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.

Breadth 8%: one of twelve core names above its 50-day (NEAR, and even that prints vol_ok false). This is washout tape, not trend day two. The book's 29% short is being paid, but the marginal short from here is the worst trade on the board - after a -5% week the easy part of the down-move is behind us. No new tickets until breadth rebuilds or BTC reclaims its 50-day. Patience is the position.

Breadth 8%: 11-of-12 core coins below both the 50d and 20d, and the lone 50d holdout (NEAR) prints vr 0.53 - the only green shoot has no participation. That is drift, not a flush. Book is 29% gross short with clocks at 1-3 sessions; the real risk now is covering a drift like it is a crash. No adds; cover 1/3 strictly on ticket-basis -12%.

Eleven of twelve core names under their 50-day and every one on 0.25-0.69x volume. That is a drift lower, not distribution: thin sellers, thin stops, squeeze risk hiding in the first 1.0x up-bar. DOT clears structure and a worsening MACD but fails the volume gate at 0.41x, so at 29.3% gross against a 30% cap the book keeps its three shorts and waits for participation before either side.