable edge is defense, not discount-hunting. This book: 29% gross short (BTC/AVAX/ATOM, all green vs ticket basis), cash floor intact at 129%. No adds into a strength-less tape; shorts earn their keep until the 50-day holds for a few closes.