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Daily Market Dispatch – June 20, 2025 Bitcoin stands tall as geopolitical risks mount Overview In a week overshadowed by intensifying geopolitical tensions between Israel and Iran, Bitcoin's resilience shines. Despite global equities being cautious, crypto markets appear increasingly immune to volatility once driven by geopolitical uncertainty. As U.S. President Donald Trump softens his rhetoric on potential military action against Iran, markets breathe a temporary sigh of relief—yet Bitcoin has maintained its composure throughout, underscoring its emerging status as a mature macro asset. Bitcoin Bitcoin trades steadily above $106,000, reflecting minimal disruption from the escalating Middle East conflict. After briefly testing levels near $104,000, BTC swiftly reclaimed its footing, confirming solid institutional and investor support. Historical volatility continues to decline, marking Bitcoin’s shift from reactive speculation toward a stable cornerstone within diversified portfolios. Ethereum & Altcoins Ethereum sits comfortably at $2,553, mirroring Bitcoin's tempered optimism. XRP encountered significant profit-taking above $2.10, as early investors locked in substantial gains, realizing nearly $69 million in profits. Despite recent regulatory clarity bolstering XRP’s fundamentals, heavy selling at resistance levels is capping near-term upside. The broader altcoin sector remains stable, though cautious sentiment prevails without decisive directional catalysts. Macro & Equities U.S. equity futures slipped overnight, reflecting investor jitters over potential escalation between the U.S. and Iran. Trump's softened diplomatic tone, suggesting negotiation rather than immediate military action, steadied nerves, lifting European stocks moderately higher and pulling Brent crude prices back by 2.3% to around $77 a barrel. However, lingering uncertainties keep markets wary, and Berkshire Hathaway remains under notable pressure, down more than 10% since Warren Buffett’s announced departure. Institutions Institutional crypto adoption presses forward unabated. Nasdaq-listed healthcare firm Prenetics unveiled a $20 million Bitcoin treasury strategy, affirming Bitcoin's growing corporate appeal. Meanwhile, Arizona lawmakers advanced a state-administered Bitcoin and Digital Assets Reserve Fund, underscoring increasing governmental integration of digital assets. The U.S. Senate's landmark passage of the GENIUS stablecoin bill further boosts the sector's regulatory clarity and institutional appeal. Looking Ahead Traditional markets remain sensitive to diplomatic headlines between the U.S., Iran, and Israel, and upcoming U.S. inflation data could further shape sentiment. However, Bitcoin’s recent stability highlights its matured role as a reliable macro hedge, capable of absorbing geopolitical shocks that once triggered volatility. — Stella Zlatareva, Nexo Dispatch editor For informational purposes only; not financial or investment advice.

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Daily Market Dispatch – June 19, 2025 Overview Bitcoin remained stable above $104,000, anchoring the total crypto market cap above $3.25 trillion. Digital assets showed resilience despite rising macroeconomic and geopolitical risks. Shifting narratives could quickly disrupt this balance, especially with upcoming data and earnings season looming. Traditional markets paused midweek, with U.S. equities flat as traders absorbed the Fed’s latest policy update and rising geopolitical tensions. The S&P 500 was unchanged, the Dow dipped, and the Nasdaq gained slightly. Oil rose, gold slipped, and capital shifted between risk and defensive assets. The Fed left rates at 4.25 – 4.50%, flagging slower growth and sticky inflation, with chair Powell warning of tariff-driven price pressures. Any definitive move may jolt commodity and asset markets, with knock-on effects for risk sentiment. Bitcoin Bitcoin hovered above $104,000, locked in a $100,000–$110,000 range. Wednesday’s $389M ETF inflows had limited impact, as short-term profit-taking and miner selling countered demand. A breakout may need a new catalyst or sentiment shift. Short-term wallets drove 80% of realized profits Monday, while miners shed 30,000 BTC in three weeks. Meanwhile, long-dormant wallets are absorbing more supply than miners issue daily. Public treasury strategies support this, yet new accumulation has slowed. If sentiment improves, tightening the float could amplify upside. For now, positioning appears cautious but constructive. Ethereum & Altcoins Altcoins lagged as risk appetite faded. Ethereum dropped 0.7%, XRP, Cardano, and Solana each over 1%. DOGE was flat but down 10% weekly. ETH ETFs saw $19 million inflows, suggesting selective interest. Pending ETF approvals for Solana, XRP, and DOGE could reinvigorate sentiment – especially if clarity improves around staking mechanics. This regulatory evolution could be a turning point for broader altcoin legitimacy. Macro & Institutional The Fed’s updated forecast calls for 1.4% growth and 3.1% core inflation in 2025, with unemployment expected to rise. Officials still see two cuts in 2025 but slowed their long-term easing outlook, as tariff effects and global tensions remain key wildcards. Powell reaffirmed the data-driven stance. As inflation and conflict risks persist, rate moves may remain cautious. Precious metals diverged: gold fell on dollar strength; platinum rose on supply tightness. Markets may oscillate as investors weigh slowing growth against inflation resilience. Institutional & Regulatory Developments Stablecoin legislation gained momentum as the GENIUS Act neared passage. Officials say it could strengthen U.S. dollar dominance and support innovation. Regulatory clarity may unlock new institutional flows and deepen global demand for dollar-based assets. Canada’s 3iQ launched an XRP ETF amid rising XRP network activity. In the U.S., cleaner ETF setups for Solana and XRP could avoid the selling seen in earlier trust conversions. This next wave of product approvals could broaden crypto’s institutional appeal. Looking Ahead On the radar are two key U.S. data points: Initial Jobless Claims on Thursday, and the Philadelphia Fed Manufacturing Index on Friday. These could influence views on labor strength and regional business sentiment – critical inputs as investors reassess growth risks and policy trajectory. Middle East tensions remain a key risk. U.S. military decisions could trigger broader volatility. Crypto’s next move will hinge on sentiment. With supply tightening and flows resilient, any spark – regulatory, macro, or geopolitical – could prove pivotal. Positioning for that inflection remains the key challenge. — Iliya Kalchev, Nexo Dispatch analyst For informational purposes only; not financial or investment advice.

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Daily Market Dispatch – June 17, 2025 Overview Might it be the summer of love altcoins? Altcoin enthusiasm is building this week while Bitcoin holds firm as investor attention begins to rotate toward assets like Solana. While geopolitical jitters in the Middle East and liquidity pressure continue to hover over traditional markets, crypto is staying resilient. Institutional flows, regulatory shifts, and another Strategic treasury splash are helping sustain confidence across the board. Bitcoin BTC remains solidly above the $106,600 mark, banking on six days straight of ETF inflows, despite global tensions. Traders continue to digest political and macro headlines. including renewed Israel-Iran risks and their potential spillover into energy and risk markets. Underneath the price action, miner concentration remains in focus: per JPMorgan, publicly traded Bitcoin miners now control a record share of global hashrate, tightening the link between public equity and on-chain infrastructure. Meanwhile, Strategy won’t stop… strategizing. The publicly traded firm just added another 10,100 BTC to its treasury, marking its tenth consecutive weekly haul and pushing its Bitcoin reserves above $5.3 billion. Whether viewed as aggressive conviction or tactical positioning, the move solidifies Strategy as one of the most assertive corporate actors in digital assets. Ethereum & Altcoins Ethereum is flat on the week at $2,500, but Solana has taken center stage, rising 4.6% in the last 24 hours. SOL surged as traders rotated out of BTC into potential altseason plays. This was further spurred by Cantor Fitzgerald releasing back-to-back notes praising Solana’s “technological superiority” over Ethereum and forecasting significant upside for public companies with SOL on their books. The research also fueled speculation around a growing Solana treasury strategy trend among listed firms, including Wormhole’s backer Galaxy Digital and trading platform Robinhood, both of which have reported SOL holdings. ETF news added fuel: CoinShares became the latest to file for a Solana ETF in the U.S., joining a queue that signals deepening institutional interest. Meanwhile, altcoin traders briefly hit pause as several fun-focused trading platforms suspended X access, citing compliance concerns, though the impact on flows appears temporary. Policy & Infrastructure In a rare yet welcome legislative leap, Vietnam has officially legalized digital assets, passing new laws that provide regulatory clarity and offer incentives for Web3 innovation. The move positions Vietnam as a rising hub for blockchain development in Southeast Asia and follows months of pro-crypto political momentum. Meanwhile, Tron’s parent company is reportedly planning a Nasdaq listing via reverse merger, part of a broader push to re-anchor major crypto firms inside U.S. capital markets. Circle remains in focus too, with CRCL’s price soaring. President Trump’s digital asset ambitions are also still in expansion mode with Trump Media filing for a dual Bitcoin-Ethereum ETF, pushing deeper into the crossover between political capital and crypto capital markets. The move is likely to energize crypto debates, especially as digital assets become more embedded in 2025’s electoral cycle. Looking Ahead Altcoin momentum and Solana-specific narratives are stealing the spotlight this week, even as Bitcoin remains a pillar of market stability. Investors will be watching for ETF progress, U.S. regulatory comments, and signs that capital rotation into high-beta assets continues. With Solana ETFs on the table, Vietnam going full Web3, and corporate treasuries staying active, crypto’s institutionalization is no longer a trend – it’s the baseline. – Iliya Kalchev, Nexo Dispatch Analyst For informational purposes only; not financial or investment advice.

Markets are preparing for a big week of macro data – central bank calls, inflation prints, consumer demand signals, and labor strength. Here’s what to watch out for: 🇯🇵 Japan Interest Rate Decision – June 17, 03:00 GMT 🇪🇺 Eurozone ZEW Economic Sentiment (Jun) – June 17, 09:00 GMT 🇺🇸 U.S. Retail Sales MoM & YoY (May) – June 17, 12:30 GMT 🇺🇸 Federal Reserve Bank of Atlanta GDPNow – June 17, 17:00 GMT 🇪🇺 Eurozone Consumer Price Index MoM & YoY (May) – June 18, 09:00 GMT 🇺🇸 U.S. Fed Interest Rate Decision – June 18, 18:00 GMT 🇺🇸 U.S. Federal Open Market Committee (FOMC) Press Conference – June 18, 18:30 GMT 🇬🇧 U.K. Interest Rate Decision – June 19, 11:00 GMT 🇺🇸 U.S. Initial Jobless Claims – June 19, 12:30 GMT 🇺🇸 U.S. Philadelphia Fed Manufacturing Index – June 20, 12:30 GMT

Daily Market Dispatch – June 13, 2025 Overview Markets pulled back on Friday as geopolitical headlines added a layer of uncertainty to an otherwise improving macro landscape. Bitcoin fell below $104,000, and U.S. equity futures slipped ~1.2% across the board, snapping a multi-week rally. A spike in oil prices following military developments in the Middle East introduced volatility but didn’t disrupt structural trends. Inflation data remained favorable. Both CPI and PPI prints this week came in cooler than expected. Treasury yields have stabilized, and markets broadly expect the Fed to hold rates steady next week, while still pricing in the possibility of cuts later this year. For crypto, positioning has lightened, but the broader setup still favors a return to resilience once macro noise abates. Bitcoin Bitcoin declined to $104,070, down 3.6% on the day, as traders rotated out of high-beta assets in response to global risk-off flows. The move was orderly, with limited signs of forced deleveraging, suggesting spot flows, not leverage, drove the adjustment. Open interest remains stable above $37 billion. The $105,000 level has now turned into short-term resistance, while the $100,000 zone offers a deeper layer of psychological support. Structurally, Bitcoin remains well-positioned: derivatives are clean, long-term holders are unshaken, and macro expectations are starting to tilt dovish again. Ethereum and Altcoins Altcoins saw a broad reset, with Ethereum down 9.8% to $2,497 and similar moves across Solana, Cardano, and Polygon. However, under the surface, Ethereum’s structural backdrop continues to strengthen. Spot Ethereum ETFs recorded $240 million in net inflows on June 11, their second-highest daily total this year, pushing cumulative allocations to $1.2 billion in just a few weeks. Ethereum isn’t just attracting flows – it’s attracting conviction. Ethereum-linked ETFs now hold $11.05 billion in assets, or 3.25% of ETH’s total market cap – an institutional footprint that’s growing by the day. Derivative markets tell the same story – ETH open interest has surged to a record $41 billion, while spot prices recently touched $2,800, a four-month high. XRP, meanwhile, dropped 8% to $2.10 but retained its utility-led positioning. At XRP APEX 2025, Ripple CEO Brad Garlinghouse predicted XRP could capture 14% of SWIFT’s global cross-border payment volume in five years, shifting the conversation from messaging to liquidity. While altcoins remain vulnerable to macro swings, the core infrastructure stories around ETH and XRP continue to mature. The reset in price doesn’t reflect a reset in the thesis. Macro & Institutional The macro narrative continues to improve beneath the surface. This week’s inflation data confirmed that tariff impacts are not yet bleeding into core prices, and yields have cooled modestly as expectations shift toward policy easing later in the year. The SEC postponed decisions on a series of spot altcoin ETFs – Dogecoin, Hedera, and Avalanche – but this delay has become par for the course. The more telling development came earlier in the week, when Solana ETF sponsors were asked to update their filings, typically a pre-approval stage. Bloomberg’s Eric Balchunas maintains a two-to-four-month approval window. Looking Ahead Next week’s calendar is packed with macro events that could influence both rate expectations and market sentiment. The Bank of Japan will announce its interest rate decision, offering insight into whether it will maintain its dovish stance amid domestic inflation pressures. In the U.S., retail sales data will shed light on consumer resilience, while the Fed’s interest rate decision, alongside the FOMC statement and press conference, will be the week’s centerpiece, with markets expecting a hold but listening for any dovish tilt. Layered on top is the Senate vote on the GENIUS Act, potentially defining the next chapter for stablecoin regulation. - Iliya Kalchev, Nexo Dispatch analyst For informational purposes only; not financial or investment advice.

Daily Crypto Market Dispatch – June 12, 2025 Macro clarity fuels momentum as crypto eyes a policy turning point Crypto markets are consolidating near multi-month highs as macro conditions improve and policy clarity gains ground. U.S. inflation came in cooler than expected, reaffirming the disinflation trend and opening the door to a potential Q3 Fed rate cut. Meanwhile, key regulatory advances from the past week, including the U.K. lifting its ban on crypto ETNs and U.S. lawmakers pushing forward the Clarity Act for Stablecoins, are creating a more constructive policy backdrop. Bitcoin remains technically strong above $107,000, Ethereum is showing signs of rotation, and stablecoins are deepening their integration into mainstream finance. Bitcoin Bitcoin is extending its rally on the back of cooling U.S. inflation. Yesterday’s CPI data showed headline inflation at 2.4% and core CPI at 2.8%, both below expectations and at two-year lows. The print reinforced expectations of a Q3 Fed rate cut, and markets are leaning into the pivot. U.S. Treasury yields edged lower amid signs of progress in trade talks and subdued inflation pressures. The 10-year dipped to 4.39% as Washington hinted at extending tariff pauses, while demand for bonds remained strong despite fiscal concerns. Technicals remain constructive. BTC’s bounce from $104,000 earlier this week and its current resilience suggest the market is pricing in macro easing. With long-term holders realizing high profits yet continuing to accumulate, an unusual dynamic occurs, suggesting strong conviction despite signs of rising volatility. A clean break above $110,000 could trigger the next leg higher, toward $112,000–$115,000, supported by ETF inflows and stronger institutional participation. Ethereum, XRP & Altcoins Ethereum is showing renewed strength, trading near $2,770, with a potential breakout toward $2,900 in play. The ETH/BTC ratio has turned slightly higher, indicating a subtle shift in risk appetite. A sustained rise could reawaken the altseason narrative as traders rotate beyond Bitcoin. XRP is steady around $2.23, maintaining support amid a quieter regulatory news cycle. Meanwhile, altcoins like Solana, Avalanche, and Chainlink are seeing healthy inflows. DePIN and privacy tokens are gaining traction, particularly as stablecoin infrastructure adoption accelerates. Macro & Market Structure Markets received a major tailwind yesterday as U.S. inflation data confirmed steady disinflation, setting up the Fed for a possible dovish turn. All eyes are now on today’s PPI and Initial Jobless Claims releases at 15:30 CET. If producer prices echo CPI’s softness, the case for a policy shift strengthens further. In currency-pegged digital assets, stablecoin supply has surged towards $254 billion. Major firms, including Visa, Stripe, and Sony Bank, are integrating stablecoin rails, signaling growing adoption in mainstream payments and banking. At the same time, regulators are drafting new legislation to ensure transparency and reserve backing. The Clarity for Payment Stablecoins Act has advanced through two House committees, marking a pivotal moment in U.S. crypto legislation. The bill establishes clear rules for stablecoin issuers, defining permissible reserves and oversight mechanisms. This is a meaningful step toward regulatory certainty and may accelerate stablecoin innovation across both traditional finance and DeFi. Looking Ahead Today’s PPI prints will shape expectations for the next Fed meeting. If disinflation proves broad-based, the market will grow more confident that rate cuts are imminent. Crypto, which has been quietly outperforming other assets, may lead the next leg higher if liquidity loosens. Spot ETF flows, ETH/BTC dynamics, and stablecoin issuance remain the core micro indicators to watch. As the macro landscape evolves and policy directions shift, crypto could soon come to lead. — Stella Zlatareva, Nexo Dispatch Editor For informational purposes only; not financial or investment advice.

Daily Market Dispatch – June 9, 2025 Crypto markets are holding key levels, powered by relentless ETF inflows and a wave of institutional breakthroughs. Bitcoin is flexing just below $107,000, and Ether is holding the $2,500 pivot, as post-Pectra network upgrades and Circle’s IPO buzz ignite fresh optimism. Meanwhile, billion-dollar Bitcoin treasury plans and whispers of Apple–Airbnb stablecoin ties are fanning the flames of confidence. Even against a backdrop of U.S.–China trade optimism, domestic unrest, and China’s deepening deflationary cycle, capital continues to rotate into new products and protocols – proof that crypto’s innovation engine is firing on all cylinders. Bitcoin Bitcoin remains rangebound, hovering just below $107,000 as it digests a week of contrasting signals and a recovery from Friday’s $100,000 dip amid escalating tensions between President Trump and Elon Musk. On-chain data remains stable with ETF flows appearing unaffected – Bitcoin spot ETFs saw $135.9 million in net inflows over the past four sessions, despite two days of outflows late last week. Separately, Michael Saylor addressed the topic of quantum computing, framing it as a distant challenge and reaffirming Bitcoin’s long-term resilience as a strategic asset. Ethereum & Altcoins Ether is holding firm above $2,500, with developers with network participation surging since the Pectra rollout, with more validators coming online and operational decentralization improving. Layer 2 momentum is also building: DOGE and XRP are now trading on Base, an Ethereum L2, offering users lower fees and faster settlement. Aave has launched a new “umbrella staking” model with real-time slashing, aiming to boost capital efficiency and risk control. The update intensifies the competition between sGHO, Aave’s standard stablecoin, and stkGHO – its staked yield-bearing variant, as the protocol moves beyond simple lending into more dynamic DeFi structures. Gaming tokens also saw fresh traction. BONK announced a partnership with FIFA Rivals, bolstering Solana's presence in Web3 gaming and underlining how meme assets continue to explore utility-driven longevity. Institutional Flows Stablecoin narratives are still in the spotlight. Apple and Airbnb exploring stablecoin integrations sent waves through payments circles, as firms look to reduce cost friction. Circle, fresh off its $1.1B IPO, is expected to be a major beneficiary of this momentum. Sony, meanwhile, entered the blockchain infrastructure space with the launch of Soneium, its Layer 2 incubator for crypto-native games. The move aligns with Japan’s broader pivot toward Web3 industrial strategy. Corporate treasury activity continues to expand: Strategy is launching a $1 billion offering to boost BTC purchases, and World Liberty Financial announced it will add the $TRUMP coin to its treasury. Looking Ahead Investors head into the week watching several key themes: markets are still digesting Friday’s U.S. jobs report – which came in hotter than expected – and what it implies for rate policy, while renewed U.S.–China trade talks are lifting global sentiment. Meanwhile, deflation concerns in China, political tensions in the U.S. keep macro and legislation developments in sharp focus. On the crypto-native front, eyes are on potential stablecoin integration announcements and how they may build on the momentum. — Stella Zlatareva, Nexo Dispatch Editor For informational purposes only; not financial or investment advice.

This week’s macro calendar features inflation updates and growth figures that could sharpen the outlook for both interest rates and market momentum. Here’s what to watch out for: 🇺🇸 Consumer Price Index MoM & YoY (May) – June 11, 12:30 GMT 🇺🇸 10-Year Note Auction – June 11, 17:00 GMT 🇬🇧 Gross Domestic Product MoM & YoY (Apr) – June 12, 06:00 GMT 🇺🇸 Initial Jobless Claims – June 12, 12:30 GMT 🇺🇸 Producer Price Index (PPI) MoM & YoY (May) – June 12, 12:30 GMT 🇩🇪 Consumer Price Index (CPI) MoM & YoY – June 13, 06:00 GMT

Daily Crypto Market Dispatch – June 6, 2025 The crypto market is demonstrating resilience and maturity amid recent volatility, following a strong multi-week rally. Despite the uptick in short-term fluctuations, key indicators continue to point to a healthy rotation—suggesting the slight pullback is more a phase of consolidation than capitulation. The Cryptocurrency Fear & Greed Index shifted coinciding with media coverage of a cooling public relationship between President Trump and Elon Musk. While the development has contributed to a more cautious tone, the market reaction remains measured. U.S. Bitcoin ETFs saw modest outflows, while Ether ETFs continued to attract inflows—signaling selective investor appetite. All eyes are set on today’s U.S. jobs data, which could influence interest rate expectations and potentially reignite momentum. Bitcoin BTC is consolidating around $103,000, maintaining levels above its 30-day moving average. The recent rebalancing appears to be driven by profit-taking after May’s rally toward $112K. Ethereum & Altcoins ETH is trading near $2,460. Fundamentals remain solid—staking activity is stable, and the ETH/BTC pair is holding its range. A move above $2,600 would shift sentiment decisively back in the bulls’ favor. Solana is showing relative strength, up ~1.3%, buoyed by rising developer activity and DEX volumes. More broadly, altcoin market share is creeping higher—indicating that capital is gradually rotating. If ETH reasserts dominance, it could reinforce this rotation trend heading into Q3. Macro & Market Structure Today’s U.S. jobs report is the key focus for all markets. A softer print could renew discussions around rate cuts later this year. The report could have implications for the broader economy, as many watch to see how tariffs affect the labor market. Currently, the Federal Reserve is widely expected to hold rates steady at its June 18 meeting, with 97.5% of futures market participants anticipating no change. Still, an uptick in jobless claims or signs of slowing growth could tilt sentiment toward a more accommodative stance. Institutional & Regulatory Developments Trump Media & Technology Group (TMTG) has filed a Form S-3 registration with the SEC for a proposed $2.3 billion capital raise. The filing—tied to recent debt and equity deals with 50 investors—includes 56 million shares of equity and 29 million shares tied to convertible notes. The company has indicated an intent to acquire Bitcoin as part of its treasury strategy. On the regulatory front, XRP is holding steady near $2.13, as the SEC’s posture in its ongoing litigation appears to be softening. Meanwhile, the CLARITY Act, under review in the U.S. House, seeks to clearly delineate digital asset oversight between the SEC and CFTC. The bill has drawn both support and criticism, particularly over practical implementation and long-term industry engagement. Looking Ahead Today’s weekly jobless claims will provide further insight into labor market resilience. A sustained increase could reinforce the case for a Fed policy pivot. Next week brings critical macro events, including the U.S. CPI report on June 11 and the FOMC meeting on June 17–18. These data points will help define the trajectory of interest rates and shape investor risk appetite heading into the second half of the year. Despite recent movements, the broader market structure remains intact.

Despite recent movements, the broader market structure remains intact. Ultimately, the interplay between macro signals, market mechanics, and product evolution will chart the next leg for digital assets. Eleonor Genova, Head of Communications, Nexo

Daily Crypto Market Dispatch – June 6, 2025 The crypto market is demonstrating resilience and maturity amid recent volatility, following a strong multi-week rally. Despite the uptick in short-term fluctuations, key indicators continue to point to a healthy rotation—suggesting the slight pullback is more a phase of consolidation than capitulation. The Cryptocurrency Fear & Greed Index shifted coinciding with media coverage of a cooling public relationship between President Trump and Elon Musk. While the development has contributed to a more cautious tone, the market reaction remains measured. U.S. Bitcoin ETFs saw modest outflows, while Ether ETFs continued to attract inflows—signaling selective investor appetite. All eyes are set on today’s U.S. jobs data, which could influence interest rate expectations and potentially reignite momentum. Bitcoin BTC is consolidating around $103,000, maintaining levels above its 30-day moving average. The recent rebalancing appears to be driven by profit-taking after May’s rally toward $112K. On-chain data shows no major stress. 30,750 Bitcoin options contracts are expiring today—a significantly smaller batch compared to last week’s 92,459 contracts. A break back above $105K could help restore momentum, although macroeconomic data will likely dictate direction in the short term. Ethereum & Altcoins ETH is trading near $2,460. Fundamentals remain solid—staking activity is stable, and the ETH/BTC pair is holding its range. A move above $2,600 would shift sentiment decisively back in the bulls’ favor. 240,054 Ethereum options are set to expire today, with a put-to-call ratio of 0.63 and a maximum pain point at $2,575. Solana is showing relative strength, up ~1.3%, buoyed by rising developer activity and DEX volumes. More broadly, altcoin market share is creeping higher—indicating that capital is gradually rotating. If ETH reasserts dominance, it could reinforce this rotation trend heading into Q3. Macro & Market Structure Today’s U.S. jobs report is the key focus for all markets. A softer print could renew discussions around rate cuts later this year. The report could have implications for the broader economy, as many watch to see how tariffs affect the labor market. Currently, the Federal Reserve is widely expected to hold rates steady at its June 18 meeting, with 97.5% of futures market participants anticipating no change. Still, an uptick in jobless claims or signs of slowing growth could tilt sentiment toward a more accommodative stance. The Fed has so far held rates steady in 2025, monitoring whether tariffs and broader global conditions will reignite inflation or weigh on employment. A rise in layoffs would pressure the Fed to pivot, potentially lowering borrowing costs and boosting appetite for risk assets. Institutional & Regulatory Developments Trump Media & Technology Group (TMTG) has filed a Form S-3 registration with the SEC for a proposed $2.3 billion capital raise. The filing—tied to recent debt and equity deals with 50 investors—includes 56 million shares of equity and 29 million shares tied to convertible notes. The company has indicated an intent to acquire Bitcoin as part of its treasury strategy. On the regulatory front, XRP is holding steady near $2.13, as the SEC’s posture in its ongoing litigation appears to be softening. Meanwhile, the CLARITY Act, under review in the U.S. House, seeks to clearly delineate digital asset oversight between the SEC and CFTC. The bill has drawn both support and criticism, particularly over practical implementation and long-term industry engagement. Looking Ahead Today’s weekly jobless claims will provide further insight into labor market resilience. A sustained increase could reinforce the case for a Fed policy pivot. Next week brings critical macro events, including the U.S. CPI report on June 11 and the FOMC meeting on June 17–18. These data points will help define the trajectory of interest rates and shape investor risk appetite heading into the second half of the year.

Warm wishes of peace, joy, and abundance to all observing Eid al-Adha.

Daily Market Dispatch – June 5, 2025 Crypto markets are standing like a mountain against the wind as they fight selling pressure from continued profit-taking after last week’s rally, while traders brace for Friday’s U.S. payrolls print – a potential macro catalyst. Despite the short-term drawback, institutional developments and strategic treasury moves continue to anchor the bullish long-term narrative. Bitcoin Bitcoin is holding above $104,500, relatively resilient compared to altcoins. On-chain trends remain stable with no signs of mass deleveraging or forced selling, while inflows into BTC ETFs suggest institutions are continuing to explore exposure despite short-term volatility. While momentum has cooled, this is not a shift in demand, considering Bitcoin's bounce from $103,000, and sentiment still in the “greed” zone at 55. Ethereum & Altcoins Ethereum is also demonstrating grit and holding strong at $2,600, coinciding with new insights from the Ethereum Foundation. The group anticipates 2025–26 to be a “pivotal” period for the ecosystem as it reforms its treasury management, shifting more assets into DeFi while reducing discretionary spending. Meanwhile, XRP continues to hit headlines with WebUS – a publicly traded Chinese firm – plotting a $300 million XRP treasury move. DOGE and ADA led Thursday’s decline with losses of over 5%, as traders locked in profits. Still, speculative energy remains alive in parts of the market. Institutional Flows & Market Structure Circle reportedly raised $1.1 billion in its IPO after pricing shares above the marketed range, a vote of confidence in U.S.-based crypto infrastructure. JPMorgan continues to expand crypto services, with new plans to allow wealthy clients to use crypto ETF shares as collateral for loans. This would mark a significant bridge between traditional and digital asset markets – a move not unlike Nexo’s genesis of crypto-backed loans back in 2018. From heart monitors to hit singles, Bitcoin is making a splash in unlikely places. K-Wave, a Nasdaq-listed K-pop media company, saw its stock surge 130% after announcing a Bitcoin acquisition strategy, while Semler Scientific increased its BTC holdings to $472 million following another large buy. Policy & Politics In Washington, the Clarity Act – seen as key legislation to protect developers and decentralization – is being debated. Globally, regulators continue to advance. Dubai greenlit Ripple’s RLUSD stablecoin. Looking Ahead As we anticipate Friday’s U.S. non-farm payrolls report, where a weaker print could revive rate cut hopes, in crypto, the market appears to be catching its breath. And yet, strategic buys, treasury allocations, and infrastructure investment paint a picture of long-term confidence – regardless of short-term price action. — Stella Zlatareva, Nexo Dispatch Editor For informational purposes only; not financial or investment advice.

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Daily Crypto Market Dispatch – June 4, 2025 Crypto markets are consolidating near highs as investors await two key macro events this week — Thursday’s expected ECB rate cut and Friday’s U.S. jobs report—both of which could set the tone for renewed market optimism. With Eurozone inflation dipping to 1.9% and an uptick in job openings, markets are increasingly pricing in looser monetary policy. This shift in tone could fuel broader risk appetite. Bitcoin BTC is holding above $105,000 after rebounding from $103K earlier this week. Technicals remain constructive, with $100K serving as a psychological anchor. Exchange outflows are moderate, and spot ETF flows continue to trend positively. Traders are watching for a break above $108K to signal a fresh leg higher, potentially supported by macro easing. Ethereum, XRP & Altcoins Ethereum is flirting with the $2,600 level, showing building momentum. A push past $2,925 could trigger a move toward $3,100, especially if rate expectations continue to tilt dovish. XRP is hovering near $2.24, buoyed by renewed optimism around regulatory clarity. Meanwhile, altcoins are staging a quiet comeback—Solana, Dogecoin, and privacy tokens are attracting fresh capital as risk rotation begins to broaden. Markets are closely monitoring ETH/BTC and overall altcoin market cap for signs of sustained capital rotation beyond Bitcoin. A rising ETH/BTC ratio could catalyze broader altseason narratives heading into Q3. Macro & Market Structure The European Central Bank is expected to cut rates by 25 basis points on Thursday—the first such move in over two years. In the U.S., jobless claims are ticking up, and markets are betting the Fed may soon follow suit. Inflation is easing on both sides of the Atlantic, which may reduce the headwinds crypto faced earlier in the year. Traders are watching to see whether Friday’s U.S. employment data confirms this dovish pivot. Trading activity during Asian market hours now accounts for a growing portion of global crypto volume, currently covering around 30% of BTC, ETH, and SOL spot trades. The U.S. share has recently dipped below 45%, reflecting a temporary shift in activity patterns that market participants are continuing to monitor. Looking Ahead This week’s macro calendar remains pivotal for risk assets. The European Central Bank meets Thursday, with markets anticipating a 25bps rate cut—the first since 2019. Traders will also be watching for signals on how the ECB plans to manage inflation now trending below 2%. In the U.S., Friday brings the Non-Farm Payrolls report and updated unemployment rate. After last week’s uptick in jobless claims, any downside surprise in employment growth could reshape rate cut expectations heading into the Fed’s next decision. On the micro side, flows into spot ETFs and stablecoin issuance trends remain key metrics. Markets are also digesting shifts in liquidity across major crypto exchanges, with Asia-based activity now surpassing that of U.S. venues. Altcoin trading volume and ETH/BTC dynamics may offer clues on whether capital is broadening beyond Bitcoin. Overall, investors will be parsing these signals closely as they reassess positioning into the second half of the year. — Stella Zlatareva, Nexo Dispatch Editor For informational purposes only; not financial or investment advice.

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— Iliya Kalchev, Nexo Dispatch Analyst For informational purposes only; not financial or investment advice.