ZEROBASE WEEKLY 8.17-8.23 ZBT traded overall in the $0.073–$0.085 range this week. It opened near $0.081–$0.085, dipped toward the low-$0.07s mid-week, then recovered modestly to close around $0.079–$0.080. Despite the relative pressure against broader market strength, trading volumes remained decent and liquidity conditions stayed relatively stable, with bid-ask spreads holding at reasonable levels. Crypto market delivered a sharp rally this week amid volatility from geopolitical tensions, shifting macro signals, and a major short squeeze. Total cryptocurrency market capitalization expanded significantly, moving from roughly the $2.0–2.1T area early in the period toward the $2.6T region by week’s end. Bitcoin opened the week near $62,900–$64,500 on August 17, consolidated initially, then accelerated higher mid-week. It pushed through successive levels, briefly approaching the high $70k–$79k zone, before settling near $77,600–$77,700 by Sunday. This represented a net weekly gain on the order of 20–23% from the early-week levels and one of the strongest weekly performances in recent years. Ethereum moved in parallel but with even stronger relative gains, starting around $1,880–$1,910, surging past $2,200–$2,500 mid-week, and closing near $2,440–$2,460. The move equated to roughly 25–30% from the weekly lows and opening range. Derivatives metrics reflected a dramatic shift in sentiment. Open interest expanded notably during the upside move. The period featured a large-scale short squeeze, with total liquidations exceeding $3 billion over key sessions, predominantly short positions. Funding rates transitioned from negative or near-neutral territory early in the week toward mildly positive levels as the rally progressed, while overall liquidations remained elevated during the volatility spikes but stabilized later. Macro and geopolitical developments provided a mixed but ultimately supportive backdrop for risk assets in crypto. Ongoing U.S.-Iran tensions, including continued disruptions and risks around the Strait of Hormuz, a UAE-Iran spat, and related Lebanon fighting, kept oil prices elevated. This initially contributed to caution. However, cooler July CPI data with headline rising 0.1% month-over-month and easing to 3.4% year-over-year, along with softer core readings, had already reduced near-term rate-hike pressure. The release of FOMC minutes mid-week reinforced a patient Fed stance. A key catalyst arrived with the U.S. Treasury’s announcement of expanded long-dated bond buybacks, which eased yields and sparked broad risk-on flows. U.S. equity markets posted modest weekly declines overall. The S&P 500 fell approximately 1.4–1.5%, the Nasdaq Composite declined around 2.0–2.3%, and the Dow was down roughly 0.7–0.9%. Weakness was notable in certain growth and industrial segments amid yield and geopolitical concerns, even as energy and some other areas showed relative resilience. Institutional participation provided strong support. U.S. spot Bitcoin ETFs recorded robust net inflows totaling approximately $1.9 billion for the week, with daily peaks including sessions above $500 million and a standout day near $606 million led heavily by BlackRock’s IBIT. Ethereum ETFs also saw solid positive flows in the hundreds of millions, contributing to a combined BTC and ETH ETF inflow near $2.6 billion, the strongest weekly total in many months. Crypto Fear & Greed Index shifted decisively from fear territory around the low-to-mid 30s early in the week into greed territory, reaching the mid-to-high 60s by the weekend. On-chain data offered mixed but ultimately constructive signals amid the price action. Whale activity showed periods of exchange inflows during the sharp upside consistent with some profit-taking or positioning, alongside earlier accumulation by larger holders in prior weeks. Long-term holder metrics indicated some distribution into strength over recent months, yet dormant supply remained elevated and overall holder behavior supported the idea of building support at higher levels after the multi-week range. Exchange flows and related metrics reflected the intensity of the short-covering rally. In summary, the August 17–23 period delivered a powerful recovery and breakout in spot prices, driven by massive institutional ETF inflows, a Treasury policy signal that eased yields, a large short squeeze in derivatives, and improving sentiment—even as geopolitical risks in the Middle East, elevated energy prices, and modest equity market weakness kept an element of caution. Higher oil prices from ongoing regional tensions are widely viewed as a temporary inflation headwind that has not derailed the cooler core inflation trajectory. With strong ETF dynamics, stabilizing then expanding derivatives metrics, and resilient on-chain trends, the market has shifted from consolidation into a more constructive risk environment.

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📊 WHERE THE MARKET STANDS TODAY Crypto's current split mostly Fear/Neutral, with only 30 coins in Greed, mirrors the same risk-off hesitation playing out in Nasdaq futures (NQ), where two major liquidity levels (29,928/30,073 above, 29,740 below) remain untouched. As a risk asset increasingly correlated with tech equities, crypto tends to follow the same institutional caution: no size committed until a clear catalyst appears. That catalyst was Thursday's PPI, printing at 4.7% YoY, cooler than the 4.9% forecast and well below July's 5.5%. Softer inflation typically favors risk assets, but neither market rushed to react, suggesting traders are waiting to see which liquidity level breaks first rather than trading the print alone. #Crypto# #Bitcoin# #BTC# #PPI# #Nasdaq# #NQ#

Dogecoin breaks the level Santiment told traders to watch Santiment's weekly anomaly report flagged $DOGE as "hype without news," with sentiment climbing to +12.09 while price coiled between $0.071 and $0.073, and warned that a daily close below $0.071 would hand control to the sellers. Today's risk-off wave answered. DOGE slid near $0.069, down almost 5% as the worst performer in the crypto top 10, while oil above $100 dragged the broader market around 2% lower. Santiment's core read was that DOGE trades as amplified Bitcoin beta, falling harder in selloffs, and this session proved it on cue. A quick reclaim of $0.071 would repair the setup; below it, the sellers keep the wheel. NFA.

Production @Tesla Semi. The one so called “experts” said was impossible: • Travels 500+ real-world miles fully loaded (82K lbs), and about 600 miles half loaded. • 1.7 kWh/mile efficiency. ~7x less efficient than a Model Y despite being ~20x heavier (loaded). • Does 0-60 mph in 12.5 seconds. 24 seconds fully loaded. • The first Tesla with a power-coated exterior. • The drive unit is based on the Plaid motor (from S/X), but the carbon fiber sleeved rotor has been swapped for a steel-caged rotor. It makes it cheaper, lighter, more efficient, and more reliable. Total output is 1,073 hp. • The gearbox and motor share the same oil. Semi can last onwards of 250K+ miles without a fluid change vs 30-50K miles traditionally with diesel. • Semi uses fully electric power steering (there’s still a physical connection), it’s said to feel like a sports car rather than a typical semi. • Semi's thermal system was designed together with Cybercab. It shares the same pumps, compressor, and heat exchangers, and the Semi just has a bigger radiator. • Just like other Teslas, the driver profile carries over settings, seating positions, media, etc. All through their phone. Such a beast.

Bitcoin is the apex asset. There isn't a close second place. I charted the 2-year moving average of Bitcoin, gold, and SPY from Jan. 1, 2020 to May 22, 2026. The results are disgusting. Bitcoin 2Y MA: +1,073% Gold 2Y MA: +157% SPY 2Y MA: +118% Bitcoin’s smoothed long-term trend vaporized them. BTC’s cumulative 2Y moving-average return was roughly 6.8x gold’s return and 9.1x SPY’s return. Gold did its job. It protected purchasing power better than most fiat garbage. SPY did what corporate America does, climbed the liquidity escalator while everyone pretended earnings growth wasn’t being embalmed by monetary debasement. But Bitcoin was the actual escape vehicle. Bitcoin volatility is loud. Fiat decay is quiet. The 2-year moving average strips away the noise and shows you the signal: Bitcoin is repricing the world slowly, then violently, then permanently.