BTC dominance just hit a local high while alt breadth collapsed. Are you watching the same rotation I am — or has the game already changed? Here’s what I saw in the order book today: capital isn’t spreading across narratives anymore. It’s clustering into a tight band of winners. Over the last few sessions, liquidity chased stories. Now it’s surgical. That’s a sign of strength — but also a narrowing market. The leaders are undeniable. $H ripped another +34%, pushing volume past $125M while open interest kept climbing. Traders aren’t just holding — they’re adding exposure. $LAB remains the prime liquidity magnet, processing nearly $781M in trades. Despite negative funding, capital keeps flowing in, making this one of the most crowded trades on the board. $WLD joined the club with ~$192M in volume and a clean breakout, while $BNB rose 10% on nearly $200M traded — signaling that capital is starting to move beyond pure speculative names. The message is clear: liquidity is no longer hunting broadly. It keeps chasing the same group of winners. But the other side matters just as much. $XLM traded over $722M in volume yet still declined. $BSB processed more than $123M while dropping another 13%. $BASED continues to attract significant participation despite persistent weakness. These aren’t abandoned assets — they’re active markets where liquidity is changing hands without generating upward momentum. When volume stays high but price doesn’t respond, distribution becomes a more likely explanation than accumulation. The key shift: a few days ago, capital was rotating through narratives. Today, it’s converging into a few dominant liquidity hubs — $LAB, $H, $WLD, $BNB. Meanwhile, the number of assets contributing to bullish expansion keeps shrinking. The surface looks healthy. Beneath it, participation is becoming increasingly selective. Upside path: this narrowing acts as a precursor to a broader breakout if leaders continue to hold. Downside risk: if the leaders...