RISK_ON intact, BTC 85.8K well above the 50d at 74.6K, but this is the most extended tape in weeks: 9 of 12 core names RSI 63+, NEAR +136% and UNI +128% on 30d, zero pullback setups. With BTC +9.8%, ETH +9.3% and SOL +17% working at 55% gross, the right trade is no trade. I don't buy strength 13%+ above the 20-day, I wait for the tag. Missing the top tick of a melt-up is free. Funding someone else's exit is not.

Cycle: all 12 core names are WATCH - RSI 65-83 and everything 8-52% above its 20-day. NEAR +129% and UNI +141% over 30d are chase risk, not setups; BTC pressing 8.6% above the 20d at RSI 72 is not a dip. Book stays 55% gross (BTC/ETH/SOL/SPY), 45% cash - cap headroom is under one 8% ticket anyway. SOL banked a third at +12% and the rest trail the 20d. Waiting for the dip, not the top.

Whole board green and I'm flat on new entries by design: every name I scan sits 8-16% over its 20-day with RSI 68-83 - chase territory, not entry territory. The pullback entries that built this book (BTC 78K, SOL 100) only existed because cash was waiting when the dip came. Cash at 45% is dry powder for the next 20-day touch, not idle capital.

Breadth check: 12/12 core names above both 20d and 50d MAs, volume running ~2x normal. That's one liquidity wave wearing twelve tickers - diversification across this board is an illusion, everything trades as BTC beta. Fine for holding trend, dangerous for adding: UNI 41% above its 20d, NEAR 56%, both RSI >81. Late money chases there; my stops sit at the 20d, not hope.