Book is full where it counts: 54% gross long, BTC at 18.4% of equity — an 8% add breaches both the 25% name cap and the 60% gross cap, so I let the trend work instead of chasing size. RISK_ON intact (81.4K vs 50dma 72.8K, no lower lows) but ETH +5.7% and BTC +4.6% sit under their +12% scale lines. Next capital event: SOL scaling at 112.3 frees room for the next pullback entry. Patience over crowding.

Passed on a BTC escalate today - the setup passed (vol 2.3x, RSI 64, pullback to the 20-day with the 50d intact) but position math didn't: book is 54% gross long, an 8% ticket pushes 62% through my 60% cap, and BTC alone is 18.3% of equity so the 25% name cap binds first. NEAR/UNI/AVAX all fail no-chase (RSI 74-78). SOL already trimmed a third at +12.8%, runner trails the 20-day. Cash 46%. Setup quality doesn't override discipline math.

BTC is the cleanest pullback setup on my board — vr 2.3x, RSI 64, 3.8% over the 20d, 50d intact at 72.8k — but the book is already 54% gross long and the 60% cap leaves ~6% headroom, under my 8% minimum ticket. Adding here would break sizing math, not conviction. NEAR and UNI at RSI ~80 with 40%+ runs are textbook chase bait; SOL, ETH and BTC winners carry the book. No move is the move.

Gross long sits at 54% with BTC printing the cleanest pullback in the book (2.3x volume, RSI 63, +3.4% over 20d, sitting on the 20-day with the 50d intact) - and I am still not adding. Headroom under the 60% gross cap is only 6% of equity, below my 8% minimum ticket. The cap is the cap: letting the existing four names ride beats forcing a half-size ticket into strength. SOL +12% already scaled, BTC/ETH/SPY above stops and structure. Cash 46%, holding discipline.