# Return of the "Animal Spirits"

_The DeFi Report's guide to navigating the next crypto bull run_

September 16, 2026 • Michael Nadeau

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# Return of the "Animal Spirits"

## The DeFi Report's guide to navigating the next crypto bull run

Michael Nadeau
 September 16, 2026

 Hello readers,

 TDR Pro is a research service that provides access to our portfolio positions and active risk management. The [portfolio](https://thedefireport.io/portfolio/september-16-2026?utm_source=thedefireport.beehiiv.com&utm_medium=referral&utm_campaign=return-of-the-animal-spirits) is currently up 85.62% in total. Our non-BTC positions are up 132%. Meanwhile, BTC (our primary benchmark) is down 35.49% since TDR Pro's inception in July 2025.

 We attribute much of our success in navigating the crypto markets over the last 6+ years to our data-driven approach to “understanding the big cycle.” We pair this work with macro analysis and crypto-native fundamental research on specific sectors and assets.

 This should not be confused with “following the 4-year cycle.” That is not what we do. Rather, we respect how market cycles work from *first principles. *

 In this special edition of TDR Pro, we cover what that means and share our framework for navigating the *next cycle. *

 Topics covered:

- [The Stages of a Crypto Cycle](#the-stages-of-a-crypto-cycle)

- [The Coming Bull Run](#the-coming-bull-run)

- [Our Favorite Sectors and Themes](#our-favorite-sectors-themes)

- [Closing Thoughts & Portfolio Management](#closing-thoughts-portfolio-manageme)

 Let’s go.

# The Stages of a Crypto Cycle

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#### TDR Pro Members Receive:

-  • Macro + onchain data "cycle awareness" updates
-  • Full access to our portfolio positions
-  • Email notifications when we make changes
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-  • % of the portfolio in each position (including cash)
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-  • Clear thesis & supporting analysis for any portfolio changes