Hello readers,

Last week we saw the largest short squeeze for BTC since October 2020. It came as the Treasury announced a new policy, beginning next month, to “backstop” the long end of the yield curve through more buybacks.

But is the market poised to reflexively push that short squeeze into a more durable move that points to the cycle low being in?

We explore that topic with a classic “Cycle Awareness” deep dive this week.

Let’s go.

“Cycle Awareness” Update