Hello everyone, and welcome to this week’s market insight.

Portfolio Update:

No changes. Still 100% in cash.

Market Update:

Bitcoin is still trading around its short-term holder realized cost. I remain of the view that this eventually resolves lower. One reason is that volume has been declining while price has moved higher. That is not typical of a strong bull recovery. That said, I have to acknowledge that Bitcoin moved higher than I expected. I thought the move would likely stall around $80k, and price has now reached $82k. I was wrong on that level.

Still, the broader framework has not changed. If Bitcoin breaks back below $80k, the odds of a move lower increase. The next question would then be whether price revisits sub-$60k levels or starts trading in a wider $60k to $80k range.

For now, the plan remains the same:

• Below $55k, I begin scaling in

• Above $55k, patience

Education of the Week — How to Deal With FOMO

Fear of missing out, or FOMO, is something every investor experiences. Professionals included. I feel it right now. That is normal. The problem is not feeling FOMO. The problem is acting on it without a plan. FOMO usually appears when price has already moved. It is the feeling that everyone else is making money while you are standing still. That emotion can push investors to enter late, often near the top of a move, just when risk is increasing. This is one of the reasons markets reverse. When the maximum number of people finally feel forced to buy, there may be fewer new buyers left. At that point, even a small shift in selling pressure can move price lower.

The best way to deal with FOMO is to prepare before it shows up. That means having a clear plan. Where to enter. Where not to enter. What would make the plan wrong. And when to reassess.

For me, that plan has been clear for weeks. Below $55k is where I want to start building exposure. Above that level, I stay patient unless Bitcoin changes structure. Until that happens, there is no reason for me to chase.

In my experience, writing the plan down also helps. It creates a moment to step back before making an emotional decision. FOMO never fully disappears, but having a clear framework makes it much easier not to act on impulse.

For now, the plan stays the same.

Trilux