Quick Take

1. Seven of the QC 100 constituents advanced and 93 declined, the narrowest breadth reading of the current rally, with the index down 3.50% in 24 hours.

2. Market-wide 24-hour volume fell to $114.01 billion from $171.56 billion a day earlier, a drop of roughly a third, while total capitalization slipped to $2.61 trillion.

3. Bitcoin holds $78,033 and remains up 18.27% on the week, so this is the rally losing participants rather than reversing, at least for now.

Crypto markets narrowed sharply on Wednesday. Just 7 of the 100 assets tracked by the QC 100 index advanced against 93 decliners, with the index down 3.50%, and total market capitalization falling to $2.61 trillion.

Bitcoin trades at $78,033.61, down 1.74% on the day but…