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Ninety days of capital flow just pulled the tide out. What is left looks like a reef. You can see exactly which names the market actually paid for. The first tier is a blowout. $LIT +187%. $PUMP +180%. Third place is more than 100 percentage points behind. That gap is the whole story. Money did not lift the ocean. It crowded into two assets with independent narratives, where positioning and sentiment ran far ahead of any slow fundamental argument. When leaders separate like that, the market is still in selection mode. It is hunting. It is not distributing gains evenly. That is why chasing the screenshot is dangerous. A 180% name can keep running because the narrative is still feeding it. It can also be the first thing sold when BTC loses a round number and traders need liquidity. Extreme divergence is strength. It is also concentration risk. The second tier is where the tape gets more interesting. $SPX +64.21%. $ENA +54.88%. $AAVE +53.35%. That is a different animal. DeFi blue chips and liquid infrastructure start to show up after the isolated pumps have already done the violent work. This is usually how institutional-style flow behaves when it is probing: leave the most chaotic names, move into books that can actually absorb size, and sit in narratives that do not need a new meme every morning. It is not proof that “institutions are in.” It is proof that the bid is getting slightly more serious than $LIT versus $PUMP alone. Then the third tier fills the screen. +30% to +50% across $ETHFI, $CRV, $ZEC, $UNI, $WLD. DeFi, privacy, AI. More sectors participating. More names green. That is the “multi-point bloom” people want to call altseason. It is not there yet. A market that pays two leaders 180% and pays the next group 30–50% is still rotating, not confirming. This is tentative flow. Not consensus. A full bull looks like beta expanding together. This looks like capital testing lanes, taking profits, and moving to the next clean story. The breadth is improving. The hierarchy is still brutal. Those two facts can sit in the same 90 days.