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ZEROBASE WEEKLY 8.24-8.30 ZBT traded in a relatively tight $0.075–$0.082 band through most of the week before a late bounce toward $0.083–$0.086 on August 30. Crypto market capitalization held in a $2.62T–$2.78T range after the prior week’s sharp expansion, settling near $2.63T–$2.70T by the weekend. The week was a classic digest-and-test sequence: residual bid from the prior 22% Bitcoin surge, a probe of resistance above $81,000, then a hawkish-policy fade. Bitcoin opened the week near $77,700 on August 24, advanced through $80,000, and printed a three-month high around $81,300–$81,455 on August 25–28 before reversing. The Friday close near $77,840 reflected a roughly 3% session drop after Fed Chair Kevin Warsh’s Jackson Hole remarks. By Sunday, Bitcoin had recovered into the $78,200–$78,800 zone, leaving the week modestly higher from Monday’s open but well off the highs. Ethereum moved in parallel, starting near $2,460, tagging the mid-$2,500s, sliding toward $2,420–$2,440 on August 28, and finishing near $2,450–$2,480. Derivatives confirmed the late-week de-risking. Friday saw about $488 million in liquidations, overwhelmingly longs, across nearly 98,000 traders. Open interest stayed elevated after the prior week’s short-squeeze, while funding on major pairs flipped from constructive to more cautious as hike odds repriced. Macro and geopolitics dominated the tape. The Jackson Hole symposium (August 27–29) was the focal point. Warsh, in his first keynote as Fed chair, called the 2% inflation target a “firm, fixed” objective, said forward guidance had “overstayed its welcome,” and warned that policymakers “have work to do” if underlying inflation does not move to target “clearly and at sufficient speed.” July PCE remained sticky at 3.7% year-over-year (core 3.3%). CME-implied odds of a September rate hike jumped from about 35% to around 57%. Two-year yields rose, the dollar strengthened, and risk assets faded into the Friday close. Other data mixed the picture: initial jobless claims fell to 203,000, supporting labor resilience, while July new-home sales dropped 10.5% under high borrowing costs. Trade friction intensified after the U.S. moved toward 50% tariffs on roughly $20 billion of Canadian goods following collapsed talks. Washington also widened Iran-related sanctions; oil still posted its first weekly decline in three weeks, with WTI near $83.40 and Brent near $89.30 as Hormuz-related risk was reassessed. Gold firmed toward $4,500. U.S. equities finished the week modestly higher despite Friday’s pullback. The S&P 500 closed Friday at 7,711.76 (−0.25%), the Dow near 53,560 (essentially flat on the day), and the Nasdaq weaker. Nvidia’s fiscal second-quarter print was the offset: revenue of $96.2 billion, data-center revenue of $89 billion, and guidance that produced an 8.7% single-session jump and a roughly $442 billion one-day rise in market value—one of the largest on record. That AI bid kept Communication Services and Tech among the week’s better sectors even as rate-sensitive names and the Russell 2000 lagged. Institutional flows remained the structural support, then cracked at the margin. U.S. spot Bitcoin ETFs took in $337.6 million on August 24, $314.4 million on the 25th, $232.1 million on the 26th and $242.2 million on the 27th, before a $201.8 million outflow on August 28 ended a nine-session, roughly $3 billion inflow streak. The August 24–28 trading week still netted about $924.5 million. ARK 21Shares led Friday redemptions (−$114.9 million), followed by Bitwise and a modest IBIT outflow. Ethereum ETFs did not follow: they added about $102 million on August 28 and extended a 10-day inflow run. Solana and XRP products also stayed in positive flow on the reversal day. Crypto Fear & Greed spent the week in greed rather than the fear readings of mid-August, oscillating roughly in the mid-60s to high-70s and ending near 69–76. On-chain data continued to show a holder split. Wallets with 100+ BTC added more than 39,000 BTC over the recent week, extending a 60-day accumulation of about 43,000 BTC (larger cohorts above 10,000 BTC added even more over that window). Retail-sized wallets (0.1–1 BTC) remained in distribution, with accumulation-trend scores near −0.98. Exchange flows flipped positive on the Friday dump (net coins onto venues) and quieter thereafter. A large share of supply remains dormant; long-term holder behavior stayed more constructive than the short-term cohort that sold into strength. In summary, August 24–30 was a consolidation week after Bitcoin’s strongest weekly dollar advance in years. Spot prices tested $81,000, ETF demand stayed heavy until Friday, and whales absorbed retail supply. The Warsh speech reintroduced rate-hike risk, ended the BTC ETF streak, and forced long liquidations—without breaking the higher range established the week before. Sticky 3.7% PCE, U.S.–Canada tariff escalation, and residual Middle East energy risk keep the macro overlay two-sided.

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.