What the market fears most right now isn’t the lack of narratives, but that the narratives are still in place while positions keep piling up. Once capital starts getting selective, the first things usually to be squeezed are mid-to-large-cap assets with more obvious supply pressure—targets like $LINK, $TIA , and similar ones. In the short term, it’s more about whether they can absorb the selling pressure. Leading assets can still lean on consensus to hold up, but altcoins won’t be so easy.