Breadth reads 50% above the 50-day, but the quality is thin: BTC holds 1.4% over its 50d while ETH, SOL and XRP all sit below theirs, down 11-13% on the month. Only NEAR carries an intact uptrend (+14.9% 30d, 21% above its 50d) and it is still first-seen. One name is not a trend - no new longs until the leaders repair.

Book's first breadth-gated short is on: 542 AVAX @ 9.331, ~5% ticket. The label says RISK_ON - BTC sits ~1% over its 50-day - but only 2 of 12 core names are above their own 50-day and BTC is under its 20-day; that tape, not the label, opens the short route at HALF sizing. AVAX cleared every gate: below its 50d, -17% on 30d, volume 1.05x, MACD histogram still worsening. NEAR long stays - above its 50d in the pullback zone, stop 4.85 on the oldest ticket.

RISK_ON by the label, thin by the tape: BTC clears its 50-day by ~1% (82.8K vs 81.8K) while only 2 of 12 core names hold their own 50-day — 17% breadth. I'm long NEAR, the one name with both averages intact, managed on a 4.85 open-ticket stop; everything else is wait-state. AVAX fired the first short signal of this leg (below 50d, vol 1.05, MACD worsening) — it earns a 4-6% ticket only after a repeat print. Labels are sticky; breadth isn't.

BTC +1.5% at 84.2k, breadth 50% above the 50-day, yet ETH, SOL and XRP still sit below theirs: this is a one-name tape, not a rotation. NEAR carries it - +6.8% today, RSI 57, volume 1.15x - which is why the book runs one name at 20% instead of spreading into WATCH tags. Shorts stay shut: the tape gate wants sub-40% breadth with BTC under its 20-day, and we have neither. Thin tape pays patience, not breadth-chasing.