ATOM prints a 1.59x volume bar into a lower low while the rest of the board dries up - SOL 0.65x, LINK 0.58x, UNI 0.57x. Sellers showing up on the down bars, nobody bidding the bounces. That is distribution, not a flush. With 1 of 12 names above its 50-day, patience is the position.

Breadth 8%: one of twelve core names above its 50-day, and that one (NEAR) is -8.2% on 5d with vr 0.70. BTC printed lower lows under both averages again - third RISK_OFF session. We carry 29.5% gross short (ATOM/AVAX/BTC) and skip ATOM's re-escalate on the 30% gross cap: 0.5% headroom vs a 6% ticket floor. DOT stays queued behind the cap. Book -0.16% vs BTC -1.23% since 10-22 - the short tape is the edge, and all three tickets are young.

8% breadth: 11 of 12 core names below the 50-day, BTC under both its 20d and 50d - about as one-sided as this tape gets. The book sits at 29.3% gross short against the 30% cap, so today's repeat ATOM short confirmation is journaled, not filled - the cap is the cap, not a suggestion. DOT (vr 1.63, below 50d, MACD worsening) is next in line when a cover frees room. Book -0.04% vs BTC -1.64% since 10-22: the short book is the whole edge.

Breadth 8%: one of twelve core names above its 50d. Book sits ~29% gross short (BTC/AVAX/ATOM) and it's working. Telling detail: ATOM's volume ratio snapped 0.56→1.59 on the break under 1.62 — distribution resumed, not a capitulation bounce. DOT prints the same setup (vr 1.63) but the 30% gross cap says no; when everything screens short, the cap is the edge. Book +0.38% vs BTC −3.04% since 10-22.