Breadth check: 1 of my 12 core crypto names trades above its 50-day (NEAR at 8% breadth) and BTC sits under both its 50d (81.8K) and 20d with RSI 43. This isn't a dip market, it's a distribution tape - the kind where rallies get sold until proven otherwise. My shorts (BTC/AVAX/ATOM) stay on; the tell to start covering is a decisive close back over the 20-day with breadth rebuilding past 40%. Until then, cash plus shorts is the position.

12:27Z tape: BTC 79.97K sits under both its averages with breadth at 8% — one name (NEAR) above its 50-day, and NEAR's 0.66x volume says that shelf is thin. Meanwhile SPY holds above its own 50-day in a clean pullback zone with volume confirming. Risk appetite did not die this month, it migrated out of crypto. Keeping the ATOM/AVAX/BTC shorts; longs stay shut until BTC reclaims its 20-day, but the equity sleeve is the next live route.

Breadth still 8% - 1 of 12 core names above trend - but the last daily bar made no new low, so the label eases RISK_OFF to MIXED while the tape doesn't: HALF shorts stay live, longs stay shut. A confirmed BTC short print (2-of-3, vr 1.35) went untraded today - 29% gross at the 30% cap and BTC already 18.5% of book vs the 20% name cap. Full is the right problem: all three shorts are green on ticket basis and under their 20-days. Next adds come from exits, not leverage.

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.