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Hello readers,
On Friday, June 5th, BTC fell to 58.9k, 53% off the 10/6/25 high. This is now the 3rd 25%+ drawdown of the latest “crypto winter.” It’s occurring 8 months into the bear market. As the Nasdaq rolls over (down 5.2%). As the war in Iran drags on. And as the market starts to weigh the potential of rate hikes later this year.
Meanwhile, sentiment is back to “extreme fear” levels. Almost every ETF holder is underwater. And the “no coiners” are dancing in the streets.
In today’s edition of TDR Pro, we share a “cycle awareness” update for BTC and explore potential risks related to the “AI trade” and macro.
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