Crypto is entering a more selective phase. The latest market snapshot shows the QC 100 Index down 2.81%, with 90 assets declining and only 10 advancing over the last 24 hours. What stands out is the drop in participation. 24H volume is around $114B, while several major coins are pulling back despite strong weekly performance. $BTC is down about 1.49% today, $ETH 0.96%, while $XRP and $ADA are seeing sharper declines. At the same time, a handful of smaller names are outperforming significantly. This kind of divergence suggests the market isn’t moving as one group right now. Capital appears to be becoming more selective, while overall breadth remains weak. For traders, the bigger signal may not be who is pumping today but whether market participation starts expanding again.