Liquidity is slowing down, but concentration is still extremely high. The market hasn't collapsed. It's simply become far more selective. Most assets are now moving under 5%, while liquidity continues to cluster around a very small group of tokens that traders still care about. Here are the current relative leaders: EDGE +7.4% ZORA +3.7% KGEN +3.5% LAB +2.9% UP +2.6% H +2.0% HOME +1.7% At first glance, these gains look modest. But the liquidity profiles tell a different story. LAB absorbed roughly 2.58 billion in volume with OI holding above 50 million. H generated around 722 million in revenue while maintaining nearly 21 million OI. HOME attracted about 138 million in volume despite slowing momentum. EDGE processed around 63 million in volume during its recovery attempt. BILL continued to see about 47 million in participation despite momentum constraints. Capital is still active. It's just refusing to allocate broadly across the market. Meanwhile, weakness remains widespread: OPN -8.9% ORDI -7.9% RAVE -5.8% EWY -5.1% SYRUP -5.1% AGLD -4.9% W -4.8% MEME -4.8% CHZ -4.5% ICP -4.5% Some falling assets still show significant activity. ORDI processed around 43 million in volume. ICP generated nearly 35 million in revenue. CHZ held about 27 million in participation. ARM maintained over 21 million in volume despite downward pressure. This usually signals liquidity rotation rather than broad accumulation. Money is leaving previous leaders and hunting for stronger narratives elsewhere. The market's underlying structure is becoming clearer: Liquidity remains concentrated on a few winners. Market breadth continues to narrow. Volatility is cooling after recent spikes. Capital rotation is replacing new expansion. High volume no longer guarantees momentum. History shows this phase often follows explosive rallies. The market isn't short on liquidity. It's becoming increasingly selective about where that liquidity wants to go. And when participation narrows to this...