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A busy week of U.S. macro data lies ahead, culminating in the Fed’s preferred inflation gauge – the Core PCE. These releases could set the tone for markets in the days to come. 🇺🇸 CB Consumer Confidence (Mar) – March 25, 14:00 UTC 🇺🇸 Gross Domestic Product QoQ (Q4) – March 27, 12:30 UTC 🇺🇸 Initial Jobless Claims – March 27, 12:30 UTC 🇺🇸 Core PCE Price Index MoM & YoY – March 28, 12:30 UTC

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Daily Market Dispatch – March 20, 2025 For informational purposes only; not financial or investment advice. Overview Crypto markets advanced overnight as the Federal Reserve held rates at 4.25% – 4.50% and reaffirmed plans for two cuts this year, emphasizing a data-driven approach. Markets anticipated his remarks and reacted positively to the planned slowdown in quantitative tightening. Bitcoin surged past $85,000, extending gains from Wednesday’s post-Fed bounce. Leading altcoins rallied as much as 10%, pushing the total crypto market cap to $2.82 trillion. Institutional confidence remains strong, with spot BTC ETFs extending their inflow streak, and broader altcoin markets regaining momentum. Meanwhile, gold surged to a record $3,050 per ounce, benefiting from a weaker dollar, lower bond yields, and geopolitical tension. Bitcoin Bitcoin is holding firm above $85,000, bolstered by post-Fed optimism and easing treasury yields. With global uncertainty persisting, traders may increasingly evaluate Bitcoin’s role as an alternative store of value. Spot Bitcoin ETFs extended their inflows for the fourth consecutive day, reflecting renewed institutional demand. Meanwhile, open interest in Bitcoin futures rose 5% overnight, as 24-hour trading volumes surpassed $35 billion, signaling heightened market activity. Options markets are also flashing bullish signs, with calls dominating above $85,000 and targets extending toward $88,000, while $84,000 remains the key zone. Traders will be closely watching macro data and ETF flows for signs of continued momentum. Altcoins Ethereum is trading around $2,030, gaining 3.5% in the past 24 hours. Solana climbed to $134, fueled by institutional accumulation and the launch of Solana futures ETFs, a significant step in integrating crypto with traditional markets. This could pave the way for a spot Solana ETF approval, strengthening its institutional appeal. Meanwhile, XRP led altcoin gains, surging 10% after Ripple officials claimed the company’s SEC case was settled. Whale accumulation of XRP has risen 6.5% in two months, reflecting increased confidence among large investors. Macroeconomic & Institutional Developments The Federal Reserve held rates steady at 4.25%–4.50%, reaffirming expectations for two cuts later this year. Powell reiterated that while inflation remains above target, recent price pressures – particularly from tariffs – are likely transitory, and recession risks remain low. Markets welcomed the Fed’s steady stance, with stocks rallying over 1% and bond yields dipping, signaling improved risk sentiment. Fresh data from the Labor Department showed that U.S. jobless claims rose slightly to 223,000, but layoffs remain historically low. The job market’s resilience supports the Fed’s stance to keep rates elevated until further confirmation of cooling inflation.Meanwhile, gold surged past $3,050 per ounce, benefiting from a weaker dollar and lower bond yields post-Fed. Institutional interest in crypto remains – Metaplanet expanded its Bitcoin holdings, while Ethereum ETF staking discussions remain in focus, with a potential SEC decision expected in the coming months. If approved, this could trigger the next major capital rotation into digital assets. Looking Ahead Markets may now expect upcoming economic data with greater confidence. Cooling inflation and stable economic conditions could further boost investor appetite, driving additional upside for Bitcoin and digital assets. Keep an eye on key reports, including Consumer Confidence, Q4 GDP, jobless claims, and next week’s crucial PCE inflation release, to gauge the likelihood of future rate cuts. Iliya Kalchev, Nexo Dispatch analyst

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Daily Market Dispatch – March 19, 2025 For informational purposes only; not financial or investment advice. Overview Crypto markets remain stable ahead of today’s Federal Reserve interest rate decision, with Bitcoin holding above $83,000 after dipping below $82,000 earlier in the week. The crypto market is tentatively upbeat amid a mix of caution and optimism, as total crypto market capitalization hovers around $2.73 trillion to register a slight recovery. Traders are closely watching whether the Fed will hint at ending its quantitative tightening (QT) program, a move that could boost liquidity and risk assets. Altcoins like ETH, SOL, and XRP are holding steady, while institutional interest in Bitcoin continues to rise, with spot BTC ETFs seeing their largest inflows in weeks. Bitcoin Bitcoin is holding firm above $83,000, showing resilience despite dynamic macroeconomic conditions. Spot Bitcoin ETFs recorded a positive inflow of $209 million on Tuesday for a third day of positive performance, reflecting renewed confidence. The upcoming Fed decision could be a major catalyst for further movements – if Chair Powell spreads his dovish wings, Bitcoin could take flight on renewed bullish momentum. However, persistent inflation concerns or a reaffirmation of tight financial conditions, such as elevated interest rates or continued liquidity tightening, could limit upside potential. Additionally, Bitcoin futures markets have deleveraged, with open interest dropping by $10 billion between February 20 and March 4. This could suggest that the market has reset in a healthy sign for sustaining a bullish continuation. Historically, similar deleveraging periods have created favorable conditions for price rebounds in the short to medium term. Altcoins Ethereum (ETH) is trading near $1,930, showing modest gains. Notably, spot Ethereum ETFs saw $52.8 million in outflows on Tuesday, indicating a possible shift of funds toward Bitcoin, as they extended their outflow streak to 10 days – the longest since the funds debuted last July. On-chain activity for ETH remains a concern – the network has seen declining usage, and ETH’s price is still about 44% lower than its peak earlier in 2025. XRP remains steady at $2.28, while Solana (SOL) has rebounded to $126, buoyed by institutional interest and CME’s launch of Solana futures. Meanwhile, EOS surged over 25% following a rebrand announcement. Macroeconomic & Institutional Developments The Federal Reserve is expected to hold rates steady at 4.25%-4.50%, with markets anticipating rates to remain unchanged following a cooling of inflation to 2.8%. However, Chair Powell’s comments on QT and future rate cuts will be key for risk assets. Meanwhile, U.S. lawmakers are advancing stablecoin legislation, signaling growing regulatory clarity. Bo Hines, the executive director of the President’s Council of Advisers on Digital Assets, said comprehensive stablecoin legislation is expected to be finalized in the coming months, underscoring the government’s urgency to maintain the US dollar’s dominance in onchain activity. Looking Ahead The Fed’s interest rate decision, FOMC statement, and Powell’s press conference are today’s main events and will likely shape the near-term trajectory for crypto and traditional markets. Traders will be closely monitoring signals on future rate cuts and liquidity conditions. A dovish tone could propel Bitcoin higher, while a more cautious stance may keep markets in a holding pattern. Beyond the Fed, the upcoming jobless claims report on Thursday could provide insight into labor market strength, a key metric in the Fed's soft landing target and a gauge for any recession fears. This data will be closely watched by investors and policymakers alike, as it may influence future monetary policy decisions and broader economic sentiment. Iliya Kalchev, Nexo Dispatch analyst

Looking Ahead The outcomes of the Federal Reserve's forthcoming announcements are poised to significantly impact market dynamics. The ongoing geopolitical developments and economic policy decisions underscore the importance of ongoing vigilance in navigating the current investment landscape. Despite this rather tense waiting game, some institutions appear to see the silver linings and remain firmly invested in the crypto space.​ Iliya Kalchev, Nexo Dispatch analyst

Daily Market Dispatch – March 18, 2025 For informational purposes only; not financial or investment advice. Overview The markets are navigating a complex geopolitical landscape, central bank decisions, and significant movements in both traditional and digital assets. Bitcoin has faced downward pressure but is still holding strong above $80,000, while altcoins like ETH, SOL, and XRP have slipped. In other market-moving news, U.S. spot BTC ETF inflows were the highest yesterday since early February, Magic Eden made ripples in the Ordinals space, and the Bank of Korea announced CBDC plans, highlighting how rapidly innovation is reshaping the landscape. The market is in active “wait mode” for tomorrow’s U.S. Federal Reserve decision. Bitcoin Bitcoin is experiencing a critical juncture, trading at approximately $82,700. The current price movement suggests a consolidation phase, with support levels identified around $82,000 and, based on previous market cycles, an even lower support level of $73,000. Resistance currently sits near $85,000. Monitoring open interest and leverage ratios right now is key, as a reduction in these metrics could signal the potential for a bullish uptrend.​ BTC has shown admirable resilience above $80,000 in the last week. This is supported by renewed institutional interest in Bitcoin as a viable investment asset. While significant outflows totaling $920 million from U.S. Bitcoin ETFs last week, countered ideas of a bullish climb upward, on Monday the same ETFs reported the largest daily net inflows in six weeks, totaling $274 million. If anything is for sure, it’s that this could go in many directions. As my old volleyball coach used to say right before the serve came down: “Ready for anything.”​ Altcoins Ethereum (ETH) is trading near $1,890, reflecting similar caution. The broader cryptocurrency market remains subdued, with altcoins like XRP, ADA, and DOGE experiencing declines.​ Solana (SOL) is currently priced at $124.22, dropping 3.75% intraday, as, the cryptocurrency faced backlash in response to a recent video advertisement. Perhaps softening this backlash are Solana futures which completed their first day of listing on the Chicago Mercantile Exchange (CME), marking a significant milestone in the integration of cryptocurrency assets into traditional financial markets.​ Finally, Magic Eden pulled a dark horse move yesterday, clocking a 1,200% spike in Ordinals trading. However, the momentum quickly subsided, demonstrating the NFT markets do not behave remotely like crypto at present. Macroeconomic & Institutional Developments The U.S. Federal Reserve's interest rate decision is imminent, with expectations of rates remaining steady at 4.25% to 4.5%. Meanwhile, the Organization for Economic Co-operation and Development (OECD) has revised global growth forecasts downward, citing concerns over escalating U.S. tariffs potentially hindering economic expansion and fueling inflation.​ In line with these forecasts, gold has surged to a record high above $3,000 per ounce, reflecting investor bids on safety. In contrast, equity markets have shown resilience, bolstered by hopes around upcoming economic data releases.​ Positive reinforcement is also coming from the East. The Bank of Korea is set to launch the "Hangang" central bank digital currency (CBDC) pilot next month, involving 100,000 citizens. This initiative aims to assess the CBDC's functionality in real-world scenarios, reflecting South Korea's commitment to digital financial innovation.​ On the institutional front, MetaPlanet has announced the continuation of its bond issuance program to fund additional Bitcoin acquisitions.

Daily Market Dispatch – March 17, 2025 For informational purposes only; not financial or investment advice. Overview A crucial macroeconomic week lies ahead, with major central bank meetings and economic data releases expected to shape market sentiment. Bitcoin remains resilient above $80,000 despite broader market adjustments, highlighting its relative strength as a macro hedge. Meanwhile, equities face pressure amid recession fears triggered by recent comments from the U.S. Treasury Secretary and ongoing trade tensions. The Crypto Fear & Greed Index currently sits at 32, showing improved investor confidence since Friday. Macroeconomic & Institutional Developments This week will feature pivotal economic events, notably the U.S. Federal Reserve’s interest rate decision on Wednesday, with markets anticipating no immediate change but closely monitoring forecasts for potential rate cuts. Today’s U.S. Retail Sales data revealed a modest increase of 0.2% for February, signaling a slight recovery from January’s 1.2% decline but significantly below forecasts of 0.6%. While the turnaround from the previous month's contraction is encouraging, the weaker-than-anticipated growth highlights ongoing caution among consumers amid broader global risks. This suggests that continued monitoring is needed to assess the strength and sustainability of consumer-driven economic momentum. In Europe, ECB Vice President Luis de Guindos reaffirmed confidence in declining inflation, projecting it to reach the bank's 2% target by early 2025 despite persistent core inflation concerns. China announced a comprehensive "Special Action Plan" aimed at boosting domestic consumption, stabilizing financial markets, and enhancing consumer spending power – reflecting policy urgency to sustain economic growth. Japan's Bank of Japan meets this week with economists expecting no immediate rate adjustment, though markets remain alert for hints toward potential rate hikes later this year. Nvidia’s much-anticipated GTC AI conference kicks off today, highlighting innovations in AI and semiconductor technology, potentially impacting key tech stocks and broader market sentiment. Bitcoin, Altcoins & Broader Asset Landscape Bitcoin is consolidating around $83,300, holding steady despite volatility in equity markets. BTC futures indicate cautious sentiment, trading slightly below spot prices amid uncertainty about upcoming U.S. economic releases and Wednesday's Federal Reserve meeting. Ethereum trades near $1,900, eyeing a potential breakout towards the $2,000 resistance level, mirroring Bitcoin's cautious momentum. XRP, ADA, DOGE, and TRX remain subdued near weekly lows, while BNB surged over 5%, buoyed by increased activity. Solana, marking its fifth anniversary, is poised for significant network improvements through the anticipated Firedancer release. Currently priced at $129 (+2.35%), SOL continues to attract institutional interest, notably from ETF providers including Bitwise, VanEck, 21Shares, Canary Capital, Grayscale, and most recently, Franklin Templeton—all targeting diversified crypto funds. VanEck has officially filed with the SEC for the first-ever Avalanche (AVAX) ETF, highlighting ongoing institutional engagement despite recent market adjustments. AVAX trades cautiously amid this heightened visibility. Looking Ahead Markets will closely watch central bank signals and key economic indicators throughout this week, with investor sentiment likely shaped by data from the U.S., Europe, and China. Crypto markets could remain cautiously resilient, with Bitcoin’s performance increasingly decoupled from equities as macro uncertainty persists. Stella Zlatareva, Nexo Dispatch editor

This week’s macro data spans U.S. retail sales, Eurozone sentiment, and Japan’s policy shifts – but all eyes are on the Fed’s key update. 🇺🇸 U.S. Retail Sales MoM & YoY – March 17, 12:30 UTC 🇪🇺 Eurozone ZEW Economic Sentiment – March 18, 10:00 UTC 🇯🇵 Japan Interest Rate Decision – March 19, 03:00 UTC 🇪🇺 Eurozone Consumer Price Index MoM & YoY – March 19, 10:00 UTC 🇺🇸 Fed Interest Rate Decision – March 19, 18:00 UTC 🇺🇸 Initial Jobless Claims – March 20, 12:30 UTC

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Additionally, in the next week, key data releases could influence crypto market sentiment. U.S. retail sales will provide a crucial read on consumer strength, impacting risk appetite. The Atlanta Fed’s GDPNow estimate will offer a real-time view of economic momentum, while the EU’s ZEW economic sentiment and CPI figures will shape expectations around inflation and financial conditions in Europe. Meanwhile, the Bank of Japan’s interest rate decision could introduce shifts in global liquidity flows. Stella Zlatareva, Nexo Dispatch editor

Daily Market Dispatch – March 14, 2025 For informational purposes only; not financial or investment advice. Overview The crypto market is in a consolidation phase, shaped by macroeconomic developments, regulatory shifts, and evolving investor sentiment. Bitcoin’s movement below key technical levels, mirroring the S&P 500’s trajectory, highlights the market’s cautious tone as traders await key economic data for direction, including U.S. retail sales and the FOMC meeting. At the same time, gold’s surge to nearly $3,000 per ounce highlights its appeal as an asset during periods of uncertainty, drawing investor interest amid shifting market conditions. However, history has shown that Bitcoin thrives when risk appetite returns, consistently emerging stronger with its high growth potential and rising institutional adoption. If past trends hold, Bitcoin’s current consolidation could set the stage for its next major move as market conditions evolve. Bitcoin Over the past 24 hours, Bitcoin (BTC) has experienced a modest price increase, currently trading above $83,000. The price movement suggests a potential consolidation phase as investors assess market conditions and upcoming economic indicators. A potential turnaround is emerging, supported by growing stablecoin liquidity and historical indicators pointing toward a rebound. The market capitalization of Tether (USDT) has grown by $5.75 billion over the past 60 days, an indicator that has previously preceded BTC price increases. Additionally, on-chain data shows a broader expansion in the stablecoin market, further strengthening Bitcoin’s outlook. ETH and Altcoins Ethereum maintains its position above $1,850, showing relative strength despite recent volatility. A rebound earlier this week reflects continued demand for DeFi platforms and excitement around upcoming network upgrades. The Ethereum team is preparing for the ‘Hoodi’ testnet launch, which will pave the way for the anticipated Pectra upgrade, set to enhance scalability and efficiency. Among altcoins, XRP is trading at $2.30, up 2.72%, benefiting from reports that the SEC is considering classifying XRP as a commodity in settlement discussions, which could further open the door for institutional involvement. Dogecoin (DOGE) has risen 0.74% to $0.1696, supported by social media interest and speculative trading momentum. Macroeconomic Landscape Yesterday’s U.S. Producer Price Index (PPI) remained unchanged, defying forecasts of a 0.3% increase. Meanwhile, initial jobless claims dropped to 220,000, below the expected 226,000, signaling cooling inflationary pressures. This data strengthens the case for the Federal Reserve to consider rate cuts, which could inject fresh liquidity into markets. All eyes are now on Wednesday’s FOMC meeting, where updated projections and Powell’s comments will shape monetary policy expectations. Institutional Signals Institutional sentiment remains strong, with major investors accumulating 65,000 BTC over the past month, reflecting confidence in Bitcoin’s long-term potential. Regulatory momentum is also building, as the Senate Banking Committee’s approval of the GENIUS Act signals progress in stablecoin regulation, potentially increasing institutional adoption. Looking Аhead Key economic indicators in the U.S., Europe, and Japan will help shape market expectations. All eyes are set on next Wednesday's FOMC meeting, anticipating insights into U.S. monetary policy and potential interest rate adjustments, especially given the recent declines in U.S. PPI and initial jobless claims figures, which point towards a slowing economy.

Daily Market Dispatch – March 13, 2025 For informational purposes only; not financial or investment advice. Overview Thursday marked the fifth anniversary of the COVID pandemic, a milestone that reminds us of the global economy’s resilience amid unprecedented challenges over the past half-decade. Digital assets and stocks regained footing amid softer-than-expected inflation data and persistent economic uncertainty. The crypto market’s capitalization has stabilized above $2.7 trillion, with renewed confidence in Bitcoin – its dominance now at 61%, the highest since March 2021. February’s CPI rose 0.2% MoM and 2.8% YoY, while Thursday’s PPI data showed a 0.3% rise in goods offset by a 0.2% decline in services, leading to 3.2% annual inflation. These figures have raised hopes for potential Fed rate cuts. However, escalating trade tensions – including increased tariffs on Chinese, Canadian, and Mexican imports, and retaliatory measures from Canada and the EU – continue to temper sentiment. Bitcoin, Altcoins & Broader Asset Landscape Bitcoin’s performance has shown varying trends. After an early rally that pushed the asset above $84,000 on Wednesday, BTC has now settled around $83,000. The softer CPI print is viewed as a bullish signal, as potential Fed rate cuts could inject liquidity into the market and support Bitcoin’s longer-term outlook. In contrast, altcoins have experienced more subdued momentum. Ether (ETH) has remained largely flat, trading near $1,900, and the ETH/BTC ratio has slipped to levels last seen in May 2020. Meanwhile, XRP has bucked the trend, climbing 3% above $2.30 following reports that the SEC is nearing a resolution in its lawsuit against Ripple. The anticipated settlement, focused on securing more favorable terms related to an earlier ruling, has boosted investor sentiment. Gold remains resilient amid mounting macroeconomic concerns. The softer CPI data has reinforced expectations of multiple Fed rate cuts this year, while rising trade tensions have driven safe-haven demand. The commodity is currently trading near $2,950, just shy of its all-time high of $2,956 set in February. The Fed’s perceived easing trajectory, coupled with geopolitical uncertainty, continues to fuel its three-day winning streak. Institutional Signals Institutional activity remains a key force shaping the market. Ripple has secured a DFSA license to offer regulated crypto payments in the UAE, marking a regional milestone and expanding its Middle East presence. Meanwhile, Franklin Templeton has filed for a Solana-based ETF through the Cboe BZX Exchange, driving SOL prices up 1.5% over the past 24 hours. At the same time, Bitcoin spot ETFs recorded a modest net inflow of $13.3 million – reversing their recent outflow trend – while Ethereum ETFs experienced outflows of $10 million, reflecting a measured institutional response to shifting economic conditions and policy developments. Looking Ahead February's PPI came in pleasantly subdued, with modest price pressures in goods offset by easing service costs. This reading echoes yesterday's softer inflation signals and bolsters optimism that consumer purchasing power strengthens. If inflation continues to slow down alongside a resilient labor market, expectations for gradual Fed rate cuts – potentially as early as June and as much as 100bps in total for 2025 – could solidify, providing a tailwind for digital assets. Additionally, an upcoming meeting between U.S. trade officials and Canadian representatives on the United States-Mexico-Canada Agreement (USMCA) renewal may offer further clarity on ongoing disputes. As these factors evolve, market volatility remains a key theme across both traditional and digital asset markets. Iliya Kalchev, Nexo Dispatch analyst For further insights into this week’s market trends and evolving macro, regulatory, and institutional signals, please check out our Weekly Market Dispatch.

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Daily Market Dispatch – March 11, 2025 For informational purposes only; not financial or investment advice. Overview Equities and digital assets are recalibrating amid evolving macro trends and shifting liquidity conditions. Following an initial selloff in Asia, U.S. tech stocks recorded noticeable declines, which resonated across crypto markets. Yet market sentiment is gradually regaining confidence as Bitcoin adjusted to key support levels before rebounding, while altcoins exhibited similar tactical shifts. Institutional signals – such as subdued ETF flows and cautious futures pricing – indicate a measured risk appetite, even as macro developments like updated trade policies and anticipated inflation data loom large. This recovery is further underscored by the Crypto Fear & Greed Index’s recent uptick from 20 to 24. Bitcoin, Altcoins & Broader Asset Landscape BTC is currently trading in the high $81,000 range. Technical analysis suggests Bitcoin is adjusting to new support levels, with near-term resistance around $85,000 and critical support emerging near $80,000. The recent price action appears closely linked to shifts in U.S. policy – especially President Trump’s Strategic Bitcoin Reserve executive order, which, despite its high-profile announcement has yet to serve as a strong catalyst. Additionally, Bitcoin futures are trading below spot, reflecting ongoing caution ahead of key economic data to be released later this week. Ether has bounced above $1,900 after intra-day lows, while XRP and Solana show similar recalibrations amid ETF outflows. Additionally, VanEck’s registration of an Avalanche ETF in the US highlights growing institutional interest. On a broader level, global liquidity trends also play a pivotal role; a weakening US dollar (index near 104) and expanding M2 liquidity support digital assets, and an overstretched Japanese yen may soon reverse, potentially easing pressure on risk assets such as Nasdaq and Bitcoin. Policy moves remain a key driver of current market dynamics. The recent selloff in U.S. equities has been partly attributed to heightened concerns over trade disruptions – spurred by warnings of a “little disturbance” in auto parts trade with Canada, Mexico, and China – as well as rising recession odds, with JPMorgan now estimating a 40% chance of a U.S. recession this year. At the same time, the U.S. is preparing to release key inflation data which could significantly influence Fed policy and risk appetite in the near term. Institutional Signals Institutional investors continue to tread cautiously. ETF flows into crypto funds have remained subdued, and the discount seen in short-term Bitcoin futures suggests that risk management remains a priority. In parallel, broader market sentiment has been impacted by declines in tech stocks. Meanwhile, Deutsche Boerse’s Clearstream is set to offer custody services for Bitcoin and Ether to institutional clients next month, signaling that traditional financial institutions are increasingly embracing digital assets amid evolving regulatory frameworks. Looking Ahead Market participants now await several key events that could provide fresh direction. US JOLTS data is expected today, while the Consumer Price Index (CPI) report on March 12 and Producer Price Index (PPI) data on March 13 will be pivotal in shaping Fed policy expectations. As these catalysts unfold, traders and investors will be closely monitoring whether current risk-off sentiment begins to ease, potentially paving the way for stabilization or even a modest rebound in both equities and digital assets. by Stella Zlatareva, Nexo Dispatch editor For further insights into this week’s market trends and evolving macro, regulatory, and institutional signals, please check out our Weekly Market Dispatch.

Regulatory & Institutional Developments On the institutional track, the crypto + AI narrative is heating up like a budding romance, with Kava making the first move by unveiling the largest decentralized AI model. Much like an ambitious suitor trying to impress, blockchain is flirting with AI’s potential, signaling growing institutional and developer interest in this hybrid relationship. Unlike the short-term sentiment for crypto markets, institutions are circling crypto with hawk-eyed interest with VC firms – including Andreessen Horowitz (a16z), Pantera Capital, and Paradigm – closely monitoring Trump’s evolving stance on Bitcoin reserves. In regulatory news, Spain’s Banco Bilbao Vizcaya Argentaria (BBVA) bank has received approval to offer BTC and ETH trading, a promising sign for institutional adoption in Europe. Looking Ahead Bitcoin’s key level to watch is $80,000 – a break below could reinforce bearish momentum. The March 12 U.S. CPI data will dictate short-term macro direction, with inflation readings likely to influence Fed policy expectations. Institutional signals remain mixed, with continued long-term BTC accumulation countering by short-term selling pressure. Stella Zlatareva, Nexo Dispatch Editor

Daily Market Dispatch – March 10, 2025 For informational purposes only; not financial or investment advice. Market Overview Crypto markets are moving in lockstep with equities, with Bitcoin and altcoins tracking the S&P 500 lower, reinforcing their tightening correlation with traditional risk assets. With key U.S. data releases this week – CPI (Wednesday) and PPI (Thursday) – midweek volatility could be expected as markets also reassess Fed expectations and Japan’s Q4 GDP data. Meanwhile, Trump’s pro-crypto stance has drawn institutional interest, but the lack of concrete policy details leaves markets in wait-and-see mode. With altcoins down 10%, risk appetite appears stalled. Until a new bullish regulatory catalyst emerges, crypto is likely to remain tightly correlated with equities. Bitcoin BTC is trading at $82,000, reflecting a broader risk-off move. Near-term resistance sits at $85,000, with $80,000 emerging as a key support level. A break below this could reinforce the bearish pressure, with traders focusing on BTC’s 200-day moving average as a possible downside target. This trend is reflected in spot Bitcoin ETFs which saw a week of outflows, bringing the four-week total to over $4.5 billion. Between March 3-5, nearly $800 million exited the funds, following $2.6 billion in redemptions the previous week. The trend continued with daily outflows, peaking at just over $400 million on Friday to reflect ongoing market adjustments. Despite the pullback, institutional interest in Bitcoin remains steady. Michael Saylor shared a $100 trillion crypto strategy at a White House summit, emphasizing long-term accumulation and BTC’s role as a macro hedge. Meanwhile, El Salvador has continued accumulating BTC, now holding 6,100 BTC. Altcoins Ethereum (ETH) has found support around $2,000 despite potential delays in the Pectra upgrade weighing on sentiment. ETH’s 20% decline last week pushed its price below the key $2,200 trendline that had supported its bull market recovery since 2022. The modest price action may be attributed, as with Bitcoin to ETFS. This week was marked by outflows from U.S. spot ETH ETFs. These funds saw a net outflow of nearly $120 million, indicating investor redemptions. Last week began on March 3 with a $12.10 million outflow, briefly offset by a $14.58 million inflow on March 4. However, subsequent days witnessed increased withdrawals, with outflows of tens of millions each day until March 7, resulting in a significant cumulative adjustment. Altcoins are experiencing broad-based declines, with DOGE, ADA, and XRP down over 10%, as the Fear & Greed Index hit its lowest reading in three years. Selling pressure appears to be driven by liquidity drying up across altcoin markets, with on-chain activity for these assets at its lowest since mid-2023. Macroeconomic Markets are adjusting to Jerome Powell’s wait-and-see Friday statement, where he indicated the Federal Reserve is holding off rate changes until there is greater clarity on Trump’s economic policies also contributes to the pause in active bullish sentiment. The upcoming U.S. CPI report on March 12 will be pivotal in shaping expectations around Fed policy and markets are unlikely to make any leaps before Wednesday. Other key events with a tight hold on markets this week include: Japan’s Q4 GDP data due later today, and Christine Lagarde’s speech at the ECB coupled with U.S. CPI data on March 12. Beyond the immediate macro landscape, the U.S. Department of Housing is assessing crypto and blockchain solutions for financial infrastructure, a notable shift in government adoption of decentralized technologies.

This week, key inflation indicators, GDP figures, and central bank insights are set to shape global market dynamics and investor sentiment: 🇯🇵 Japan Gross Domestic Product QoQ (Q4) – March 10, 23:50 UTC 🇺🇸 U.S. JOLTS Job Openings – March 11, 14:00 UTC 🇪🇺 European Central Bank President Lagarde Speaks – March 12, 08:45 UTC 🇺🇸 U.S. Consumer Price Index MoM & YoY (Feb) – March 12, 12:30 UTC 🇺🇸 U.S. Producer Price Index MoM & YoY (Feb) – March 13, 12:30 UTC

Today, all attention is on the White House Crypto Summit, set to kick off at 1:30 pm ET (18:30 UTC). Bitcoin’s imminent price trajectory remains bolstered by growing regulatory clarity and increased institutional engagement, underscoring its long-term relevance. However, short-term movements will be heavily influenced by macroeconomic factors. Next week, all eyes will turn to key U.S. economic events – including the Consumer Price Index, which is expected to signal a slowdown in inflation, and the job openings report which will serve as a key indicator of labor market strength and the potential for interest rate cuts. Internationally, investors will scrutinize Japan’s quarterly GDP and Germany’s inflation figures, while persistent crypto reserve rhetoric adds another twist to the digital asset narrative. Iliya Kalchev, Nexo Dispatch Analyst