The market is quietly shifting back into a selective liquidity regime. Not a broad altcoin expansion. Not equal risk. This is a capital concentration phase where money rotates into a small cluster of outperformers while the rest lag or churn. Here is today's liquidity and momentum leaderboard: LIT up 9.05% APR up 9.15% RLS up 8.82% INJ up 8.67% UB up 7.17% LAB up 6.94% ZK up 6.92% EDGE up 6.18% ALGO up 4.55% BNB up 3.73% But price alone doesn't tell the real story. Liquidity does. LAB dominates activity with roughly 646M in volume, acting as the primary capital magnet. UB holds steady at around 106M, confirming sustained speculative attention despite mixed structure. INJ maintains roughly 91M in volume with strong continuation trends. BNB stays active near 76M, reflecting steady blue-chip rotation demand. ALGO posts over 30M in volume as legacy infrastructure names re-enter the rotation. JTO and ZEC also show significant participation, though with divergent price behavior. The key divergence: capital is not rotating evenly. It is concentrating. And that concentration is forming around mid-cap beta expansion, infrastructure and legacy narratives, high-OI perpetuals with deep liquidity, and assets showing relative strength. Meanwhile, the weak side of the market: AI down 6.24% ZEC down 3.16% TRIA down 2.82% OPG down 2.79% SPACE down 2.74% IRYS down 2.55% PENDLE down 2.32% KITE down 2.03% Even here, liquidity hasn't fully vanished. ZEC still records roughly 490M in volume despite weakness. HBAR remains active above 77M turnover while declining slightly. PENDLE holds steady participation around 4.9M even during a correction. ONDO maintains roughly 36M in volume, showing continued narrative interest. Current market structure: liquidity is rotating, not expanding. Strength is becoming selective. High-volume losers still signal distribution pressure. Winners are absorbing disproportionate inflows. Chasing momentum outside the leading group is being punished. C...