Welcome to this month's portfolio overview.

This edition picks up where last month left off. Conditions were set, the market met them, and the instruction that came with them has now played out. That is the whole point of working to a plan: the decision is made in advance, so the execution does not depend on how you feel on the day.

With Bitcoin positions now established, the focus shifts. The question is no longer whether to be in the market, but how a portfolio is built out from here, and how much risk belongs in anything that is not Bitcoin.

Inside, Joe reviews what was set last month and what it produced, works through the data he is watching now, and rebuilds all three risk profiles from the ground up. The allocations are published below for premium subscribers, but the reasoning behind them, and the conditions attached to each one, are in the session itself.

This Month's Focus: The Plan Executed, And What Comes Next

Four things we are watching, and what would change our view.

Last month, executed. The instruction was clear: build a position through the lower region, or fully allocate on a weekly close above the 70 to 71 range. That close arrived. Anyone who followed the plan should now be fully allocated to Bitcoin across all three risk profiles. Conditions set, action taken, done. That is the process working exactly as intended.

The on chain picture. Inflows into Bitcoin are running at roughly a billion dollars a day across the major platforms. Price sits well above the true market mean of 77,000, which is the average cost basis of all active Bitcoin in existence. Long term holder distribution has stopped and is ticking up again, now sitting at around 82 per cent of circulating supply. Short term holders are carrying roughly 16 per cent unrealised profit against a cost basis near 72,600, with only marginal spending and funding rates broadly neutral. None of these are flashing warnings.

What we want to see next. A weekly close above 82,000 is the level Joe wants confirmed, with a break above 94,000 the stronger signal beyond it. Between those levels there is a genuine range, roughly 13 per cent to the low side, which is where bids can be filled for anyone still building. A back test lower is not a problem if it comes, it is just not what we are hoping for.

Macro on the calendar. ISM manufacturing data, the FOMC meeting on 8 October, and the Trump and Xi summit are all worth tracking for short term effect. The Clarity Act did not pass, which matters less than the headlines suggested. Regulation and frameworks are still needed and still coming, and the market moved on without them.

The plan worked. Now the work is building out from it without giving back the position.