Hello readers,

Please note that we drafted this week's report before the two-week ceasefire was announced last night. That said, the latest news out of Iran does not impact the views expressed in today’s report.

Back to business.

BTC has now been trading in the $62.5k-75k range for 2+ months.

As this plays out, we’ve observed that some market participants are becoming more confident that the “bottom is in.”

The last time we saw similar price action was when BTC ranged from $84.5k to $97.6k, from late November of last year to late January of this year. The bears won that battle.

Who’s most likely to win the next one?

We explore in this week’s report.

The DeFi Report is powered by Galaxy: helping the world invest, build, and transform — relentlessly.

With GalaxyOne Staking, you can earn up to an estimated 6.50% in variable staking rewards with 0% platform commission through 2026*. While other platforms can charge up to 35% in commission, GalaxyOne charges 0% through the rest of the year. Other fees may apply, see terms.

Let’s go.

The Bull Case vs The Bear Case

TDR Pro

Upgrade to finish reading the report.

Upgrade to TDR Pro

Already a paying subscriber? Sign In.

TDR Pro Members Receive:

• Macro + onchain data "cycle awareness" updates
• Full access to our portfolio positions
• Email notifications when we make changes
• Average entry price for each position
• % of the portfolio in each position (including cash)
• Weekly update on what we are buying/selling
• Clear thesis & supporting analysis for any portfolio changes

Bulls vs Bears: Who Wins?

Time for another battle royale

Topics Covered