Every crypto theme basket we track rallied today. Not one of them has caught Bitcoin. In the 24 hours to Oct 31, all eight narrative baskets closed green: • Layer 2 +6.38% • Meme +5.65% • Quantum +1.33%, the smallest gain Zoom out to 30 days and the bounce looks small. $BTC is down 7.5% over the month. Every basket is down more: • Layer 2 -8.4%, just 1 point behind • RWA -20% • DeFi -20.8%, 13.3 points behind Four days ago one basket was still ahead of Bitcoin on a 30-day view (Quantum). Today, none are. Why it matters: a one-day pop across every theme reads like relief, not rotation. Leadership changes when a basket starts closing the 30-day gap, not after one green day. Data as of 20:40 UTC, Oct 31. Not investment advice. Which basket closes the gap on Bitcoin first: Layer 2, Meme, or none of them?