ZEROBASE WEEKLY 10.19–10.25 ZBT traded in a narrow band after opening the week near $0.068 on October 19. It pushed toward $0.071–$0.072 midweek on lighter volume, then gave back the gains and settled near $0.068 by the weekend. Spreads stayed tight and liquidity remained orderly, with no sharp liquidity gaps on the pullback from the local highs. Crypto spent the week consolidating after the early-month slide. Total market capitalization hovered between roughly $2.73T and $2.86T, peaking midweek before settling near $2.70T–$2.73T by Sunday. Bitcoin dominance held in the 59%–60% range. Bitcoin opened October 19 near $81,800–$82,000 after the prior weekend close around $82,000. It rallied as much as 3%–4% to a weekly high near $84,500–$84,800 on October 21–22, then reversed sharply. Price spent the remainder of the week sliding through the $81,300 area and closed near $80,400 on October 25. From the October 18 close that is a net decline of roughly 1.5%–2%, with the bulk of the damage coming after the midweek rejection. Ethereum followed the same path. ETH opened near $2,400–$2,410, printed a weekly high around $2,500–$2,525, then faded and finished near $2,340–$2,350. That left ETH roughly flat to slightly lower on the week. Derivatives and ETF flows told a clear two-phase story. U.S. spot Bitcoin ETFs drew roughly $1.07 billion from Monday through Wednesday ($527 million on October 19, $23 million on October 20, and $525 million on October 21), the strongest three-day run in nearly a month. The move reversed on Thursday and Friday with outflows of about $636 million and $138 million respectively, leaving the week with a net inflow of roughly $301 million and ending a two-week streak of outflows. Ether ETFs finished the week with approximately $221 million in net outflows. The late-week redemptions coincided with the price rejection above $84,000 and helped explain why the bounce failed to hold. Macro and geopolitics remained the dominant backdrop. The Federal Reserve stayed in its blackout period ahead of the October 28 decision, with markets pricing only a low single-digit probability of a hike. The 10-year Treasury yield began the week near 5.15% and finished near 4.95%–4.99%, with a sharp drop of nearly 20 basis points on Thursday—the largest one-day decline in years—as equities sold off and oil volatility rose. Oil itself stayed elevated amid the ongoing U.S.–Iran conflict, Houthi attacks, and Strait of Hormuz risks. Brent settled the week near $116–$117 after touching six-month highs, while WTI ended around $103. A temporary Russia sanctions waiver and mediation signals early in the week briefly eased prices, but renewed escalation talk later reversed the move. Falling yields and the equity rotation provided some offset for risk assets, yet the oil premium kept financial conditions from easing cleanly. U.S. equities finished mixed after a volatile week. From the October 16 close, the S&P 500 fell about 0.5% to 7,623.68. The Nasdaq Composite declined roughly 0.7% to 25,955, while the Dow rose about 0.4% to 52,215 and the Russell 2000 gained 2%. Monday and Wednesday posted modest gains; Thursday saw the largest decline of the week (S&P −1.2%, Nasdaq −2.6%) as Meta and semiconductor names sold off on AI spending concerns. The tape then stabilized on Friday. Leadership rotated away from mega-cap tech toward healthcare, consumer staples, and smaller caps, leaving the equal-weight S&P higher even as the headline index finished lower. Crypto Fear & Greed began the week in the high-50s (Greed), reached the mid-to-high 60s on the midweek bounce, and then cooled into Neutral territory in the low-to-mid 50s by the weekend. The shift matched the price action: early optimism around ETF inflows and the equity bid faded once the $84,000 rejection and Thursday equity selloff arrived. On-chain data showed elevated whale activity without a decisive accumulation or distribution signal. Several sessions recorded net exchange inflows in the low thousands of BTC, consistent with supply testing during the midweek rally and subsequent fade. One of the largest single-day bursts of large-UTXO spending in 2026 occurred around October 23, with more than 230,000 BTC (roughly $21 billion) moving on-chain; most of the coins had been dormant for one to six months and the transfers appeared to be between wallets rather than to exchanges. Mid-tier and whale cohorts remained mixed, with some wallets flipping to distribution while others continued to accumulate. In summary, October 19–25 was a failed bounce followed by consolidation. Spot prices briefly reclaimed the $84,000 area on the back of the strongest ETF inflow streak in weeks, then surrendered the gains as equities rotated out of AI names and oil remained elevated.