# Where do we go from here? 

_Our views on the next phase of the cycle_

February 11, 2026 • Michael Nadeau

---

# Where do we go from here?

## Our views on the next phase of the cycle

Michael Nadeau
 February 11, 2026

 Hello readers,

 For those of you who joined TDR Pro over the past few weeks, we recommend reading our recent [Portfolio Construction](https://thedefireport.io/research/constructing-a-portfolio?utm_source=thedefireport.beehiiv.com&utm_medium=referral&utm_campaign=where-do-we-go-from-here) 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.

 Topics covered:

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

- [The Watch List Price Targets Update](#the-watch-list-price-targets-update)

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

*The DeFi Report is powered by *[*Galaxy*](https://www.galaxy.com/?utm_source=thedefireport.beehiiv.com&utm_medium=referral&utm_campaign=where-do-we-go-from-here)*: helping the world invest, build, and transform — relentlessly. *

[](https://www.galaxy.com/?utm_source=thedefireport.beehiiv.com&utm_medium=referral&utm_campaign=where-do-we-go-from-here)Galaxy is a global leader in digital assets and data center infrastructure, delivering institutional solutions across trading, asset management, staking, custody, and tokenization. Alongside financial services, Galaxy builds AI- and HPC-ready data centers, including 1.6 GW of approved power at its Helios campus, built for scale through every cycle.

 Let’s go.

# “Cycle Awareness” Update

## TDR Pro

 Upgrade to finish reading the report.

[Upgrade to TDR Pro](https://thedefireport.beehiiv.com/upgrade)

 Already a paying subscriber? [Sign In](https://thedefireport.beehiiv.com/login).

#### 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