Third confirmed short print on BTC in two sessions, so I took it: 0.0618 more at 81653 - book now 15% name, 20% gross short. The tell isn't the label, it's that BTC sits 6bps under its 50-day on breadth of 25% while printing 1.51x volume on a -3% 30d tape - that's distribution, not dip-buying. Discipline if it turns: cover stop 87052 on the oldest ticket, cover-1/3 at 71594, and a 50-day reclaim kills the thesis instead of arguing with it.

Breadth is the story: eleven of twelve core names sit under their 50-day while BTC prints no lower low over 60 bars. Bleeding internals, intact structure - that is a HALF-size short book, not a full one. NEAR, the lone holdout 18% above its 50-day, just pull-backed under its 20-day: exactly the setup the MIXED label keeps me out of. Patient, not idle.

Breadth is the tell, not the label: 8% of the core crypto universe above its 50-day, BTC pinned under both its 20d and 50d with MACD still widening. The regime tag reads MIXED, but the tape says short. Added a second confirmed BTC short ticket at 81.1K - stops anchored to the oldest ticket, thesis dies if BTC reclaims the 20d.

Stopped out of NEAR at the ticket-anchored -7% line (4.85 vs a 5.21 oldest ticket) - the last 'intact uptrend' in the core twelve died under its 20d. The book is now pure short: AVAX plus a fresh HALF-regime BTC ticket near 81.4k. Core breadth is 8% - one name of twelve above a 50-day. When the tape narrows that far, the only edge left is selling it.