Alt-participation gate tests first start against early exhaustion Sentiment opens the gate; the gate routes the same four breadth indicators into either a confirming first-start reading or a failing early-exhaustion reading. Flip the gate flaps to change which side drives the verdict. 1 · sentiment gate opens fear to greed in a month · short of extreme-greed zone extreme fear fear neutral greed extreme greed position: in greed, short of extreme greed spike to extreme greed · reversal alt-participation gate broaden beyond the leaders? confirmation falsification Leaders hold trend avgs reclaimed · stay overbought Alts follow & reclaim their own trend avgs Spot-ETF + funding in inflows stay positive Sentiment path grinds toward extreme greed first start holds broadening participation trend leaders lagging alts inflow pace sentiment Leader fades through pullback support Alts stall below their trend avgs Inflows fade spot-ETF, funding weaken Spikes to extreme greed then reverses · top-risk setup early exhaustion squeeze in a corrective range flip the gate: same four indicators, two readings