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Hello readers,
BTC is up 16.6% since the war in Iran started. Meanwhile, the Nasdaq is down 1%, and Gold is down 4.2%.
As this plays out, a new (large) buyer has entered the market. Michael Saylor is back. And he just purchased 40k BTC ($2.9b). It’s material. And something we’ve yet to see in a bear market.
In this week’s report, we examine the current setup across macro and BTC market structure, wrapping with a brief note on HYPE.
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