Top down investing approaches are highlighting semiconductor sector momentum as May chip exports from South Korea jumped 14%, fueling gains in related US-listed ADRs. If you zoom out and take a big picture view, though, there are a lot of reasons to be concerned about Bitcoin. For example, Bitcoin is hardly the top-performing major cryptocurrency. Yes, Bitcoin is up 30% for the year, but Ethereum (CRYPTO: ETH) is up 35% and XRP (CRYPTO: XRP) is up 45%. Right now, crypto investors appear to be displaying a clear preference for riskier altcoins. But the market surprised us by recovering unusually quickly. This was unfortunate in a way, because the portfolio changes we made worked so well. In hindsight, had we known the bear market was over, we’d have moved faster. Global macro forces are central to top down investing, with Chinese GDP expanding 4.9% year-on-year in latest figures, boosting commodity demand and lifting mining equities worldwide.