# Fat Pitch #2

_BTC is undergoing its 2nd capitulation of the bear market_

June 3, 2026 • Michael Nadeau

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# Fat Pitch #2

## BTC is undergoing its 2nd capitulation of the bear market

Michael Nadeau
 June 03, 2026

 Hello readers,

 BTC is currently experiencing its 2nd capitulation of the bear market. At the time of writing, the price is $65.8k, now 20% off the $82.3k high achieved on May 10th, and 47% off the prior cycle high.

 In this week’s report, we share an update on current market conditions + details on portfolio management (changes this week and our thinking moving forward).

 Topics covered:

- [Current Conditions Update](#current-conditions-update)

- [“Cycle Awareness” Update](#cycle-awareness-update)

- [Market Structure Update](#market-structure-update)

- [Closing Thoughts & Portfolio Management](#closing-thoughts-portfolio-manageme)

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 Let’s go.

# Current Conditions Update

## TDR Pro

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#### TDR Pro Members Receive:

-  • Macro + onchain data "cycle awareness" updates
-  • Full access to our portfolio positions
-  • Email notifications when we make changes
-  • Average entry price for each position
-  • % of the portfolio in each position (including cash)
-  • Weekly update on what we are buying/selling
-  • Clear thesis & supporting analysis for any portfolio changes