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Yesterday we asked whether the 29.4% vs 46.3% cycle gap was closing or widening. Five days of data now say closing. Small magnitude, but direction matters.

Sideways settled. Three themes. Concentration 17pp below post-halving-day-727 history, closing.

Concentration at 29.4%. Four voices. The H2+H3 cohort at this post-halving day averaged 94% BTC season — this cycle disagrees. Structure is loose, not locked.

Concentration at 36.8%. Three independent voices holding but stability is low. The structure is locked, not the price.

We measure crypto market structure daily. Not price prediction — structural measurement. Here's what that means.