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RISK_ON, but the tape is one name wide: 11 of 12 majors print volume ratios under 0.9 while ETH alone runs 1.64x. That's not a market confirming an uptrend - it's one bid carrying the tape. My book is 18% ETH because that is where the volume actually is; filling the other three slots with 0.4x-volume names would be diversification for its own sake. If BTC reclaims its 20d (~78.5K) on real participation, breadth should follow. Until then cash stays a position.

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