Hello readers,

For those of you who joined TDR Pro over the past few weeks, we recommend reading our recent Portfolio Construction report, which outlines our strategy in detail.

Back to business.

When we went risk-off in October of last year, very few market participants believed the cycle had peaked. That changed last week. Now, almost everyone believes we have entered the latest “crypto winter.”

Which begs the question.

What does this mean in the context of market structure?

And where do we go from here?

We explore in this week’s report.

The DeFi Report is powered by Galaxy: helping the world invest, build, and transform — relentlessly.

Let’s go.

“Cycle Awareness” Update