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Daily Market Dispatch – June 3, 2025 Crypto shakes off macro jitters as capital rotation resumes. Despite last week’s mild dip, crypto is maintaining form. On-chain metrics and rising momentum across key altcoins appear resilient. Institutional flow looks strong – not just through direct BTC allocations but also via infrastructure plays like Strategy’s STRD Preferred Shares. Meanwhile, policy stories continue to deepen the market’s infrastructure narrative – from Dubai’s expanding tokenization push to a new FCA-registered GBP stablecoin. This week’s macro calendar is also packed with ECB rate cut expectations and U.S Unemployment Rates coming Friday. Until then, traders are parsing Tuesday’s JOLTS report and assessing how central banks may react if labor cracks widen. Bitcoin Bitcoin sits at $105,000 going up from its start-of-week $103,000. The bounce came as on-chain and exchange flows remained steady, with no evidence of mass profit-taking despite broader risk-off sentiment. Technical analysis points to a high consolidation breakout and renewed bullish trend strength, with several momentum indicators still supportive. In the background, capital keeps flowing in: 21Shares’ 3-for-1 share split of its spot Bitcoin ETF cites sustained investor demand, which can be interpreted as a bullish signal and a bid to boost retail accessibility. The Blockchain Group just purchased $69.3 million in Bitcoin, bringing its treasury to 1,471 BTC. Its investment arm previously raised $719M to continue strategic BTC allocations, showing that institutional conviction hasn’t flinched. Separately, the EU’s Blockchain Group now holds over $68 million in Bitcoin as part of its ecosystem fund – yet another signal of long-horizon buying. Ethereum & Altcoins Ethereum is trading near $2,600, creeping towards the psychological $3K mark amid positive macro flow and renewed retail interest. DOGE is up nearly 3%, and Monero has quietly broken out against Bitcoin, with the XMR/BTC pair flashing a rare bullish reversal pattern. Monero’s stealth strength is drawing renewed attention as privacy tokens re-enter the rotation narrative after months on the sidelines. Institutional & Infrastructure Dubai continues to expand its leadership in tokenized finance. The Land Department has launched a real estate tokenization platform built on the XRP Ledger, part of its $16 billion digital economy initiative. The platform aims to streamline property ownership transfers, reduce costs, and enable broader participation in the city’s real estate market. Elsewhere, the FCA has officially greenlit TGBP – a GBP-backed stablecoin from BCP. It’s now listed on Uniswap and plans to expand across CEXs later this month. Meanwhile, TradFi is finding new ways to engage digital markets. Strategy has launched STRD Preferred Shares – high-yield instruments targeting institutional investors. These offerings bridge crypto-native yield models with structured equity-like products, suggesting further convergence between legacy capital and DeFi tooling. Macro & Market Structure Eurozone flash inflation dipped to 2.0%, reinforcing expectations for the ECB’s first rate cut in over two years on Thursday. While central bank divergence may add to short-term volatility, crypto markets appear to be looking past it, focused instead on maturing infrastructure, rising adoption, and sustained capital rotation. In the U.S., Friday’s Non-Farm Payrolls are expected to show a sharp hiring slowdown. Regional dynamics are also shifting. Asia now accounts for over 55% of trading volume in Bitcoin, Ether, and Solana. This marks the first time the U.S. share has fallen below 45%, underlining the growing influence of Asia-based traders and exchanges. Looking Ahead The focal points of the week are the ECB’s rate decision and Friday’s U.S. jobs report, but crypto’s rebound is already flipping sentiment. — Iliya Kalchev, Nexo Dispatch Analyst For informational purposes only; not financial or investment advice.

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It’s a macro-packed week ahead: from central bank statements to interest rate decisions, inflation data, and labor market figures. 🇺🇸 ISM Manufacturing PMI (May) – June 2, 14:00 GMT 🇪🇺 ECB President Lagarde Speaks – June 2, 16:30 GMT 🇺🇸 U.S. Fed Chair Powell Speaks – June 2, 17:00 GMT 🇪🇺 Eurozone CPI YoY & MoM (May) – June 3, 09:00 GMT 🇺🇸 JOLTS Job Openings (Apr) – June 3, 14:00 GMT 🇺🇸 ADP Nonfarm Employment Change (May) – June 4, 12:15 GMT 🇺🇸 ISM Non-Manufacturing PMI (May) – June 4, 14:00 GMT 🇪🇺 Eurozone Interest Rate Decision (Jun) – June 5, 12:15 GMT 🇺🇸 Initial Jobless Claims – June 5, 12:30 GMT 🇺🇸 Nonfarm Payrolls (May) – June 6, 12:30 GMT 🇺🇸 Unemployment Rate (May) – June 6, 12:30 GMT

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Daily Market Dispatch – May 29, 2025 Overview As Bitcoin consolidates above $108,500 following its all-time high of $111,861, crypto markets are showing clear bias toward accumulation. Risk appetite remains intact, but investor behavior is measured — classic wait-and-see mode ahead of key macro events. Institutional flows, improved macro visibility, and stable on-chain activity are reinforcing crypto’s role as a strategic asset Gold is trading lower at $3,297 amid renewed investor confidence and a firmer dollar. Today’s risk-on shift — driven by upbeat U.S. tech earnings and a court ruling modifying U.S. tariff policy, is lifting sentiment across asset classes. Bitcoin and digital assets are increasingly seen as part of core financial infrastructure within diversified strategies. Market participants are awaiting key U.S. economic data, including the Q1 GDP revision and initial jobless claims later today, followed by the Core PCE inflation print tomorrow — a key indicator for the Federal Reserve. While short-term volatility remains likely, there are no signs of broad risk aversion. Ethereum continues to show relative strength, and Solana is cementing its institutional appeal. Bitcoin BTC is trading near $108,500 in a disciplined consolidation. With $10B in options set to expire Friday and some whales trimming exposure, pressure is contained. Futures activity is subdued, suggesting the rally remains spot-driven and fundamentally sound. Technicals remain bullish: $105K–$107K is solidifying as support, and momentum is steady. The current pause signals rotation, not retreat. With macro winds still favorable, Bitcoin may be coiling for a push toward $115K. Ethereum & Altcoins Ethereum is up 2.1% to $2,641, reclaiming leadership among major caps. On-chain activity is stable, validator participation is climbing, and gas fees remain manageable. The market continues to price in favorable ETF prospects for ETH, even as broader altcoin sentiment remains mixed. Solana has emerged as a standout, advancing 4.7% today after securing a $1B institutional raise and launching its first public liquid staking strategy — a clear signal that capital allocators are taking Solana seriously beyond just speed narratives. SOL’s technicals point to a potential breakout if $190 holds. XRP and other large-cap altcoins remain flat, weighed down by regulatory overhang. Traders are watching the SEC’s next moves ahead of the June 17 ETF decision window. Macro & Institutional The U.S. Trade Court’s decision to reverse steel and aluminum tariffs has echoed across markets, lifting global sentiment. The ruling has de-escalated trade tensions and gave a boost to U.S. futures, while tech stocks — led by Nvidia’s upbeat Asia-driven earnings — are powering global risk appetite. In Japan, Metaplanet has again leaned into its Bitcoin strategy, issuing new bonds to pursue its ambitious BTC reserve goals. The move underlines Bitcoin’s evolving role as a balance sheet asset beyond U.S. borders. The U.S. Dollar Index has rebounded to 100.6, reflecting cautious optimism around U.S. economic resilience. However, traders remain laser-focused on tomorrow’s Core PCE print — a Fed-preferred inflation measure. A softer read could reignite expectations of rate cuts and spur fresh flows into crypto and growth assets. Looking Ahead All eyes are now on the Core PCE inflation release (May 30, 12:30 GMT). It could be the linchpin for June rate expectations and set the tone for summer risk-taking. Chicago PMI and personal income data will also feed into the macro picture. With Bitcoin holding ground and Ethereum gaining traction, the market is proving it can digest profit-taking without breaking stride. The narrative has shifted from speculation to strategic positioning. For allocators waiting for the “right” macro entry — this calm may not last much longer. — Stella Zlatareva, Nexo Dispatch Editor For informational purposes only; not financial or investment advice.

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BTC holds firm, yet with volatility still elevated, traders should stay nimble. A push past $112,000 or a retest of $94,000 could define the near-term range. The next catalyst may not wait long. — Iliya Kalchev, Nexo Dispatch Analyst For informational purposes only; not financial or investment advice.

Daily Market Dispatch – May 28, 2025 Markets opened cautiously on Wednesday as traders anticipate Nvidia's earnings and Fed meeting minutes. After Tuesday's relief rally on delayed EU tariffs, U.S. futures slipped slightly: Dow -0.2%, S&P 500 -0.2%, Nasdaq -0.2%. Still, Wall Street indices are on track for strong monthly gains after upbeat consumer confidence data boosted sentiment. With risk appetite tentatively returning, this week could set the tone for summer positioning. Crypto markets remain steady, with a total market cap at $3.43 trillion and most leading assets flat on the day. Bitcoin continues to anchor the asset class, consolidating above $108,000 and absorbing macro uncertainty with relative composure. For now, crypto is holding its ground with traders in close anticipation of market developments. Bitcoin Bitcoin is in a tight band above $108,000, consolidating after seven straight green weeks. Glassnode data shows large wallets could be pivoting to distribution, with the accumulation score dropping from 0.8 to 0.5. ETF flows remain strong with May inflows hitting $5.77 billion, led by BlackRock. Institutional flows remain the anchor – bulls are buying time, not giving up ground. Ethereum & Altcoins Ether is trading at $2,630, setting up for a breakout from an ascending triangle. A move above $2,750 could send it over $3,000, with Bollinger Band compression pointing to rising volatility. On the fundamental front, ConsenSys-backed SharpLink is set to close a $425 million ETH treasury deal by May 29. Solana is holding firm near $175, up 17% in 30 days but still well off its January high. Standard Chartered set a year-end target of $275, citing Solana’s memecoin-driven activity as both a stress-test and a valuation drag. Long-term, they see growth in social and fintech use cases. The chain is fast – but needs to prove it can be more than fun and fees. XRP is holding to the $2.29 level, riding support from the 200-day SMA. The SEC has opened its first spot XRP ETF review, marking a major regulatory milestone. Meanwhile, DeFi chatter around XRPFi is picking up, with over $2 billion in dormant XRP wallets seen as a key unlock for growth. Macro & Institutional Macro attention is squarely on Nvidia’s earnings, due after market close. The AI bellwether is expected to report a 66% revenue surge to $43 billion. Traders are bracing for volatility, particularly if Nvidia's China outlook disappoints or margins narrow. A strong print from Nvidia could reset risk appetite across sectors. Bond markets remain jittery: Japan’s 40-year bond auction flopped, and U.S. Treasury demand is soft amid growing fiscal concerns. On the institutional crypto front, Wall Street banks are preparing pilot projects and partnerships amid evolving regulatory winds under the Trump administration. Custody remains a hurdle, but names like Schwab are pushing ahead. JPMorgan CEO Jamie Dimon reiterated skepticism: “We’re going to allow you to buy it, we’re not going to custody it.” Quiet as it may be, traditional finance is circling crypto more seriously than ever. Looking Ahead All eyes are on Nvidia's earnings tonight – a blowout report could ripple through crypto, reigniting AI enthusiasm and risk appetite. Meanwhile, the Bitcoin 2025 conference opens in Las Vegas, with pro-crypto fireworks expected from David Sacks and Michael Saylor. On the macro front, a loaded data docket will help define near-term positioning: the Fed’s May meeting minutes arrive today at 18:00 GMT, followed by Q1 GDP and jobless claims tomorrow, and then the Core PCE Price Index and Chicago PMI on Friday. These prints will help markets gauge whether recent optimism is sustainable – or just a breather before more volatility. BTC holds firm, yet with volatility still elevated, traders should stay nimble. A push past $112,000 or a retest of $94,000 could define the near-term range. The next catalyst may not wait long. — Iliya Kalchev, Nexo Dispatch Analyst For informational purposes only; not financial or investment advice.

Daily Market Dispatch – May 27, 2025 Institutional appetite is holding firm – don’t be fooled by “slowing momentum”. Crypto markets took a breather to start the week, with Bitcoin stalling below $110,000 and traders rotating out of recent altcoin gainers. XRP and DOGE both pulled back as investors locked in profits ahead of Friday’s U.S. PCE inflation data. Meanwhile, the global crypto policy landscape continued to evolve. From Pakistan’s first blockchain adviser appointment to Dubai’s tokenization initiative and ongoing regulatory pushes in Asia, the infrastructure for mainstream integration is expanding, even as technical indicators flash near-term caution. Bitcoin Bitcoin is now trading at $109,500, modestly off its recent high of $110,000. There is a possibility for a bearish divergence in the Relative Strength Index (RSI), raising the prospect of a pullback toward a floor of $100,000 in the near term. Institutional accumulation remains strong: U.S. spot ETFs have now absorbed over 83,000 BTC since April 10, bringing total ETP holdings to fresh all-time highs. Ethereum & Altcoins Ethereum is holding near $2,600, consolidating recent gains as attention shifts toward its Layer 2 ecosystem. XRP and DOGE slid roughly 3% as profit-taking set in. XRP’s drop comes just days after its high-profile CME futures debut, while DOGE retraced part of its May rally, which had been fueled by social sentiment and whale accumulation. With markets in wait-and-see mode ahead of Friday’s inflation print, risk appetite appears temporarily subdued. Institutional Insights Capital formation also continues at scale. The Blockchain Group announced a $719M raise to fund further Bitcoin acquisitions, signaling that institutional capital isn’t flinching at these levels. While the market may be digesting recent gains, the underlying demand from strategic buyers remains intact. Macro & Policy Policymakers around the globe are elevating their crypto stance. In Pakistan, the Prime Minister has appointed a special assistant for blockchain and crypto – a first for the country and a signal of growing institutional legitimacy. In Thailand, SCB10X’s CEO hinted at a sandbox regime that would allow local banks to hold crypto directly, a move that could reshape the regional banking-crypto relationship. Dubai continues to lead on infrastructure: the government unveiled a new real estate tokenization platform built on the XRP Ledger, part of a broader $16B initiative to digitize property markets. The program aims to streamline ownership transfers, cut settlement costs, and position Dubai as a blockchain hub for asset tokenization. In South Korea, crypto regulation has become a campaign flashpoint ahead of upcoming elections. Competing parties are now staking out positions on everything from tax thresholds to stablecoin oversight, suggesting that policy will remain a driver of market narrative well into the second half of 2025. Looking Ahead All eyes now turn to Friday’s PCE inflation data – one of the Fed’s preferred gauges for price stability. While the broader crypto trend remains constructive, near-term volatility is likely as macro and technical factors collide. With ETP holdings at all-time highs and traditional finance increasingly building on-chain, crypto continues to evolve its systemic infrastructure. – Stella Zlatareva, Nexo Dispatch Editor For informational purposes only; not financial or investment advice.

U.S. economic resilience and policy trends take center stage this week, with data and Fed commentary poised to steer market sentiment: 🇺🇸 FOMC Member Kashkari Speaks – May 27, 08:00 GMT 🇺🇸 CB Consumer Confidence (May) – May 27, 14:00 GMT 🇺🇸 Federal Reserve Bank of Atlanta GDPNow – May 27, 15:30 GMT 🇺🇸 FOMC Meeting Minutes – May 28, 18:00 GMT 🇺🇸 GDP QoQ (Q1) – May 29, 12:30 GMT 🇺🇸 Initial Jobless Claims – May 29, 12:30 GMT 🇺🇸 Core PCE Price Index MoM & YoY – May 30, 12:30 GMT 🇺🇸 Chicago PMI – May 30, 13:45 GMT

Daily Market Dispatch – May 22, 2025 Bitcoin clears $111K as institutional conviction hits escape velocity Overview Bitcoin has broken decisively above the $111,000 threshold, registering a new all-time high at $111,861 before consolidating around $111,00. The 3.5% daily gain marks more than a technical breakout — it’s a redefinition of capital priorities. Institutional inflows, corporate balance sheet moves, and macro dislocation converge into a clear message: Bitcoin is no longer the alternative — it’s becoming the benchmark. MicroStrategy’s $765 million buy reinforces growing institutional demand, while ETF inflows and rising on-chain capital suggest this rally is built on strong fundamentals. Ethereum is gaining on network strength and ETF optimism, with altcoins selectively following suit. In Washington, the GENIUS Act could reshape stablecoin markets, while macro attention today turns to labor data and PMI figures. With $115K now in sight, Bitcoin is pressing deeper into price discovery, and the market is taking notice. Bitcoin The breakout is supported by robust ETF demand, deepening liquidity, and bullish technical confirmation. A golden cross on four-hour charts signals momentum, while leverage remains elevated but under control. On-chain data shows rising realized profits without increased sell pressure. Bitcoin’s realized cap continues to climb, reflecting deeper institutional participation. Support at $107,000 is holding firm, and market structure suggests further upside is likely. Ethereum & Altcoins Ethereum is trading near $2,627, up nearly 4%, buoyed by stable network conditions and mounting ETF speculation. Validator activity is climbing, and gas fees remain contained, strengthening Ethereum’s institutional thesis. Altcoins are rising selectively: Cardano and Dogecoin have each gained over 4%, while Solana continues to attract developer and capital interest. XRP is lagging slightly as the SEC delays ETF decisions on XRP, DOGE, and other major tokens to June 17 — a pivotal date for altcoin legitimacy. Macro & Institutional Policy visibility is improving. In Washington, the proposed GENIUS Act — a stablecoin regulatory bill — continues to gain traction. If passed, it could lay the foundation for a fully regulated U.S. stablecoin market, with projections suggesting a $2–2.5 trillion capitalization by 2030. For crypto markets, this would mark a major shift in how capital is bridged between traditional and on-chain systems. Gold rose to $3,336 per ounce, reflecting safe-haven demand amid concerns over U.S. fiscal stability and weak appetite for recent Treasury issuances. The dollar continues to slide, with the DXY index now below 100, adding further momentum to non-dollar assets, including Bitcoin. Macro focus today turns to U.S. labor and activity data. Investors are parsing initial and continuing jobless claims for signs of stress in the employment market, alongside S&P Global’s flash manufacturing and services PMIs, which will offer an early read on growth momentum. Friday closes the week with new home sales data — a key gauge of U.S. consumer resilience and housing sentiment. Looking Ahead Bitcoin’s breakout above $111,000 marks the beginning of what could be a sustained move into price discovery. With ETF flows, corporate demand, and regulatory developments all aligned, the next resistance at $115,000 is well within reach. The broader market remains technically constructive, but sensitive to macro inputs and rate expectations. As the week wraps, all eyes will be on housing data and evolving rate rhetoric. In an increasingly fragile macro environment, Bitcoin’s role as a capital refuge is looking not just credible, but inevitable. — Stella Zlatareva, Nexo Dispatch Editor For informational purposes only; not financial or investment advice.

Daily Market Dispatch – May 22, 2025 Bitcoin clears $111K as institutional conviction hits escape velocity Overview Bitcoin has broken decisively above the $111,000 threshold, registering a new all-time high at $111,861 before consolidating around $111,00. The 3.5% daily gain marks more than a technical breakout — it’s a redefinition of capital priorities. Institutional inflows, corporate balance sheet moves, and macro dislocation converge into a clear message: Bitcoin is no longer the alternative — it’s becoming the benchmark. MicroStrategy’s $765 million buy reinforces growing institutional demand, while ETF inflows and rising on-chain capital suggest this rally is built on strong fundamentals. Ethereum is gaining on network strength and ETF optimism, with altcoins selectively following suit. In Washington, the GENIUS Act could reshape stablecoin markets, while macro attention today turns to labor data and PMI figures. With $115K now in sight, Bitcoin is pressing deeper into price discovery, and the market is taking notice. Bitcoin The breakout is supported by robust ETF demand, deepening liquidity, and bullish technical confirmation. A golden cross on four-hour charts signals momentum, while leverage remains elevated but under control. On-chain data shows rising realized profits without increased sell pressure. Bitcoin’s realized cap continues to climb, reflecting deeper institutional participation. Support at $107,000 is holding firm, and market structure suggests further upside is likely. Ethereum & Altcoins Ethereum is trading near $2,627, up nearly 4%, buoyed by stable network conditions and mounting ETF speculation. Validator activity is climbing, and gas fees remain contained, strengthening Ethereum’s institutional thesis. Altcoins are rising selectively: Cardano and Dogecoin have each gained over 4%, while Solana continues to attract developer and capital interest. XRP is lagging slightly as the SEC delays ETF decisions on XRP, DOGE, and other major tokens to June 17 — a pivotal date for altcoin legitimacy. Macro & Institutional Policy visibility is improving. In Washington, the proposed GENIUS Act — a stablecoin regulatory bill — continues to gain traction. If passed, it could lay the foundation for a fully regulated U.S. stablecoin market, with projections suggesting a $2–2.5 trillion capitalization by 2030. For crypto markets, this would mark a major shift in how capital is bridged between traditional and on-chain systems. Gold rose to $3,336 per ounce, reflecting safe-haven demand amid concerns over U.S. fiscal stability and weak appetite for recent Treasury issuances. The dollar continues to slide, with the DXY index now below 100, adding further momentum to non-dollar assets, including Bitcoin. Macro focus today turns to U.S. labor and activity data. Investors are parsing initial and continuing jobless claims for signs of stress in the employment market, alongside S&P Global’s flash manufacturing and services PMIs, which will offer an early read on growth momentum. Friday closes the week with new home sales data — a key gauge of U.S. consumer resilience and housing sentiment. Looking Ahead Bitcoin’s breakout above $111,000 marks the beginning of what could be a sustained move into price discovery. With ETF flows, corporate demand, and regulatory developments all aligned, the next resistance at $115,000 is well within reach. The broader market remains technically constructive, but sensitive to macro inputs and rate expectations. As the week wraps, all eyes will be on housing data and evolving rate rhetoric. In an increasingly fragile macro environment, Bitcoin’s role as a capital refuge is looking not just credible, but inevitable. — Stella Zlatareva, Nexo Dispatch Editor For informational purposes only; not financial or investment advice.

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Daily Market Dispatch – May 21, 2025 Overview Bitcoin is brushing up against its all-time high, closing Tuesday at a record $106,830 and pushing above $107,500 in early Wednesday trade. The market stands at a crossroads: short sellers are crowded at $108,000, while structural demand deepens across spot, futures, and institutional channels. The rally reflects more than price action – it signals a regime shift. With over 33,000 BTC added to short-term holder supply in a week, and long-term holders quietly accumulating 450,000 BTC since March, Bitcoin shows the hallmarks of a breakout built on conviction, not hype. Traditional markets, meanwhile, are treading cautiously. U.S. equities pulled back Tuesday, and futures are pointing lower again, as Treasury yields climb and fiscal concerns resurface. Gold is benefiting from haven flows, while the dollar softens amid President Donald Trump’s tax and spending bill. Bitcoin Bitcoin has settled above $106,000, with the market primed for a decisive breakout. Record open interest in futures at $75 billion reflects high-leverage bets on volatility. ETF flows continue to reinforce the rally. Spot Bitcoin ETFs saw $329 million in inflows on May 20 alone, further signaling demand. Behind the price action is a profound shift in supply dynamics. Short-term holders are back in profit, while long-term holders now sit on average gains above 230%. Realized profits have surged more than tenfold this month, yet selling pressure remains muted. Bitcoin’s realized cap – measuring capital stored in the network – hit a record $900 billion, highlighting the depth of conviction and the market’s willingness to stick with the asset. BTC’s message is clear: accumulation isn’t just intact – it’s intensifying. And with institutional buy-in converging with retail enthusiasm, the next leg-up is not a question of if, but when. Ethereum & Altcoins Ethereum is riding a renewed wave of institutional interest, trading at $2,580 after an 80% rally from April lows. ETH ETFs saw $64 million in inflows on Tuesday, as traders opened bullish call spreads targeting $6,000 by year-end. Altcoins are tracking broader strength. Solana, Cardano, and Dogecoin each gained 1–3%. More regulatory developments are on deck. The SEC has delayed decisions on new altcoin ETFs, including XRP, DOGE, and SOL, keeping broader ETF expansion beyond Bitcoin and Ethereum on hold for now. Macro & Institutional SEC Chair Paul Atkins declared a shift from enforcement-first to engagement-first policy. Plans to unify custody and trading rules across asset classes now signal the clearest path yet to regulatory integration. In traditional markets, U.S. stock futures slipped early Wednesday, following Tuesday’s pullback in equities and a spike in Treasury yields. The 10-year briefly touched 4.48%, a move tied to America’s less favorable fiscal outlook and President Trump’s proposed multi-trillion-dollar spending plan. Gold rose 0.4% to $3,302, lifted by fiscal concerns and a weaker dollar. The greenback extended a two-day drop, with the Dollar Index falling below 100 amid growing uncertainty around the tax package and upcoming G7 meetings. Looking Ahead Bitcoin is in a high-stakes standoff. A break above $108,000 could ignite the next leg to $110,000 – the coming 48 hours may determine whether the market enters full price discovery. Macro focus shifts today to speeches from Fed officials Thomas Barkin and Michelle Bowman for fresh policy signals. Thursday brings key labor data via initial and continuing jobless claims, alongside S&P Global’s flash manufacturing and services PMIs. Friday wraps the week with new home sales, offering a pulse check on U.S. consumer resilience. As fiscal risks rise and global trade tensions linger, Bitcoin’s bid as a hedge – and a beacon – looks increasingly well earned. — Iliya Kalchev, Nexo Dispatch analyst For informational purposes only; not financial or investment advice.

Looking Ahead Investors are closely eyeing this week’s G7 summit, with Thursday’s initial jobless claims also on the watchlist. On the crypto front, the spotlight remains on altcoin ETF timelines, JPMorgan’s rollout, and whether the Senate can pass the GENIUS Act before recess. As traditional financial signals wobble, crypto infrastructure gains legitimacy as evidenced by the notable shift from speculation to accumulation. – Stella Zlatareva, Nexo Dispatch Editor For informational purposes only; not financial or investment advice.

Daily Market Dispatch – May 20, 2025 Crypto kicked off the week on a climb as institutions and policymakers advance crypto’s integration into the financial system continues to deepen. Bitcoin climbed to nearly $106,000 before easing slightly, while Ether jumped just about 10% to over $2,500 as broader sentiment turned bullish. From JPMorgan’s pivot on Bitcoin access to new stablecoin legislation advancing in Washington and Asia, the narrative is no longer one of if but how fast. Bitcoin Bitcoin is trading at $105,200, having briefly touched $105,900 in early Tuesday trading. U.S. spot Bitcoin ETFs have now surpassed $123 billion in total assets, with net May inflows topping $3 billion so far. Yesterday, the total Bitcoin held by global ETPs is back up to an all-time high of 1,433,600 BTC, with 81,466 BTC added since April 10. The broader shift from speculation to balance-sheet allocation has been well underway since mid-April for our eagle-eyed investors. On-chain sentiment also supports the bullish tone: Bitcoin’s recent rally has not triggered excessive leverage, suggesting top-side resistance could be light until $110,000. Ethereum & Altcoins Ethereum is leading the altcoin charge, trading at $2,500 after a ~10% rally. The move reflects both renewed market appetite and growing attention to ETH’s technological roadmap, following the successful Pectra upgrade, which boosted staking flexibility, improved usability, and helped drive Ether’s recent performance. Vitalik Buterin’s recent proposal to simplify full-node operations by minimizing sync requirements could significantly increase network decentralization and accessibility – key fundamentals for long-term adoption. XRP also made headlines with its CME futures debut, racking up $15 million in first-day volume. The move reflects growing institutional appetite for regulated altcoin exposure. Institutional Insights Bitcoin’s move upward follows a steady drumbeat of institutional news: JPMorgan CEO Jamie Dimon, long a vocal critic of Bitcoin, has reportedly authorized access to BTC for the bank’s wealth clients, a major symbolic win for the asset class. Meanwhile, Nasdaq-listed Digiasia is planning to raise $100 million to buy Bitcoin outright, adding to the list of public companies making direct allocations. Macro & Policy Bond markets continue to show some signs of strain. Recent Treasury auctions showed heavy tails and weak demand, even as the 10-year yield holds near 4.5%. In this environment, assets like Bitcoin and gold are gaining credibility as alternative hedges. In Washington, the GENIUS Act – landmark stablecoin legislation – has cleared a key Senate hurdle and is now on track for a final vote before Memorial Day. The bill aims to establish a dual. In addition, President Trump is set to host a private dinner on May 22 for the top 220 holders of his $TRUMP coin. Investors are closely watching this event for potential insights into the President's engagement with digital assets and its implications for the broader crypto market framework for federal and state-backed issuers, with strict custody and reserve requirements. Meanwhile, the SEC has delayed its decision on several Solana ETF filings, citing the need for more legal clarity. The pause doesn’t necessarily indicate rejection, but it reinforces that non-Bitcoin ETFs still face regulatory headwinds. Elsewhere, across the Pacific, South Korea’s opposition party has introduced its own stablecoin bill, underscoring how regulatory frameworks are diverging globally. Finally, the G7 summit kicks off today in Canada, where finance leaders are expected to seek alignment on non-tariff trade policies and continued coordination on digital asset oversight—an agenda item investors are watching closely.

Daily Market Dispatch – May 19, 2025 Downgrade lands softly as crypto holds steady Moody’s downgrade of the U.S. credit rating to Aa1—the last major agency to strip America of its top-tier status—stirred concerns but stopped short of spooking markets. Treasury yields climbed, with the 30-year rising above 5%—its highest level since November 2023—and the 10-year reaching 4.52%, while stock futures pulled back modestly amid a measured overall reaction. Traders had largely priced in the downgrade amid ongoing fiscal strain, leaving markets mostly unfazed—equities held steady Monday, and Bitcoin, after chasing a new all-time high on Sunday, pulled back slightly to just above 103,000 dollars. With inflation risks resurfacing, crypto ETF flows accelerating, and fiscal credibility under renewed scrutiny, digital assets are showing resilience and maturity. Bitcoin is increasingly viewed as a macro hedge, while altcoins reflect a return of speculative appetite. Bitcoin Bitcoin is trading around $103,000, down 3% from Sunday’s rally near $106,000 but still well-supported above the $100K mark. Despite Moody’s downgrade, BTC barely flinched, echoing its response to Fitch’s 2023 downgrade and reinforcing its reputation as a macro hedge. ETF flows remain robust: U.S. spot Bitcoin ETFs have seen $2.8 billion in net inflows so far in May, with total assets exceeding $122 billion. The strength of capital rotation into crypto suggests institutional conviction is holding firm even as macro risks mount. Institutional buying also continues to build. Metaplanet added another 1,004 BTC—bringing its total to 7,800 BTC—while El Salvador’s holdings now sit at over $644 million, a monthly increase of $137 million. As traditional sovereign signals waver, Bitcoin’s decentralized appeal seems increasingly validated. Ethereum & Altcoins Ethereum is holding above $2,400 as developers push forward a proposal to streamline full node operations. The plan—championed by Vitalik Buterin—would drastically reduce the 1.3TB data burden by allowing nodes to sync only relevant information, opening the door to broader participation. Altcoins are showing signs of rotation. PEPE surged 11.6% on $2.3 billion in volume, with WIF, BONK, and FLOKI posting similar double-digit gains. Meanwhile, DOGE continues to consolidate above $0.21, supported by 1 billion DOGE in whale accumulation over the past month. With retail futures activity still in neutral territory, technicals suggest room for further upside without immediate overheating. Macro & Institutional Moody’s cited persistent deficits and growing interest burdens in its downgrade decision. As analysts, we were largely unsurprised, as the move reflects well-known fiscal trends. While immediate market impact may be muted, the longer-term implications for Treasury demand, currency strength, and equity risk premiums could be more significant. On the geopolitical front, President Donald Trump said he will speak separately with Russian and Ukrainian leaders today to push for a ceasefire. He also signaled involvement in India-Pakistan mediation alongside the U.K.—moves that could ease some of the geopolitical overhang. Meanwhile, the GENIUS Act, aimed at regulating U.S. stablecoins, continues to gain bipartisan traction. Lawmakers are targeting a vote before Memorial Day, with the updated draft focusing on clearer custody, reserve transparency, and consumer protections. Looking Ahead On the macro calendar, Thursday’s Initial Jobless Claims are expected to provide the week’s main data signal. Meanwhile, earnings from Home Depot, Target, and TJMaxx will offer insight into how consumers—and retailers—are managing inflation and tariffs. Crypto markets are showing maturity in the face of macro uncertainty. Bitcoin’s stronghold above $100K, resilient ETF flows, and increasing sovereign adoption suggest that digital assets are no longer just reacting to risk—they’re helping redefine where it resides. — Stella Zlatareva, Nexo Dispatch editor For informational purposes only; not financial or investment advice.

It’s a busy week on the macro front, with key inflation data, housing figures, and PMI readings in focus – plus a round of Fed speak that could steer the policy narrative: 🇪🇺 Eurozone Consumer Price Index MoM & YoY (Apr) – May 19, 09:00 GMT 🇺🇸 FOMC Member Bostic Speaks – May 19, 12:30 GMT 🇺🇸 FOMC Member Williams Speaks – May 19, 12:30 GMT 🇺🇸 U.S. Initial Jobless Claims – May 22, 12:30 GMT 🇺🇸 U.S. S&P Global Manufacturing & Services PMIs (May) – May 22, 13:45 GMT 🇺🇸 U.S. New Home Sales (Apr) – May 23, 14:00 GMT

Daily Market Dispatch – May 16, 2025 Overview The crypto market remained resilient on Friday, with Bitcoin holding above $103,000 despite mild volatility and a broader market pullback. Institutional activity continues to shape the market narrative, led by BlackRock’s $409.7 million Bitcoin acquisition and a comparable $408 million move from Abu Dhabi’s Mubadala via IBIT. Ethereum remains firm above $2,600, supported by recent network upgrades and growing institutional engagement. Macro sentiment is mixed ahead of today’s U.S. economic data, with the Consumer Sentiment Index and April housing starts and permits due. These figures will help shape expectations for monetary policy, while the structural backdrop for digital assets continues to strengthen. Bitcoin Bitcoin traded around $103,790 at the close of the European session, up over 1% in the past 24 hours and maintaining its position above the $100,000 mark. Price action was driven by notable whale accumulation and renewed institutional inflows, including a combined $818 million investment by BlackRock and Mubadala. This wave of capital pushed BTC to an intraday high of $104,305. ETF activity reflected this trend, with May 15 showing $114.9 million in net inflows and a 12% volume spike on Binance. BTC’s dominance slipped to 62%, suggesting capital rotation into other segments of the market. Ethereum & Altcoins Ethereum is trading around $2,574, continuing to benefit from the successful rollout of the Pectra upgrade, which enhanced staking mechanics and interoperability with L2s. Institutional interest is also picking up, fueling optimism that ETH may approach the $3,000 mark in the near term. Altcoins are experiencing mixed performance. XRP and Solana dropped up to 5%, while AI-related tokens have shown gains, reflecting growing interest in AI-integrated blockchain solutions. Bitcoin and stablecoin dominance have edged lower, indicating a possible early shift in market interest toward altcoins. Macro and Institutional Factors U.S. economic indicators due later today — consumer sentiment, housing starts, and building permits — will clarify household confidence and housing demand. Sentiment figures may reveal pressure from inflation and rates. Wednesday’s PPI confirmed cooling inflation, but the Fed remains noncommittal on rate cuts. Institutional engagement is intensifying across global markets. BlackRock acquired $409.7 million in BTC today, one of its largest single-day purchases to date. Mubadala mirrored this move with a $408 million investment via BlackRock’s IBIT, highlighting the strategic pivot of sovereign funds toward digital assets. Additionally, Swedish asset manager Virtune AB launched a low-fee, physically backed Bitcoin ETP on Nasdaq Stockholm, expanding access for European institutions. Regulatory momentum continues to build in the U.S., where lawmakers are accelerating work on the GENIUS Act—intended to establish a national framework for stablecoins. Stablecoins now represent a $246 billion market and are increasingly seen as financial infrastructure supporting dollar stability, cross-border payments, and market liquidity. Looking Ahead Today’s U.S. macro releases will provide the next cue for markets, particularly around consumer and housing sentiment. Investors are also watching the May 19 inclusion of Coinbase into the S&P 500, a symbolic milestone that could strengthen even more the perception of crypto as a mainstream asset class. The crypto sector appears to be digesting short-term risks constructively, buoyed by deep-pocketed institutional flows, improving infrastructure, and clearer regulatory signals. Market structure remains intact, with elevated open interest and steady accumulation pointing to underlying strength. Crypto markets are now entering a critical window where policy clarity and capital flows will shape direction into June. Iliya Kalchev, Nexo Dispatch Analyst For informational purposes only, not financial advice.

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