ZBT stood tall through this week’s brutal market crash, showing real strength while everything else got hammered.

As the broader crypto sector sank into double-digit losses, ZBT held steady in good range without breaking a sweat.

Liquidity conditions stayed solid across the entire period, with the average top-of-book bid-ask spread consistently holding at an impressively tight 0.45%.

Crypto market faced significant pressure this week, with a clear correction triggered by leveraged unwinds and macro headwinds. Total market capitalization moved from roughly $2.45T–$2.50T early in the period toward the $2.15T–$2.21T zone by Sunday, reflecting widespread risk-off sentiment.

Bitcoin opened the week near $73,500, pulled back sharply to a mid-week low around $60,800, then staged a modest rebound to trade in the $61,500–$62,500 range by close — recording a net loss of roughly 15–17% from its weekly high, with liquidations exceeding $1B across the sector at the peak of the sell-off.

ETH moved in tandem but with steeper downside, starting around $2,000–$2,004, dipping toward $1,550 before settling near $1,570–$1,600 — a net decline of over 20% from the weekly open.

Derivatives metrics reflected heightened stress followed by partial stabilization: total open interest contracted notably from the $50B+ band early in the week, 24-hour liquidations spiked into the $1B+ range mid-week before moderating, and funding rates on major pairs such as BTC/USDT swung negative before returning toward neutral-to-mildly positive territory by the weekend.

Macro picture got an extra layer of pressure on Friday when the Bureau of Labor Statistics dropped its May employment report. Nonfarm payrolls rose by a stronger-than-expected 172,000 jobs, while the unemployment rate held steady at 4.3% — right in line with the tight 4.3–4.5% range it has stayed in since last summer.

The hotter-than-forecast reading cooled hopes for near-term Fed rate cuts and added fuel to the elevated interest-rate narrative already weighing on risk assets.

Macro headwinds intensified, with geopolitical risks, elevated interest rates, and ETF outflows contributing to the downside pressure.

Still, the sector showed early signs of capitulation and bargain hunting as prices tested key support levels.

In summary, the period delivered a sharp correction in spot prices and positioning amid elevated fear.

Yet ZBT demonstrated clear outperformance and resilience, underscoring its defensive strength in turbulent conditions.

With the market now probing lower supports and derivatives metrics beginning to normalize, the sector appears to be building a potential base heading into the next leg of the quarter.