# Still Patient? 

_An update on BTC market structure, macro, and portfolio strategy_

April 29, 2026 • Michael Nadeau

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# Still Patient?

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

Michael Nadeau
 April 29, 2026

 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.

 Topics covered:

- [BTC Market Structure](#btc-market-structure)

- [Macro/Liquidity Setup](#the-macro-liquidity-setup)

- [Portfolio Management Strategy](#portfolio-management-strategy)

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 Let’s go.

# BTC Market Structure

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