Advance Decline Ratios

Each day, what fraction of tracked assets closed higher? Smoothed over time this is the market's participation rate — rallies where 80% of assets advance are broad and healthy; rallies where 40% advance are narrow, carried by a few names.

Breadth divergences lead price: market highs made on deteriorating advance ratios (fewer and fewer assets participating) have historically preceded corrections — the crypto version of a classic equity-market signal.