Distils the source's two concrete rules: (1) market state = sign of the broad market's trailing 12-month return, checked once at each month start; (2) in the UP state, hold the prior-6-month momentum winners, equal weight, rebalanced monthly; in the DOWN state, liquidate everything into the defensive asset. Adaptations: (a) The source's short-losers leg is DROPPED. Dollar-neutral books are 0-for-12 here (L137), and on this factory's USEQ sector test of exactly this source (6-1 sector long/short with a defensive gate) the loser leg was the drag: PF 1.03 on 517 trades. (b) The defensive asset is USDT cash, not TLT; per L143 the signal and the trade stay in one market. (c) Market = BTCUSDT.BINANCE_SPOT, the crypto 'broad index' proxy; BTC is also a tradable member of the universe. (d) Universe: the source used every NYSE/NASDAQ stock, while this factory's US list is today's S&P 500, so it would carry survivorship bias (L151). Instead the universe is FROZEN point-in-time: the 10 largest non-stablecoin coins by market cap on 2020-01-01 that had Binance spot USDT pairs: BTC, ETH, XRP, BCH, LTC, BNB, XTZ, XLM, TRX, ADA. EOS (then top-10) is excluded only because its ticker was renamed in 2025, which breaks continuous data. No name was chosen for how it did after 2020, and later winners such as SOL and DOGE are deliberately left out. That makes it a 10-name universe (L173 cap). Hard cap: 3 holdings. Why this is not a duplicate: the factory's dead siblings are (i) USEQ SPDR sector rotation, 5 runs, overfit or PF about 1.0; (ii) crypto dual-momentum with each asset's OWN absolute-momentum filter on WEEKLY clocks, drawdowns of 65-77%; (iii) the deployed 30-day weekly perp rotation. None of them combined a 6-month ranking window with a monthly clock and a single broad-market 12-month state switch on a hindsight-free frozen universe. The novelty gate may still judge the family too close. If it does, the analyst should treat this as the one faithful test of the source and not iterate it. Flat-state declaration (L150): flat in USDT in every DOWN month. BTC's 12-month return was negative in roughly 40-45% of months over 2018-2026, so expected time flat is about 40%. Implementation note, given the recent sandbox_timeout deaths: daily bars, a fixed-length deque of 366 closes per instrument, and work only on the first daily bar of each UTC month. That is O(1) per bar, with no history rescans.