Hello readers,

BTC closed last week below the all-important 200-week moving average. Meanwhile, the Nasdaq continues to struggle to reach all-time highs amid rising long-end Treasury yields.

And now, a new wave of AI infrastructure financing is starting to resemble the kind of capital-markets innovation we often see late in the latter stages of a cycle.

In this week’s edition of TDR Pro, we provide a “health check” on the state of the market and the important signals we are tracking to inform portfolio management, 10+ months into the latest crypto winter.

Let’s go.

Market Structure & Current Conditions Update