Top 50 market breadth collapsing. Only 3 names green MTD:

$PEPE +13%
$XMR +10%
$JST +2%

Risk-off accelerating across majors. Flight to memes and privacy plays signals defensive positioning. Tron ecosystem holding marginally while everything else bleeds.

Breadth this narrow = distribution phase. No institutional rotation happening. Retail chasing outliers while smart money exits.