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Crypto passed a genuine stress test this week. When the US airstrikes hit on Wednesday, BTC dipped around 2.4 percent to roughly 62,150 dollars, but the 62,000 dollar shelf that traders have defended since last month’s lows held firmly zerocap.com/insights/weekl…

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Crypto steadied and clawed back ground after the late-June washout. Bitcoin recovered to around 62,900 dollars, up roughly 3.7 percent on the week, reclaiming the psychologically important 60,000 dollar level it had lost when the hot PCE print drove it to a 20-month low

The tape flipped from inflation fear to growth fear in the space of one payrolls print. June nonfarm payrolls, released Thursday ahead of the Independence Day close.

🔗 Full Weekly Crypto Market Wrap: zerocap.com/insights/weekl…

Inflation remained the dominant macro theme this week, reinforcing the view that while the geopolitical backdrop has improved, the inflationary consequences of earlier energy disruptions continue to work their way through the economy.

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Two events dominated markets last week: Chair Kevin Warsh’s first FOMC meeting and the subsequent collapse of the proposed US-Iran peace agreement over the weekend.

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After more than 100 days of conflict that began with Operation Epic Fury on 28 February, President Trump declared the Iran agreement complete on Sunday (14 June), posting on Truth Social

Following the prior Friday's technology-led sell-off and Monday's sharp decline in Asian equities, investor confidence improved materially as prospects for a negotiated resolution increased.

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BTC closed the week down 14%, printing a fresh 2026 low of US$59,070 before finding a footing above US$60k. ETH fell ~10%, breaking below US$2,000 for the first time since March. Spot Bitcoin ETFs recorded ~US$1.72B in net outflows — the largest on record — while ETH ETFs saw ~US$173M exit. More than US$5.4bn in leveraged positions were liquidated, with the largest events on 4 and 5 June. Positioning is cleaner, basis compressed to ~3%, and risk reversals remain put-biased. The driver was Friday's May NFP print: 172,000 jobs versus a 90,000 consensus, sending the S&P 500 down 2.64% — worst day since October — and the Nasdaq -4.18%. The 10-year yield hit ~4.56% and the 30-year moved back above 5%. Rate markets are now firmly higher-for-longer. All eyes this week on May CPI as the next key data point for rates and risk assets.

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BTC held near US$73,500 last week but failed to track the equity rally, while ETH stayed just above US$2,000 and continued underperforming. US spot Bitcoin ETFs recorded approximately US$1.42B in outflows — the longest sustained redemption streak since launch — with BlackRock's IBIT seeing notable activity. HYPE was the week's clear standout, closing near US$61–63 before pushing toward US$70 over the weekend, driven by protocol momentum, decentralised perpetuals market share, and growing TradFi interest after ICE CEO Jeffrey Sprecher referenced Hyperliquid's scale at the Bernstein conference. The macro backdrop was supportive but crypto didn't follow. The S&P 500 extended to nine consecutive weekly gains, closing at 7,580, while the Nasdaq posted its best monthly performance in over a year. AI earnings — Dell and Snowflake each up 40%-plus — and a sharp oil selloff drove sentiment, with Brent down nearly 20% for May on improving US-Iran signals. All attention now shifts to Friday's non-farm payrolls and Kevin Warsh's first FOMC meeting as Chair on June 16-17.

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BTC closed the week near US$76,600 (-1.5%) and ETH near US$2,140 (-1.7%), even as the S&P 500 logged its eighth straight weekly gain. Combined spot ETF outflows exceeded US$1.25bn — BTC around US$1bn, ETH around US$255m — as the Nvidia earnings surge pulled marginal risk capital toward AI and semiconductor equities rather than digital assets. BTC dominance held near 60.3%, with the US$75k–76k zone the key near-term support heading into a Memorial Day-shortened week. The macro backdrop was constructive but not crypto-friendly. Nvidia posted Q1 revenue of US$81.6bn with Q2 guidance at US$91bn. Brent crude fell 9.3% to US$100.21/bbl on improving Iran peace talks, pulling the US 10-year yield back to 4.50%. The next major catalysts are Kevin Warsh's first FOMC meeting on June 16–17 and the May CPI release in mid-June — both could materially shift the rate and liquidity outlook for H2.

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Proud to have participated in Project Acacia alongside @RBAInfo, @DFCRC and @Ripple, demonstrating the full lifecycle of a tokenised Australian Government bond on-chain: issuance, trading, redemption, and stablecoin settlement.