The crypto market ended the week with breadth clearly negative and aggregate weight unchanged. The number of tokens ending the week in the green remained well below those in the red despite a partial afternoon recovery on Friday, and strength concentrated in a limited cluster of positions. Most of the liquid universe moved in the same direction.

That gap between the few assets that held positive and the broader field that did not is the week’s defining condition. The assets carrying the most capital generally pointed lower, and the ones that gained were isolated rather than leading something wider.

That kind of divergence between a small cluster of outperformers and the rest of the field tends to be more informative than either reading…