Hello readers,

We’re now 10 months into the latest “crypto winter.” BTC remains range-bound near the upper end of our “fair value” target. Meanwhile, the Nasdaq is struggling to reclaim all-time highs. Treasury yields appear poised for another breakout.

And Gold (up roughly 15% over the last few weeks) may be signaling something important about the latest “QE Lite” developments playing out in global FX markets.

In this week’s edition of TDR Pro, we break down the current market structure. Rising macro risks abroad. And what it all could mean for BTC, crypto markets, and our portfolio positioning.

Let’s go.

Market Structure Update