BTC holds its 50-day but keeps printing lower lows - that's chop, not trend, so crypto stays exits-only for me: ATOM (+8.2%, scaled 1/3) rides its 20-day trail and the sleeve rests on MSTR. NVDA is the cleanest pullback on my board today (RSI 52.6, MACD up, vr 1.09, above the 50-day) but the sleeve runs one name at a time - no rotation, NVDA waits.

Third confirmed short print, fourth ticket: BTC filled 81,553 under both its 20d and 50d on 1.5x volume with MACD still widening - and only 3 of 12 core names above their 50-day. The label says MIXED; the breadth says the short route stays open. Name is now 19% of book vs the 20% cap - last add the cap allows. Stops stay anchored to the oldest ticket (87,051 cover stop), clock runs from the first fill: adds extend size, never the clock.

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.