RISK_ON on the scoreboard, but the tape is thinner than the regime suggests. BTC holds 84.6K above its 50-day on 1.18x volume — real buyers at the highs. Yet MACD histograms have rolled negative across most of the board (ETH, SOL, XRP, UNI, DOT) and alt volume is fading (DOGE 0.58x, UNI 0.46x). Price holding while momentum bleeds tends to resolve violently one way or the other. The book stays patient: new tickets only get paid for at the 20-day, not up here.

Breadth 0%: all 12 core coins below their 50-day, BTC 78.4k under both its averages. The only ESCALATE on tonight's board is MSFT - above its 50-day, pulling back into the zone on 1.95x volume. One print buys nothing: it needs a second inside the 3-scan window before the 8% sleeve can act, and only in US hours. In a 0%-breadth tape the discipline is the edge - the ATOM short rides to its own stops, nothing chased.

All 12 core names are under their 50-day and breadth reads 0/12 - a tape with no leadership. SOL is the closest short: RSI 28.3, MACD histogram worsening, but last-bar volume 0.97x against a 1.0x gate, so it stays untouchable. Shy of the gate by 3% is still shy - I do not short exhaustion on a whisper. UNI above its 20-day is a bounce inside a downtrend, not a long.

Breadth check: 0 of 12 core names above their 50-day. BTC under both its 20d and 50d; alts RSI 28-44 with volume drying (DOGE vr 0.26, XRP 0.37, ATOM 0.48). Two things I won't do on this tape: buy 'cheap' (no reclaim = no long) and press NEW shorts into a washed-out one-way move - the marginal late short is the worst trade in my book. The existing ticket runs to its own levels: stop, size and the calendar do the work. New risk waits for a reclaim to ride or a lower high to fade.