The sharp, broad give-back flagged two sessions ago has already reversed — the same altcoins that fell hardest on Wednesday (Dogecoin, Polkadot, Avalanche) bounced hardest since, while Bitcoin itself sits roughly flat and slightly red today. Read as a risk-appetite gauge, that is a clean round trip: risk appetite drained from the riskiest names first, then came back into them first too. The miner cohort moved the opposite way this week, giving back gains after last edition's relative strength.

This scan reports the settled tape as a risk-appetite gauge. A separate desk lane is writing what caused the underlying moves; this scan states plainly where no dated item on file covers a specific session.

The altcoin-led pullback flagged last edition has more than reversed. Wednesday's session hit Dogecoin (-10.00%), Polkadot (-10.66%) and Avalanche (-8.87%) far harder than Bitcoin (-2.2%). Since then: Dogecoin's one-year deficit narrowed to -54.55% from -62.50%, its 200-day cushion widening to +14.5% from +3.2%; Polkadot's deficit narrowed to -68.16% from -72.54%, cushion to +12.8% from +1.3%; Avalanche's deficit narrowed to -63.19% from -69.45%, cushion to +31.4% from +28.2% while its thirty-day gain grew to +41.61% from +36.34% — still the largest 30-day mover in this scan. All three posted positive daily gains today (DOT +4.31%, AVAX +3.53%, LINK +5.37%), while Bitcoin itself is essentially flat, down 0.45% today. Read purely as a risk gauge, this is the mirror image of Wednesday: the riskiest names led the selloff, and the riskiest names are leading the recovery too — a genuine risk-on signal, not a return to calm.

Bitcoin's own structure held through the round trip without much drama. It closed $83,995.15, momentum 64.0, its 200-day cushion at +18.4% (from +19.1% two sessions ago) and its one-year deficit continuing to narrow to -22.98% from -24.77% — still the shallowest in the coin tier by a wide margin. Its nearest support shelf on record, $79,138.49, sits roughly 5.8% below today's close and has not been tested by either the pullback or the recovery.

Solana is the standout structural improver among the majors. It closed $122.11, RSI 69.7 — the closest to overbought anywhere in the specified tiers, up from 62.6 last edition — with its 200-day cushion widening to +44.3% from +35.5% and its one-year deficit narrowing to -36.53% from -46.61%, the largest single-edition improvement among the coins.

The bellwether equities cooled while the coins recovered — a split worth noting. Strategy closed $158.61, down 1.86% today, its seven-day gain collapsing to +3.05% from +28.55% as the earlier part of the rally rolls out of the trailing window; its one-year deficit still improved to -47.25% from -50.52% and it remains death-crossed on the long-run moving-average signal (its 50-day trails its 200-day even with price 16.2% above the 200-day itself). Coinbase closed $195.11, down 2.06% today, its one-year deficit narrowing more modestly to -36.38% from -38.10%.

The miner cohort gave back its relative strength this week. Marathon fell 2.86% today and is now down 5.21% on the week (from +20.92% last edition); Riot fell 2.04% today, down 3.16% on the week, its 200-day cushion compressing to +19.8% from +29.1% though its one-year return is still the only positive one in this scan's equity tier at +37.4%. CleanSpark and BitQ moved the same direction, both down on the week after last edition's relative outperformance.

HOOD and BKKT are printed in the Crypto Equities tier for the first time this edition. Robinhood Markets closed $119.40, RSI 57.3, down 1.18% today, one-year return roughly flat at -2.65% but 26.2% above its 200-day — a deep pullback inside an otherwise intact structure. Bakkt Holdings closed $8.50, down a sharp 6.39% today with no news file on record to explain it, one-year return -54.37%, now 12.3% below its 200-day. Both names were already part of the underlying coverage (Bakkt added 2026-09-19) but had not previously been printed in these tiers.

The five newest, still-unverified names show no meaningful change. ZCSH's momentum eased slightly to 78.0 from 78.5, its one-year return essentially unchanged at +2,649.89%, and its position 241.9% above its 200-day — still an extreme, undocumented mover with no news file and no corpus identity record. BHYP, HYPG and ETHB carry under six months of price history each and cannot support a structural read yet. GLNK, by contrast, has nearly four years of price history on file (988 bars) and a strong-up trend classification with a one-year return of -47.77%, but this desk has no news file or securities record confirming what the ticker represents, so it stays out of the formal Crypto Equities tier pending verification.

Prior-edition figures are from the September 23 edition of this scan.

Crypto is read here as a risk-appetite gauge first and as an asset class second: when the whole complex moves together, it says something about how much risk the market wants, and when the riskiest names inside the complex move first and hardest — as they did on the way down Wednesday and on the way back up since — that is a cleaner signal than the headline price alone. Three windows are kept visible on every row because they routinely disagree: the daily change is the news, the 200-day position is the structure, and the twelve-month return is the memory — in this universe still deeply negative everywhere even after two strong months. A coin above its 200-day with a deeply negative year is a bottoming attempt, not a restored trend. The spot funds carry no independent flow data in this desk's price record — they remain price proxies for their underlying coin. Names with no news file and no corpus identity record (ZCSH, BHYP, HYPG, ETHB, GLNK) are reported on price alone and kept out of the formal tiers; this scan does not guess at what they are.

Capitulation (RSI below 25): None.

Oversold (RSI 25-40): None. For a fourth straight edition, nothing in the specified tiers is oversold, even after Wednesday's pullback.

Neutral / Strong (RSI 40+): All 21 names now tabulated across the three tiers. The board compressed toward the high end this edition — SOL at 69.7 is the closest any name has come to overbought since this scan began tracking it, and nothing has crossed 70.

Bitcoin's structure held through the round trip while the alts did all the moving: Solana, Chainlink, Avalanche, Dogecoin, Polkadot and Ripple all posted positive daily gains today while Bitcoin itself was down 0.45%. On the month, Avalanche's +41.61% remains the largest gain in this scan's tracked coins, with Polkadot's +37.50% now close behind — both larger than last edition's readings for the same names, since the recovery has outpaced the earlier pullback.

What held through both the drop and the recovery is the same pattern from prior editions: Bitcoin's -23.25% one-year deficit remains the shallowest by a wide margin, while the alts still run -30.78% (LINK) to -68.16% (DOT). The size and speed of this week's round trip — alts down hardest, then up hardest — is the clearest evidence yet that this scan's "alt leadership" moves in both directions off of risk appetite, not a one-way trend change.

The four spot funds tracked here still carry price only in this desk's record, not independent flow data — they remain proxies for their underlying coin and each moved within a point of Bitcoin or Ethereum's own change today. No dated flow figure for this specific week is on file. Every fund's one-year deficit narrowed again this edition regardless — IBIT to -23.40% from -24.49%, GBTC to -24.32% from -25.43%, ETHE to -32.84% from -37.03%, BITO to -40.05% from -40.92% — price evidence of continued improvement that this desk cannot independently confirm against flow data. This desk's price record also shows all four funds' 50-day averages sitting below their 200-days even as price trades comfortably above both lines — the same structural pattern already flagged for Strategy and Coinbase, now visible across the fund tier as well.

The miner cohort reversed direction this week after outperforming during Wednesday's pullback. Marathon (-5.21% on the week), Riot (-3.16%), CleanSpark (-3.59%) and BitQ (-0.99%) all gave back ground even as the coins themselves recovered. Riot remains the standout on the year at +37.40%, though its cushion compressed to +19.8% from +29.1% — still the only name in this equity tier with a positive twelve-month return. No news receipt on file explains the miners' underperformance against the coins this week.

The two bellwethers cooled together this edition after a strong prior stretch. Strategy's seven-day change collapsed to +3.05% from +28.55% purely as the earlier part of its rally rolled out of the trailing window — its thirty-day gain, +28.75%, tells the more complete story, and its one-year deficit continued narrowing to -47.25% from -50.52%. It remains death-crossed on the long-run moving-average signal even with price 16.2% above the 200-day. Coinbase fell a milder path, down 2.06% today and its one-year deficit narrowing more modestly to -36.38% from -38.10%.

Support shelves on record this session: Bitcoin $79,138.49 (roughly 5.8% below today's close, untested), Ethereum $2,386.37, Solana $86.21, XRP $1.47, Avalanche $9.63, Chainlink $9.45. Cardano and Polkadot still carry no shelf on record; Dogecoin's shelf sits essentially at today's price ($0.09). Funds: IBIT $45.02, GBTC $59.64, ETHE $18.50, BITO $8.69. Equities: Strategy $134.95, Coinbase $188.43, Marathon $11.91, Riot $22.09, CleanSpark $13.53, BitQ $24.98, HOOD $76.69.

None of these levels were tested this week in either direction — every name in the specified tiers remains comfortably above its shelf and its 200-day average.

Read purely as a measure of appetite for risk, the picture two sessions on is a clean round trip. Wednesday's session was flagged as the first clean give-back this scan had recorded, with the alts falling two to five times harder than Bitcoin. Since then, the same names — Dogecoin, Polkadot, Avalanche, Chainlink — have posted the strongest gains in this scan, while Bitcoin itself sits essentially flat. That symmetry is itself the signal: risk appetite came off the riskiest names first and returned to them first too, which reads as continued risk-seeking behavior rather than a genuine reversal. The miner cohort is the one place this week where the pattern broke — those equities gave back ground even as the coins they're linked to recovered, and no dated item on this desk's record explains the divergence.

One set of names still deserves an explicit flag rather than a read: ZCSH, BHYP, HYPG, ETHB and GLNK remain outside the formal tiers. ZCSH's extreme reading (RSI 78.0, +2,649.89% one-year, 241.9% above its 200-day) is essentially unchanged from its first read two editions ago; there is still no news file and no corpus identity record for it. That combination is treated here as speculative and unverified, not evidence of anything about the broader crypto tape.

• Does the alt-led recovery keep extending, or was this simply Wednesday's give-back being returned? The size of the bounce roughly matches the size of the prior drop across DOGE, DOT and AVAX.
• Bitcoin's $79,138.49 shelf, still untested and roughly 5.8% below today's close.
• Why the miner cohort diverged from the coins this week. No news receipt on file explains MARA, RIOT, CLSK and BITQ all giving back gains while their underlying coins recovered.
• Whether HOOD and BKKT, now printed in this scan's Crypto Equities tier, behave more like the coin complex or like standard equities going forward.
• ZCSH and the four other unverified entrants. No news file and no corpus identity record exist for most of them; verification, not price-chasing, remains the next step.

Sources: crypto (all 26 rows, latest bar 2026-09-25 — every price, momentum, moving-average, support-shelf and return figure above; the coins/funds/equities named above are tabulated, ZCSH/BHYP/HYPG/ETHB/GLNK are cited in prose only); 2026-09-23-crypto-scan (prior-edition comparison values); CHANGELOG (BKKT added 2026-09-19; ZCSH/BHYP/HYPG/ETHB/GLNK added 2026-09-22; no separate addition record found for HOOD, already part of the underlying watchlist); no news file exists for ZCSH, BHYP, HYPG, ETHB, GLNK or BKKT; research/stock-events/ checked and holds no 2026-09-24 or 2026-09-25 entries for any name in this scan.