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Daily Market Dispatch – November 25, 2025 Market mood shifts from fear to focus as Fed decision nears Crypto markets are stabilizing after weeks of volatility, with total capitalization holding near $3 trillion and sentiment gradually improving. The Fear & Greed Index has moved out of “extreme fear” and into neutral territory, suggesting selling fatigue and the start of risk rebalancing. The shift aligns with a cautious but constructive macro backdrop: U.S. futures are modestly lower ahead of delayed data that could determine the Fed’s December 9–10 rate decision. With retail sales, PPI, and core PCE on deck, traders are again calibrating policy expectations. Fear is giving way to curiosity—and that mindset could guide markets through the final stretch of 2025’s trading year. Bitcoin Bitcoin extended its rebound toward $88,000, supported by growing confidence in a December rate cut and a cleaner derivatives backdrop. Funding rates have flipped negative for the first time since October—historically a sign of seller exhaustion—while open interest has eased by nearly 10%, leaving fewer leveraged longs to unwind. A breakout above $87,000 would pressure concentrated short positions, potentially sparking a short squeeze and ushering in a test of upper-range liquidity. While ETF outflows persist, sentiment appears to be turning. Compression plus a catalyst is how ranges end and with macro tailwinds emerging, Bitcoin’s $84,000–$90,000 accumulation zone may soon resolve upward. Ethereum & Altcoins Ethereum regained footing around $2,900, leading broader altcoin strength. XRP jumped over 8%, buoyed by $164 million in first-day ETF inflows, outshining both Bitcoin and Ethereum funds and marking cumulative inflows near $587 million since mid-November. Solana also continued to attract institutional attention: spot Solana ETFs notched their 20th consecutive day of net inflows, adding $58 million Monday and lifting total assets to $843 million, or roughly 1% of SOL’s market cap. This consistency amid price weakness underscores deepening institutional engagement even as SOL’s token price remains in a 30% drawdown. Network contributors are now proposing SIMD-0411, a change that would double Solana’s disinflation pace, potentially pulling its inflation floor forward to 2029 and reducing cumulative supply by over 22 million SOL. Macro & Institutional Markets enter a decisive week as investors await a flood of backlogged U.S. data that will frame the Fed’s final move of 2025. Futures imply an 80% chance of a 25-bp cut in December, up sharply from 50% a week ago. Chair Powell’s allies appear ready to back easing, though the lack of October data keeps the committee split. Equities remain broadly firm—Alphabet is on track to test a $4 trillion valuation, and Dell reports after the close amid strong AI infrastructure demand. In crypto, institutional positioning continues to deepen. Tokyo-listed Metaplanet borrowed another $130 million against its 30,823 BTC treasury to expand its income-generation strategies, signaling growing sophistication in Bitcoin-backed finance. Meanwhile, the emergence of spot Dogecoin ETFs and the surge in XRP and Solana fund flows highlight a more diverse, maturing ETF landscape. Looking Ahead An intense week for macro has begun, with Tuesday and Wednesday set to deliver a cluster of key U.S. economic reports that could shape the Fed’s path ahead for monetary policy. Traders will parse PPI and retail sales, followed by consumer confidence on Tuesday, then jobless claims and the Fed’s preferred inflation gauge—PCE and core PCE—on Wednesday, before Chicago PMI caps the week on Thursday. A softer data sequence could reinforce bets on a December rate cut and fuel a year-end risk bid; firmer readings might push markets back into consolidation. With policy clarity the spark, flows will define the next chapter. — Iliya Kalchev, Nexo Dispatch Analyst For informational purposes only; not financial or investment advice.

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Daily Market Dispatch – November 24, 2025 Renewal after the reset: Markets brace for a data-driven week Crypto markets steadied over the weekend as Bitcoin bounced off $85,000 to settle above $86,000 on Monday. Total crypto market capitalization is stabilizing just below $3 trillion, yet the Fear & Greed Index remains lodged in its lower bands — proof that conviction hasn’t caught up with price. Traditional markets offered little clarity: U.S. equities drifted after the October CPI release was canceled amid the government shutdown, and rate expectations remain in limbo without fresh data. With macro signals muted, positioning now speaks louder than policy, and liquidity dynamics are setting the market’s rhythm for the final stretch of November. Bitcoin Bitcoin’s structure remains defined by nearby liquidity shelves. Support sits at $85,700–$85,000, with deeper ladders at $84,000, $82,500–$81,500, and a heavy shelf near $79,000. Resistance thickens at $92,800–$93,400 — the first cap that would test short-covering strength. Flows continue to dictate sentiment: Bitcoin ETPs shed roughly $1.38 billion through mid-November. Still, Friday’s $238 million in net inflows marked the first positive print in over a week — a tentative signal that sidelined demand may be returning. Options positioning reinforces gravity near $85,000, where concentrated puts for December expiries have built a pin. Deribit’s data shows a persistent downside skew and rising implied volatility into near-dated maturities — a setup that still favors protection over pursuit. Between $79,000 and $93,000 lies the market’s memory; each level is a ledger entry in sentiment’s tug-of-war. If funding turns positive and open interest begins to unwind, mechanical short-covering could propel price toward $92,800. Ethereum & Altcoins Ethereum remains directionally tethered to Bitcoin’s range, holding near $3,050 with softer implied volatility ahead of the Fusaka upgrade on December 3, expected to improve validator efficiency and network performance. Solana trades around $165, extending its lead among Layer-1s as ETF inflows continue for a third consecutive week. XRP is steady near $0.74, while Dogecoin holds around $0.18 — both in focus as the NYSE prepares to list their respective ETFs on Monday, marking a new chapter for retail-accessible alt exposure. For Ethereum and Solana, progress on staking and tokenization could turn stability into a base; for XRP and Dogecoin, liquidity from new listings will test whether attention can translate into sustained demand. Macro & Institutional Macro visibility has narrowed sharply. The canceled October CPI release and delayed jobs data have left the Fed without a clear read on inflation. The Chicago Fed’s National Financial Conditions Index has tightened from early fall, keeping risk appetite capped under nearby resistance. Meanwhile, the New York Fed has hinted at potential balance-sheet expansion for reserves management — a medium-term liquidity cue rather than an immediate catalyst. On the institutional side, lower miner fee share (down 15% week-on-week) and hashprice near $33 per PH per day point to tighter margins and the likelihood of supply emerging into rallies. Stablecoin supply remains steady near $300 billion, leaving dry powder on the sidelines — liquidity may be scarce, but conviction is scarcer, and the market will reward whichever returns first. Looking Ahead The week ahead brings a dense macro calendar that could reintroduce direction to risk assets: Germany’s Q3 GDP, U.S. PPI and Retail Sales, and Consumer Confidence on Tuesday; Jobless Claims and PCE inflation data on Wednesday; and Chicago PMI rounding out the week on Friday. Together, these releases will shape expectations for the Fed’s December meeting and test whether liquidity can turn from headwind to tailwind. For now, the market trades between fear and flow, balancing cautious positioning against the first signs of stabilization. — Iliya Kalchev, Nexo Dispatch Analyst For informational purposes only; not financial or investment advice.

This week’s data will test the Fed’s resolve: inflation, spending, and hiring trends all land ahead of the December pivot watch: 🇩🇪 German GDP (QoQ, Q3) – Nov 25, 07:00 GMT 🇺🇸 U.S. PPI (MoM & YoY, Sep) – Nov 25, 13:30 GMT 🇺🇸 Retail Sales (MoM & YoY, Sep) – Nov 25, 13:30 GMT 🇺🇸 CB Consumer Confidence (Nov) – Nov 25, 15:00 GMT 🇺🇸 Initial Jobless Claims – Nov 26, 13:30 GMT 🇺🇸 PCE & Core PCE Price Index (MoM & YoY, Sep) – Nov 26, 15:00 GMT 🇺🇸 Chicago PMI (Nov) – Nov 28, 14:45 GMT

Daily Market Dispatch – November 21, 2025 Bitcoin tests support as outflows weigh Crypto markets extended their correction Friday, with Bitcoin sliding to a seven-month low beneath $82,000 as the broader risk environment turned defensive. The total crypto market cap sits near $2.7 trillion, down roughly 3% on the day. Roughly $1.2 trillion in value has evaporated from digital assets over the past six weeks, mirroring the retreat in equities as investors recalibrate to a stickier inflation outlook and fading hopes of a December Fed rate cut. Traditional markets are showing similar fatigue. The S&P 500, Nasdaq, and Dow are each down around 3% for the week, pressured by stronger U.S. jobs data and renewed unease over AI-driven valuations. Japan’s new ¥21 trillion stimulus and the U.K.’s looming budget have done little to lift sentiment. This pullback looks less like panic and more like a recalibration, a market testing how much policy support remains as the year draws to a close. Bitcoin Bitcoin’s drop below $82,000 underscores how closely it continues to track high-beta equities. Still, the asset recovered towards $85,000 on the day. Stronger-than-expected payrolls erased near-term rate-cut bets, draining liquidity from the same corners of the market that thrived under easy policy. Still, the underlying structure remains intact: ETF assets total $113 billion – around 6.5% of Bitcoin’s market cap – while long-term holders remain steady. JPMorgan analysts noted that this latest downturn has been driven less by crypto-native deleveraging and more by retail outflows from spot ETFs. This phase resembles portfolio trimming rather than capitulation. Each cycle has seen similar drawdowns before renewed accumulation. When liquidity tightens, Bitcoin feels it first and often leads the recovery once macro conditions stabilize. Ethereum & Altcoins Ether lost 7% to $2,700, with most major altcoins lower. Spot ETF redemptions accelerated to $261 million on Thursday, yet inflows into newly launched XRP, SOL, and HBAR funds suggest investors are rotating within the asset class rather than exiting altogether. Ethereum’s network activity remains steady: Layer-2 throughput is firm, staking rates are holding, and developer engagement is robust. The market’s repricing hasn’t interrupted the underlying trend of institutional experimentation with tokenization and infrastructure. In this sense, the correction appears cyclical, not structural as prices adjust faster than fundamentals. Macro & Institutional The macro backdrop remains heavy. U.S. equities endured another sharp sell-off Thursday as the probability of a December rate cut fell to roughly 30%. Japan’s fiscal package aims to sustain growth and strengthen its semiconductor and AI sectors, while the yen’s weakness keeps traders alert for intervention. In the U.K., falling retail sales and higher borrowing costs complicate Chancellor Reeves’s pre-budget arithmetic. Institutional flows reflected the cautious tone. Spot Bitcoin ETFs saw $903 million in outflows Thursday, their second-largest on record. Yet cumulative inflows remain near $57 billion, a reminder that long-term positioning has not unraveled. Institutions appear to be trimming exposure rather than exiting, maintaining liquidity while waiting for a clearer policy signal. Looking Ahead Next week will be a busy and defining one for macro, with a dense data lineup that could steer risk sentiment into year-end. Highlights include Germany’s Q3 GDP, U.S. retail sales, PPI, CB consumer confidence, initial jobless claims, and the core PCE indexl the Fed’s preferred inflation measure, alongside the Fed’s balance sheet update. The recalibration underway could lay the groundwork for a steadier close to 2025 as rate expectations and liquidity conditions gradually converge. — Iliya Kalchev, Nexo Dispatch Analyst For informational purposes only; not financial or investment advice.

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Daily Market Dispatch – November 19, 2025 Crypto holds ground as markets await Fed clarity Crypto markets are stabilizing after several weeks of declines, with Bitcoin holding the low $90,000 range and total market capitalization around $3.15 trillion. Conditions remain cautious but steadier as traders await clearer macro signals and liquidity gradually returns. U.S. equity futures are modestly higher after four down sessions, with focus on Nvidia’s earnings and the FOMC minutes later today. The AI-driven equity rally appears to be cooling rather than reversing, as investors reassess valuations and spending trends. Retail results from Lowe’s, Target, and Walmart will shed light on consumer strength ahead of the holidays, while softer oil prices following a large U.S. inventory build offer mild relief for inflation expectations. Bitcoin Bitcoin is holding a narrow range between $90,000 and $92,000, suggesting a market that is resetting rather than capitulating. Retail investors have reduced exposure amid ETF redemptions, while long-term holders continue to quietly accumulate. This shift toward stronger hands, paired with lighter leverage and healthier funding rates, lays the groundwork for a more durable base once macro clarity improves. ETF outflows remain the main headwind. U.S. spot Bitcoin funds saw $373 million in redemptions on Tuesday. Still, institutional activity has not vanished—Strategy added 8,178 BTC worth $835 million as prices dipped through $90,000, and Harvard’s endowment increased its ETF holdings, signaling that long-horizon allocators are using the correction to scale exposure. Technically, the zone around $85,000–$90,000 is emerging as a short-term accumulation pocket, while resistance sits near $98,000–$100,000. A moderation in ETF outflows or any sign of policy easing could trigger a squeeze toward the upper end of that range. While volatility remains elevated, positioning suggests the next decisive move could be to the upside if liquidity conditions improve into December. Ethereum & Altcoins ETH remains range-bound with modest ETF outflows but firm fundamentals. Solana’s ETFs have posted sixteen consecutive inflow days, totaling $420 million, even as SOL corrected from $205 to the mid-$140s. XRP’s new wrapper drew $8 million on launch, underscoring ongoing institutional curiosity despite risk-off sentiment. These flows suggest capital rotation within crypto rather than exits, a sign that positioning is being reshaped for the next phase of the cycle. Macro & Institutional Another rate cut is on the table for December, with futures now implying a 45% probability. Gold holds near record highs on fiscal deficits and central-bank demand, while oil’s retreat after a 4.45 million-barrel inventory build has eased inflation pressure slightly. Regulatory signals are turning constructive. The SEC’s 2026 Exam Priorities dropped any mention of crypto, marking a shift from scrutiny to normalization. In parallel, the Senate will question Michael Selig, the nominee to head the CFTC. Together, these steps hint at a more structured, less adversarial framework that could strengthen institutional participation heading into 2026. Looking Ahead The remainder of the week centers on key U.S. data releases. The FOMC Meeting Minutes on Wednesday will shape expectations for the December policy meeting, while Thursday’s employment figures—including nonfarm payrolls, wage growth, and jobless claims, will test the strength of the labor market. Friday’s Philadelphia Fed Manufacturing Index closes out the week with a pulse check on industrial sentiment. A balanced message from the Fed, paired with moderating labor data, could help risk assets find traction and allow crypto to consolidate above $90,000 into December. However, if the minutes or data tilt hawkish, markets may stay range-bound as investors wait for clearer confirmation of the easing path. — Iliya Kalchev, Nexo Dispatch Analyst For informational purposes only; not financial or investment advice.

Daily Market Dispatch – November 18, 2025 Defensive mood in crypto and stocks ahead of key data Crypto is trading defensively after a sharp reset in sentiment. Bitcoin briefly dipped under $90,000 to seven-month lows, altcoins followed, and spot BTC and ETH ETFs extended outflows. The Crypto Fear & Greed Index printed 10/100 — a level typically seen at major stress points rather than routine pullbacks. Traditional markets are also cautious: U.S. equity futures are softer, the S&P 500, Nasdaq, and Dow slipped below their 50-day averages, and attention is fixed on Nvidia’s results Wednesday along with key U.S. data later this week. Rate-cut odds for December have eased, keeping risk appetite subdued. Bitcoin Bitcoin’s slide accelerated after losing support near $94,000 and printing oversold readings across key oscillators. Price briefly fell to around $89,500 before stabilizing above $91,000. Flows and positioning amplified the move: spot BTC ETFs saw $254 million in outflows yesterday, marking a fourth consecutive day of redemptions totaling nearly $1.9 billion. Earlier liquidation waves washed out leveraged longs, deepening the drawdown. Immediate support sits near $91,000–$90,000, with a deeper band around $85,000–$84,000, while resistance is at $96,000 and the psychological $100,000 mark. The tone is cautious but not capitulatory — oversold conditions suggest two-way risk if flows stabilize. Ethereum & Altcoins Ethereum is undergoing a broad deleveraging phase as older holders take profits and leveraged positions unwind. Yet long-term and institutional accumulators remain active, absorbing supply for staking and treasury use. Near-term, ETF flows are negative and liquidity thin, amplifying price swings. ETH fell roughly 5–6% alongside declines across SOL, ADA, XRP, and MATIC, while memecoins softened in line with wider risk sentiment. The market looks disorderly but consistent with a structural shift from reactive to patient holders, with price direction now tied closely to ETF and liquidity trends. Macro & Institutional U.S. futures are lower by 0.3–0.5% as investors weigh stretched valuations and diminishing hopes for a December rate cut. The S&P 500 and Nasdaq closed below their 50-day moving averages for the first time since April, adding to the cautious tone. Focus today is on Home Depot’s results, with Walmart and Target later this week for a read on consumer resilience. Nvidia’s earnings on Wednesday will be pivotal; options imply a 7% swing that could shape sentiment across the broader AI and semiconductor complex. In Asia, stocks mirrored Wall Street’s weakness, with Japan underperforming amid rising long-dated bond yields and fiscal concerns. Rate markets now price less than a 50% chance of a December Fed cut, and Thursday’s delayed U.S. jobs report alongside other catch-up releases will help reset expectations. On the crypto side, combined BTC and ETH spot ETFs recorded $437 million in outflows Monday, extending multi-day redemptions. In contrast, newly launched altcoin ETFs such as those tracking Solana, XRP, and Litecoin continue to attract capital — a sign of selective rotation despite broader de-risking. Looking Ahead Crypto market cap remains under pressure, with sentiment currently pessimistic but technically oversold. Into Wednesday, markets will watch the U.K. and eurozone CPI prints and the FOMC Meeting Minutes for clues on inflation and policy tone. Thursday brings a dense U.S. data lineup: Average Hourly Earnings, Initial Jobless Claims, Nonfarm Payrolls, the Philadelphia Fed Manufacturing Index, and the Unemployment Rate. If inflation and labor data show further cooling, a short-term rebound could follow; if not, markets are likely to stay range-bound and flow-driven heading into the weekend. — Iliya Kalchev, Nexo Dispatch Analyst For informational purposes only; not financial or investment advice.

Daily Market Dispatch – November 14, 2025 Broad market pullback sets the stage for rate relief Crypto markets eased modestly following Thursday’s broad reset, with total capitalization hovering around $3.24 trillion, a level last seen before the summer 2025 rally. The move reflects a natural consolidation after months of strength, as traders adjust to shifting rate expectations and renewed caution across global markets. The cross-asset pullback highlights how shifting rate expectations continue to ripple through both equities and digital assets. Equities remained slightly on the back foot after their weakest session in over a month, while Asian indices followed suit amid softer Chinese data. U.S. futures pointed to a quieter open, and oil prices ticked higher after reports of a strike at a Russian depot. For crypto, the recent pullback appears more like a healthy cooling-off period than the start of a deeper reversal, allowing the market to rebuild momentum on firmer footing. Bitcoin Bitcoin briefly slipped below the six-figure threshold, trading near $97,000 after a week of broader risk reduction across markets. The shift came as traders reassessed the likelihood of a Federal Reserve rate cut in December, now seen as an even 50–50 probability versus stronger expectations a week ago. ETF flows echoed this cautious tone, with $869.9 million in net outflows on Thursday — the second-largest daily total since launch. While notable, these outflows appear to be part of a temporary rotation rather than a lasting shift in institutional positioning. On-chain data shows Bitcoin approaching the $95,000–$98,000 “HODLers Wall,” an area of concentrated long-term holding that has historically acted as solid support. Ethereum & Altcoins Ethereum declined around 9% to $3,160, with broader altcoins following in step. BNB, XRP, Solana, and Cardano eased between 7% and 9%, tracking Bitcoin’s consolidation. The moderation across the sector has so far remained orderly, with no significant stress signals from derivatives or funding markets. Spot Ethereum ETFs also saw some cooling, recording $259.7 million in net outflows on Thursday, their sharpest since launch. In a sign of ongoing market development, Canary Capital’s XRP ETF made a strong debut this week with $58 million in day-one trading volume — the largest new crypto ETF launch of the year. Even amid softer prices, innovation in digital asset products continues, suggesting investor appetite remains resilient beneath the surface. Meanwhile, Solana extended its flawless streak of ETF inflows, adding another $1.5 million on Thursday — a steady contrast to the volatility elsewhere and a sign of sustained investor engagement. Macro & Institutional Global markets are still finding balance after recent shifts in monetary expectations. Hawkish remarks from several Fed officials have cooled confidence in a December rate cut, leaving yields firm and prompting some risk repositioning. Jobless claims data stayed broadly stable, while the recent government shutdown has temporarily delayed several key U.S. indicators. Nvidia, meanwhile, is drawing renewed optimism ahead of earnings — Morgan Stanley raised its price target to $220 with expectations for one of the strongest quarters recently. Many expect U.S. growth to stay positive into 2026, supported by robust demand and selective opportunities in emerging markets. Looking Ahead Next week’s calendar will help shape sentiment across risk markets. On Wednesday, investors will watch U.K. and eurozone CPI data for inflation cues and the FOMC meeting minutes for insight into the Fed’s policy tone. On Thursday, the Philadelphia Fed Manufacturing Index will offer a fresh look at U.S. industrial momentum. Together, these releases will guide whether markets can transition from consolidation toward renewed confidence into year-end. — Iliya Kalchev, Nexo Dispatch Analyst For informational purposes only; not financial or investment advice.

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Daily Market Dispatch – November 13, 2025 Crypto steadies ahead of macro data’s return The total crypto market cap is holding just below $3.5 trillion, with Bitcoin steady above $100,000 and Ether near $3,500 as traders digest renewed macro optimism. The reopening of the U.S. government sparked a modest rebound in risk assets, with Wall Street futures inching higher and AI-linked stocks like Cisco boosting sentiment. While the resolution of the record shutdown eased one policy overhang, investors remain selective — balancing improved liquidity against lingering caution in both digital and traditional markets. Subdued ETF flows contrast with rising on-chain accumulation, leaving crypto in quiet consolidation as broader markets search for direction. Bitcoin Bitcoin slipped 0.6% to around $102,800, extending its midweek softness but staying within the $100,000–$105,000 corridor that has defined November. Spot ETFs saw $278 million in outflows on Wednesday and $1.2 billion for the month, keeping a lid on upside momentum. Futures positioning also thinned as open interest fell over 30% from October’s peak, with $580M in long liquidations clearing excess leverage. Yet beneath the surface, whales added about 45,000 BTC this week — the second-largest accumulation of 2025 — mostly shifted to cold storage, signaling institutional accumulation over retail speculation. Still, limited inflows and thin liquidity keep BTC range-bound, awaiting clearer macro cues to break higher. Ethereum & Altcoins Altcoins outperformed slightly as risk appetite stabilized. Ether rose 2.6% to $3,530, while XRP gained nearly 5%ahead of its Nasdaq-listed ETF (XRPC) debut — a symbolic step for altcoin legitimacy. The listing, enabled by SEC adjustments during the shutdown, underscores ongoing fund innovation. Solana, meanwhile, held steady after an impressive run — logging over a dozen consecutive sessions in the green that brought cumulative ETF inflows close to $370 million, reinforcing its position as the cycle’s standout altcoin. BNB and Cardano rose around 1%, and Dogecoin added 2%. Altcoins are regaining composure after October’s volatility, but leadership remains elusive without stronger Bitcoin participation. The next rotation may hinge on how quickly institutional inflows return to BTC and ETH. Macro & Institutional Global markets welcomed the end of the 43-day U.S. government shutdown, which restores funding through January and reopens data flow — though October’s jobs and inflation figures may never surface. Boston Fed President Susan Collins said she’d be hesitant to support another rate cut without clearer labor evidence, echoing the FOMC’s cautious tone. Market pricing now implies near-even odds of a December cut, while yields stay contained despite a weak 10-year auction. In equities, the Dow and S&P 500 advanced while the Nasdaq lagged amid renewed tech fatigue. AMD jumped 9% on a $100B data-center goal, IBM hit new highs, but Amazon, Tesla, and Oracle slipped. The reopening restored calm but not conviction — with delayed data and mixed Fed signals leaving investors navigating between optimism and fatigue, a pattern mirrored by crypto’s consolidation. Looking Ahead As Washington resumes operations, U.S. economic data will take time to normalize after the six-week freeze. Key releases like inflation and labor reports are expected to remain delayed as agencies rebuild schedules, with the Bureau of Labor Statistics likely outlining a new timetable next week. When data resumes, it will likely reaffirm familiar trends — a cooling labor market, inflation above the Fed’s target, and modest growth. Until then, traders operate in partial darkness, leaning on market signals and Fed commentary to guide expectations. With policymakers emphasizing patience and futures pricing even odds of a December cut, both crypto and traditional assets are likely to remain range-bound until the numbers return. — Iliya Kalchev, Nexo Dispatch Analyst For informational purposes only; not financial or investment advice.

Daily Market Dispatch – November 12, 2025 Crypto finds its pulse: ETF inflows surge as macro turns the page Markets are stabilizing, with the total crypto market cap edging above $3.53 trillion as liquidity cautiously rebuilds across digital and traditional assets. Bitcoin ETFs just logged their strongest inflows in over a month, Solana’s new products continue to attract institutional capital despite price swings, and XRP’s ETF headlines are forcing investors to re-learn what regulatory approval really means. Across markets, risk appetite is returning — but measuredly so. U.S. stock futures also pointed marginally higher, as lawmakers prepare to vote on reopening the government after a 40-day shutdown. A resolution would unleash a backlog of key economic data and reset the debate around Fed policy heading into year-end. Tech remains in focus, with Cisco’s earnings set to test whether AI infrastructure spending can sustain its pace. Bitcoin Bitcoin’s spot ETFs attracted $524 million on Tuesday — their strongest day since early October. The inflows came even as BTC fluctuated between $103,000 and $105,000 on Wednesday. Futures open interest has stabilized just below $35 billion, down from highs near $60 billion earlier this quarter — a sign of a market still cautious but reaccumulating beneath the surface. Total ETF inflows since January have topped $60.8 billion, with cumulative volume nearing $1.5 trillion. When liquidity rebuilds, Bitcoin tends to lead before the Fed confirms it — and ETF investors appear to be positioning for that moment. If the shutdown ends, renewed macro visibility could accelerate a rotation from cash into hard digital assets. Ethereum & Altcoins Ethereum ETFs saw $107 million in net outflows, underscoring a rotation toward higher-beta assets. Solana, meanwhile, continues to write its own institutional story: $343 million of cumulative inflows across ten straight sessions, even as SOL fell from $195 to around $159. That divergence isn’t a weakness — it’s a reflection of structural change. Regulated inflows are locking tokens into staked and custodied products, gradually shrinking the tradable float and amplifying the price impact of future demand. With roughly 1% of all SOL now in regulated wrappers, a climb toward 3–5% could transform market behavior, amplifying moves in both directions. The next leg won’t rely on speculative leverage but on the cadence of institutional creations. Meanwhile, XRP ETF talk remains ahead of reality. DTCC listings signal operational readiness, not SEC approval. Under the new generic-listing regime, only an effective S-1 and a published listing circular authorize trading. Macro & Institutional Traditional markets are regaining their footing. Futures are rising as the U.S. House prepares to end the record 40-day government shutdown, restoring the flow of data the Fed needs to guide its December decision. Policymakers remain divided between another rate cut or a pause, but incoming jobs and inflation data should soon tilt the balance. Once Washington reopens, so does price discovery — and crypto tends to run fastest when uncertainty is priced out. Looking Ahead This week’s heavy hitters will set the tone for both bonds and Bitcoin. The U.S. 10-Year Note Auction takes center stage as the key guide for risk sentiment, followed by the U.S. Consumer Price Index (October), Initial Jobless Claims, and remarks from Fed Governor Waller and FOMC Member Bostic. If yields find equilibrium at the auction and inflation readings align with expectations, ETF inflows could keep building momentum into year-end. Every inflow buys time for conviction to return, and every new ETF listing expands the runway for the next leg up. — Iliya Kalchev, Nexo Dispatch Analyst For informational purposes only; not financial or investment advice.

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Daily Market Dispatch – November 11, 2025 As Washington reopens, crypto awaits its next catalyst Markets steadied as Washington moved to end the record government shutdown, lifting sentiment across equities and risk assets. Tech shares extended their rebound after the NASDAQ rose more than 2%, while gold held above $4,100 amid renewed forecasts that it could climb toward $4,700 as political and fiscal risks persist. Crypto markets were broadly stable, with total capitalization near $3.5 trillion and ETF flows staying light to start the week. Bitcoin Bitcoin hovered near $105,300, before declining to $103,500 as capital rotated back toward equities. The policy breakthrough in Washington brought little cheer to crypto. ETF activity reflected this restraint, with Bitcoin funds logging just above $1 million in net inflows on Monday, underscoring the subdued tone across institutional products. Corporate demand, however, remains steady. Strategy Inc. added 487 BTC, lifting its holdings to 641,692 coins and reinforcing Bitcoin’s growing role as a treasury asset. The market’s calm tone suggests that liquidity is waiting on the sidelines until economic data resumes its normal flow—when volatility sleeps, conviction quietly compounds. Ethereum & Altcoins Broader crypto prices moved in a flat-to-lower range, with Bitcoin’s softness spilling into altcoins. Ethereum slipped about 1.6% to trade near $3,550, consolidating after last week’s gains, while XRP edged up 0.9% to $2.47. Institutional flows remained selective. Solana ETFs attracted nearly $7 million in new inflows, extending their 10-day streak and bringing cumulative inflows to $342 million since launch. Ethereum ETFs broke even on the day, reflecting investors’ pause ahead of key inflation data later in the week. XRP outperformed after five spot XRP ETFs appeared on DTCC’s “active and pre-launch” list; a procedural step but a clear signal of readiness for regulated exposure. If approved, these funds would connect XRP liquidity directly to institutional rails, further integrating it into the ETF ecosystem. Institutional appetite is widening at the edges before deepening at the core. Macro & Institutional The U.S. government’s reopening is set to unleash weeks of delayed data, giving the Fed much-needed visibility into an economy that has been running on partial signals. The central bank is expected to hold its policy stance steady in December as it gauges the extent of the slowdown. Gold’s strength above $4,100 underscores investors’ preference for hedges even as risk assets recover, with UBS projecting potential gains toward $4,700 amid global debt concerns and persistent policy uncertainty. Oil traded slightly higher as traders balanced reopening optimism with supply risks. Across the Atlantic, the ECB struck a balanced tone, noting that inflation and growth have been more resilient than expected but warning that market valuations are stretched. Institutional sentiment remains constructive but disciplined: 61% of professional investors plan to increase crypto exposure into year-end, according to Sygnum Bank’s global survey. Looking Ahead With total crypto market capitalization near $3.5 trillion and ETF activity holding steady, the week’s attention now turns to a dense stretch of catalysts including German CPI, U.S. inflation data, Treasury auctions, and remarks from Fed officials. A softer inflation print or dovish tone from policymakers could reawaken risk appetite and channel sidelined capital back into digital assets. Crypto’s resilience during the shutdown has underscored its maturity as a parallel macro asset class—positioned to benefit if renewed fiscal spending and easing expectations reignite liquidity flows. In short, the next move won’t come from politics; it will come from data, and crypto looks ready to lead when it does. — Iliya Kalchev, Nexo Dispatch Analyst For informational purposes only; not financial or investment advice.

Daily Market Dispatch – November 10, 2025 Crypto steadies, gold pops, dollar softens into Treasury auctions week The new week opens with a broad risk rebound across crypto and traditional markets, as confidence returns following weeks of policy paralysis in Washington. Global crypto market capitalization has recovered toward $3.58 trillion, led by Bitcoin’s resurgence above six figures and Ethereum’s steady climb. U.S. equity futures are sharply higher, Treasuries firm, and gold breaks above $4,000 as investors position for a potential policy pivot from the Federal Reserve in December. With the Senate advancing a bipartisan funding bill to end the 40-day U.S. government shutdown, market sentiment is finally stabilizing after weeks of uncertainty. Equities, too, are finding their footing after last week’s tech-led slump, hinting that risk appetite may be quietly broadening beyond digital assets. Bitcoin Bitcoin rose 4.3% to top $106,300 early Monday, extending a weekend rebound after last week’s sharp drawdown. The move reflects a return of risk appetite as U.S. lawmakers advance a bill to fund the government through January 30, 2026, easing fears of prolonged fiscal paralysis. BTC briefly dipped below $100,000 last week before recovering, with recent price action suggesting a de-risking reset rather than capitulation. The Short-Term Holder cost basis, estimated near $112,000, remains the key pivot, reclaiming and holding above that threshold historically signals a transition out of mid-cycle consolidations. Ethereum & Altcoins Ethereum trades above $3,500, buoyed by improving sentiment and renewed inflows into spot ETFs after last week’s outflows. Solana ETFs, meanwhile, have become a standout story in an otherwise mixed altcoin landscape. While Bitcoin and Ethereum funds saw redemptions last week, Bitwise’s Solana Staking ETF (BSOL) drew more than $126 million in its first full trading week. The fund has logged daily inflows for eight consecutive sessions, highlighting investor appetite for Solana exposure. XRP outperformed, climbing over 8% to $2.46 on optimism surrounding Ripple Labs’ $500 million raise at a $40 billion valuation, which traders view as potential fuel for future token buybacks and ecosystem expansion. Macro & Institutional Risk sentiment strengthened as the U.S. Senate voted 60–40 to move forward with a government funding bill, marking a major step toward ending the 40-day shutdown. The bipartisan deal included a GOP offer to revisit healthcare subsidies and ensure the rehiring of affected federal workers. A final vote is pending in both chambers before reaching the President’s desk. Relief from the resolution lifted Dow futures 0.5%, S&P 500 futures 1%, and Nasdaq 100 futures 1.5% in early trade. The shutdown’s economic toll, which weakened consumer sentiment to a 3.5-year low, has heightened expectations for policy easing. Gold surged back above $4,000, trading near $4,070 per ounce, as traders priced in a ~62% probability of a 25-bp Fed rate cut in December amid labor softness and renewed liquidity support expectations. The DXY slipped toward 100, while Brent crude held at $63.75 and WTI at $59.87. Looking Ahead Markets enter a pivotal stretch packed with macro catalysts and policy signals. On Tuesday, ECB President Lagarde speaks in Frankfurt, setting the tone for European monetary policy, followed on Wednesday by German CPI data shaping inflation expectations across the eurozone. In the U.S., attention turns to Fed Governor Waller and FOMC member Bostic for direction on December policy, as well as a 10-year Treasury auction that will gauge demand for government debt. Thursday’s key releases—the U.S. CPI for October and initial jobless claims—will offer insight into inflation momentum and labor resilience. — Iliya Kalchev, Nexo Dispatch Analyst For informational purposes only; not financial or investment advice.

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Daily Market Dispatch – November 7, 2025 Crypto softens, gold steadies, futures edge up The crypto market opened Friday on a softer footing. Total capitalization slipped toward $3.34 trillion, with Bitcoin hovering just above $100,000, revisiting levels last seen in May. The price action is defensive — momentum has faded, leverage has reset, and liquidity is rotating rather than expanding. Positioning, not conviction, is defining the tone. In traditional markets, U.S. equity futures are modestly higher after a choppy week dominated by stretched tech valuations and a prolonged government shutdown that continues to cloud macro signals. The U.S. dollar remains narrowly range-bound after a volatile stretch, while gold has found modest support around $4,000 per ounce, benefiting from a softer greenback and rising odds of a December Fed cut. The policy backdrop favors caution over chase, with traders pricing patience until official data return. Bitcoin Bitcoin trades near $101,000 after slipping below six figures earlier in the week. The move marks a second consecutive weekly decline and underscores the market’s fragile footing. Still, ETF inflows resumed on Thursday, breaking a six-day streak of redemptions with about $240 million in net creations—led by BlackRock’s IBIT and Fidelity’s FBTC. The reversal is early but important: redemptions have historically marked exhaustion phases in mid-cycle corrections. Two structural thresholds remain in focus. Price must reclaim the Short-Term Holders’ cost basis near $112,500 and sustain it as support, while ETF inflows need to continue to rebuild conviction. Without both, Bitcoin risks drifting in a wide $90,000–$112,000 range as long-term holders keep distributing. On-chain data show leverage washed out and spot balances slowly rising again—conditions typical of consolidation phases, not capitulation. Ethereum & Altcoins Ethereum trades around $3,340, down roughly 13 percent on the week, but ETF sentiment has started to stabilize. U.S. spot Ethereum funds posted $12.5 million in net inflows yesterday, ending a similar six-day outflow streak. The pivot is small but hints that institutional exposure is finding equilibrium. Elsewhere, Solana continues to draw steady inflows into its newly launched ETFs, tightening float and reinforcing its status as the cycle’s liquidity magnet. If that cadence extends beyond the typical launch window, Solana could secure a lasting share of institutional allocations. XRP, meanwhile, continues to attract attention following Ripple’s $500 million funding round. Liquidity across majors is narrowing, not retreating, which often precedes renewed dominance from Bitcoin before a broader recovery. Macro & Institutional Gold inched higher to about $3,996 per ounce, supported by a softer dollar and speculation that the Federal Reserve could cut rates again in December. Futures imply nearly a 70% probability of easing, up from 60% a day earlier, as the absence of official data heightens reliance on private labor surveys showing weakening job conditions. The U.S. dollar index is on track for a small weekly gain, while the British pound heads for a third consecutive weekly loss. The market is now pricing a 60 percent chance of a Bank of England cut next month, after a narrow hold, and signals that Governor Bailey may soon join the dovish camp. Liquidity remains tight as the U.S. Treasury rebuilds its cash balance, pressuring risk assets despite firm corporate earnings. Looking Ahead Next week’s key catalysts include: Tuesday (Fed Vice Chair Barr), Wednesday (Germany CPI, FOMC Williams, U.S. 10-year auction), and Thursday (U.S. CPI), with more Fed commentary to follow. If ETF inflows persist and CPI data confirm disinflation, crypto could extend its base-building phase into year-end. A relapse in flows or a hotter inflation print, however, would keep rallies shallow and resistance sticky near $112,500 for Bitcoin and $3,600 for Ethereum. — Iliya Kalchev, Nexo Dispatch Analyst For informational purposes only; not financial or investment advice.

Daily Market Dispatch – November 6, 2025 Resilience over risk: Markets stall, crypto stabilizes Traditional and digital assets moved cautiously on Thursday as investors reset expectations after a volatile stretch of repricing. U.S. equity futures edged lower, Treasury yields held near recent highs, and Bitcoin reclaimed the $103,000 handle, signaling a holding pattern rather than retreat. The total crypto market cap recovered to $3.45 trillion, trimming early-week losses as participants reassess positioning. The tone across risk assets has shifted from exuberance to endurance: liquidity is ample, conviction is not. Patience — not momentum — remains the trade. Bitcoin Bitcoin rose 1.7% to $103,700 after briefly slipping below six figures midweek. The rebound looks more like position repair than renewed risk appetite, with leverage still subdued and flows reinforcing caution. Spot BTC ETFs saw $137 million in outflows yesterday and nearly $1.9 billion over the past week, highlighting that institutions remain wary even as price holds above $100,000. BTC remains within a corrective channel — lower highs since the $126,000 peak, steady footing near $100,000. On-chain data shows long-term holders quietly accumulating even as short-term traders stay defensive. A firmer dollar and fading expectations of a December Fed cut continue to cool sentiment, but the absence of forced selling signals conviction, not capitulation. Ethereum & Altcoins ETH rose 3.7% to $3,450 but is still down about 13% on the week, mirroring weaker ETF flows: $719 million in outflows since late October, per Farside Investors. XRP gained 5.1%, Solana 3.2%, and Cardano and BNB 1.5–2%. Solana remains a relative bright spot, attracting roughly $10 million in new inflows into spot products as institutions selectively re-engage. Altcoins are recovering but remain hostage to macro uncertainty. Liquidity is concentrating rather than vanishing, a sign of endurance over euphoria. Macro & Institutional U.S. stock futures were flat to slightly higher as investors digested a heavy flow of earnings while valuation anxiety lingered in big tech. Datadog jumped 9% after raising forecasts, Moderna gained 5% on a smaller-than-expected loss, while Qualcomm slipped 2% after warning of possible business losses next year despite upbeat guidance. The S&P 500 and Nasdaq had posted their steepest intraday drops in a month on Tuesday amid concerns about stretched AI-linked valuations. Still, roughly 83% of S&P 500 firms that have reported so far beat estimates, steadying sentiment midweek. Traders remain cautious as mixed labor signals and wavering rate-cut odds — now 65% for a 25-bp move in December, per CME FedWatch — keep conviction subdued. The Bank of England held rates at 4.00% in a narrow 5–4 vote, its first pause after a year of cuts, leaving the door open for easing in December. Meanwhile, JPMorgan analysts expect retail investors to keep buying equities into early 2026, citing strong seasonality and ETF momentum. Roughly $160 billion flowed into equity ETFs in both September and October, the strongest pace since the 2024 election, as non-bank liquidity remains robust despite tighter banking conditions. Stateside, U.S. labor data hint at softening: wage growth is slowing, job openings narrowing, and continuing claims rising — the kind of cooling policymakers welcome but markets quickly price. If confirmed by upcoming data, traders could swiftly price a 50-bp Fed cut at the December 10 meeting, reshaping the curve and reigniting the liquidity debate. Looking Ahead Markets now look to next week’s U.S. CPI and 10-year Treasury auction — key tests of disinflation and funding appetite into year-end. Crypto markets, after a sizable reset and one of the largest ETF redemption cycles on record, appear to be stabilizing. The recovery above $3 trillion in total capitalization underscores resilience — and that patience, not leverage, remains the trade of choice. — Iliya Kalchev, Nexo Dispatch Analyst For informational purposes only; not financial or investment advice.

Daily Market Dispatch – November 5, 2025 Patience becomes the trade as crypto markets regain balance Digital assets and equities traded cautiously on Wednesday as markets continued to consolidate after a brisk start to the quarter. The total crypto market capitalization eased to $3.39 trillion, revisiting levels last seen in July before the latest bull phase began. U.S. equity futures were mixed, with modest softness in technology benchmarks offset by steadier moves in other sectors. Ongoing debate over Federal Reserve policy and a lack of fresh economic data kept trading flows contained. The current phase reflects adjustment rather than reversal, as investors weigh valuation levels against an economy that remains broadly resilient. Sentiment is steadying after recent volatility, with participants focusing more on fundamentals than momentum. Bitcoin Bitcoin briefly dipped below the $100,000 threshold late Tuesday before recovering to around $103,000. The move was linked to a round of position unwinding across derivatives venues, which has helped to clear excess leverage from the system. Recent flows show continued recalibration, with spot Bitcoin ETFs recording $578 million in outflows on Tuesday — the fifth consecutive day of redemptions. Despite short-term fluctuations, the broader structure remains constructive. Bitcoin continues to hold above its 50-week EMA near $101,000, while long-term holders have largely maintained their positions. Futures interest has yet to pick up, standing at $35 billion, suggesting traders remain patient rather than speculative at current levels. The recent adjustment appears to be a healthy step in restoring balance after an extended rally. Ethereum & Altcoins Ethereum traded around $3,300, down 4.7%, while Solana slipped nearly 6%. Spot Ethereum ETFs saw $219 million in outflows, offset by continued inflows of $14 million into Solana funds — suggesting that some investors remain selectively engaged even as markets consolidate. Positioning continues to evolve rather than unwind. The flow rotation across assets with stronger institutional participation highlights a gradual, rather than reactive, approach to portfolio management. Patience remains the most valuable position on the board. Macro & Institutional Equity markets reflected a measured tone. Nasdaq futures were modestly lower, while S&P 500 and Dow contracts held near flat. Bank executives have recently pointed to valuations normalizing after a strong year for technology shares, and the latest earnings results continue to underscore the uneven pace of adjustment across sectors. In commodities, oil prices firmed slightly after recent weakness. Brent traded near $64.90 per barrel, while WTI hovered around $61 as traders assessed inventory data showing higher U.S. stockpiles. On the policy front, Canada’s newly announced framework for fiat-pegged stablecoins represents another step in aligning digital-asset oversight with traditional financial standards. At the same time, venture activity in the sector remains robust: October’s $5.1 billion in funding marked the second-strongest month since 2022, reflecting continued confidence in long-term infrastructure development. Looking Ahead Attention now turns to key macro releases scheduled for Wednesday and Thursday. The U.S. ADP Nonfarm Employment Change for October, S&P Global Services PMI, and ISM Non-Manufacturing PMI will offer updates on labor- and service-sector momentum. The Bank of England’s interest-rate decision on Thursday concludes a busy data stretch that could help clarify policy trajectories heading into year-end. Markets appear to be entering a more measured phase — one focused on digestion rather than direction. Consolidation remains a sign of resilience, allowing trends to reset before the next leg of conviction takes shape. — Iliya Kalchev, Nexo Dispatch Analyst For informational purposes only; not financial or investment advice