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Hello readers,
Risk assets continue to bleed as the war in Iran drags on. At the time of writing, BTC is down 46.6% from prior cycle highs. The S&P 500 is now down 6.7%, and the Nasdaq is down 9.8%, having reclaimed its 200-day moving average after yesterday's 3.8% rally.
Meanwhile, six assets on The Watch List are currently trading within our “fair value” range, and three assets are in “deep value.”
In this week’s report, we share our current views on macro/the war and analyze the relationship between BTC, crypto equities, and altcoins as we forecast what the bottom could look like.
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