TRENDLAB / CMC MARKET STRUCTURE BRIEF The market is rising, but participation remains narrow. Only 41 of the top 100 non-stablecoin assets were positive over the past 24 hours. • Breadth: 41% • Median return: −0.4% • Market-cap-weighted return: +0.5% • Leadership divergence: +0.9 pp The negative median versus the positive weighted return shows that larger assets are holding up the market while most altcoins remain under pressure. A broad altcoin recovery has not yet begun. The strongest confirmed category was MVB: • Average price: +68.1% • Market cap: +9.6% • Volume: +124.2% MVB means Most Valuable Builder an accelerator for early-stage Web3 projects in the #BNB Chain ecosystem. It is not a traditional sector like AI, DeFi, or RWA; its projects are connected by participation in the program. Price, market cap, and volume all increased, confirming elevated activity. However, the large gap between average return and market-cap growth suggests that several small, volatile tokens may have amplified the result. Binance Alpha Airdrops gained 9.1% on average, while market cap fell 1.4% and volume rose 14.4%. This move remains unconfirmed and may be speculative. Conclusion: market structure is mixed, but localized activity is emerging around $BNB Chain projects. MVB is a signal to build a watchlist not to buy the entire category. https://map.trendlab.space/ #BNBChain#