I just closed a position early because the flow felt different. Not bearish — just narrower. Have you noticed that capital is no longer rotating — it's concentrating? Here’s what I saw across the tape: over the last few sessions, liquidity was chasing stories. Today, that behavior matured into something more surgical. Capital is piling into a select leadership cluster while most names struggle to attract follow-through bids. That’s a sign of strength — but also a signal that market breadth is shrinking. The leadership group is impossible to ignore. $H surged another +34%, pushing volume past $125M while open interest kept climbing. Traders aren't just holding — they're adding exposure. $LAB remains the primary liquidity magnet, processing nearly $781M in trades. Despite negative funding, capital keeps flowing in, making it one of the most crowded trades on the board. $WLD joined the pack with ~$192M in volume and a clean breakout, while $BNB rallied 10% on nearly $200M in trades — suggesting capital is beginning to move beyond purely speculative names. The message is simple: liquidity is no longer searching broadly. It's repeatedly chasing the same winners. But the other side matters just as much. $XLM traded over $722M in volume yet remained negative. $BSB processed over $123M while dropping another 13%. $BASED still attracts significant participation despite continued weakness. These aren't abandoned assets — they're active markets where liquidity is changing hands without generating bullish 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 across narratives. Today, it's converging into a handful of dominant liquidity hubs — $LAB, $H, $WLD, $BNB. Meanwhile, the number of assets contributing to bullish expansion continues to shrink. The market still looks healthy on the surface. But underneath, participation is becoming increas...