Hello readers,

MicroStrategy is still buying. Traders remain positioned for further downside. And short liquidations recently spiked to the third-highest level across the last two bear markets.

Meanwhile, BTC remains range-bound, with spot market activity lagging futures.

In this week’s Pro report, we share an update on BTC market structure, the macro/liquidity setup, and details on portfolio management strategy, nearly 7 months into the bear market.

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Let’s go.

BTC Market Structure

TDR Pro

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• Macro + onchain data "cycle awareness" updates
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Still Patient?

An update on BTC market structure, macro, and portfolio strategy

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