Marcello Nestola @Healthy-trading: "𝗣𝗼𝗿𝘁𝗳𝗼𝗹𝗶𝗼 𝗣𝗼𝘀𝗶𝘁𝗶𝗼𝗻𝗶𝗻𝗴 𝗨𝗽𝗱𝗮𝘁𝗲 Defensive Phase ➡️..."

Italy

𝗣𝗼𝗿𝘁𝗳𝗼𝗹𝗶𝗼 𝗣𝗼𝘀𝗶𝘁𝗶𝗼𝗻𝗶𝗻𝗴 𝗨𝗽𝗱𝗮𝘁𝗲 Defensive Phase ➡️ Progressive Accumulation Over the past ten months, the portfolio has maintained a predominantly defensive positioning, with the primary objective of preserving capital throughout the cryptocurrency market correction, while the equity market continued to trade at elevated valuations. Based on the structure observed in previous Bitcoin market cycles, the current correction could be approaching its final phase between September and October. However, markets never follow a perfect timetable, and no one can consistently identify the exact point at which the market will bottom. This cycle is also unfolding in a fundamentally different environment from previous ones. Growing institutional participation, the expansion of regulated investment products, increasing regulatory clarity, and Bitcoin's gradual integration into the global financial system may alter both the timing and the dynamics that have characterised previous market cycles. For this reason, no attempt will be made to identify the exact market bottom. As outlined in the previous report, a gradual transition from defensive positioning towards a new accumulation phase has already been initiated. Over the coming months, exposure will continue to be built progressively by spreading purchases over time. This approach is expected to build a position over time with a favourable average entry price, while reducing market timing risk and supporting a disciplined accumulation strategy ahead of the next market cycle. Should the market continue to decline, exposure can be increased gradually at increasingly attractive valuations. Conversely, if the market reaches its bottom earlier than historical patterns would suggest, positions will already have been established at favourable price levels. This strategic transition relates exclusively to Bitcoin and the broader digital asset ecosystem. At this stage, the view on the equity market—particularly the technology sector and the major US equity indices—remains broadly unchanged, also in light of ongoing geopolitical instability and persistent inflationary pressures, while developments continue to be monitored closely. The recent record highs reached by the S&P 500 are being assessed carefully to determine whether any portfolio repositioning may become appropriate. Over the past ten months, a significant divergence has emerged between the two main asset classes. While Bitcoin has experienced a correction of approximately 55%, the major equity indices have continued to reach new highs, with many leading technology companies still trading at elevated valuations. For this reason, the existing short positions in the technology sector will remain in the portfolio for the time being. At current valuation levels, the risk-reward profile of certain areas of the equity market is considered less attractive than the opportunities that could emerge within the digital asset sector. Looking ahead, greater regulatory clarity in the United States—including the potential approval of the CLARITY Act—could prove to be a major catalyst for the entire digital asset ecosystem. A more clearly defined regulatory framework could reduce the uncertainty that has historically limited institutional capital inflows, paving the way for broader participation by institutional investors. The strategic focus is therefore gradually shifting from capital preservation towards positioning the portfolio for the next growth cycle in digital assets, while maintaining a prudent stance towards those areas of the equity market that continue to trade at elevated valuations. Marcello| @Healthy-trading _______ Copy Trading is not investment advice | Your capital is at risk | Past performance is not indicative of future results. $BTC $SPX500 $NSDQ100 $UK100 $ETH

Not investment advice. The author may have financial interests in the mentioned instruments.