Nexo Radar

Nexo launches in Argentina, expanding access to digital dollar savings and crypto-backed credit Today we officially launch in Argentina following our acquisition of Buenbit, expanding access to our global digital asset wealth platform. Argentina has long had a deeply rooted culture of saving in U.S. dollars. Now, the conversation is shifting from preserving capital to putting it to work. Argentinians can now earn up to 13% annually on USD-based stablecoins, with daily interest and flexible access to their capital – offering a modern alternative to traditional fixed-term deposits and mutual funds. We are also introducing crypto-backed credit, enabling liquidity in both ARS and USD without requiring users to sell their Bitcoin or Ethereum. Local ARS on-ramps connect fiat and digital assets within a single platform. As the world’s second-largest crypto lender, we are entering the market at a defining moment – expanding how Argentinians earn, borrow, and utilize their wealth. Read the full announcement here: The 21st-century time deposit: Nexo redefines digital dollar savings in Argentina

Daily Market Dispatch – March 4, 2026 Bitcoin reclaims $70k as markets reprice uncertainty Crypto markets are rebounding decisively, with Bitcoin reclaiming the low-$70,000s and leading gains across digital assets, even as geopolitical tensions in the Middle East continue to reverberate through traditional markets. The resilience is notable against a macro backdrop still shaped by elevated energy prices and shifting rate expectations. U.S. equity futures are modestly higher following a volatile session, supported by reports that Iran may be exploring ceasefire discussions. Oil remains elevated despite retreating from intraday extremes, Treasury yields have firmed, and the dollar is consolidating near recent highs. Gold is attempting to stabilize after a sharp correction, reflecting the ongoing tug-of-war between safe-haven demand and tighter financial conditions. Bitcoin Bitcoin is up more than 7% over the past 24 hours, trading near $71,000 after once again testing the $69,400–$70,000 zone that has repeatedly triggered profit-taking. The move aligns with a renewed wave of ETF demand: U.S. spot Bitcoin ETFs recorded approximately $458 million in net inflows, followed by another $225 million the next session, with no funds posting outflows. At the same time, derivatives positioning has expanded aggressively, with perpetual open interest registering its largest daily percentage increase in months. This suggests the rebound is not purely spot-driven. When leverage builds as price presses into prior rejection zones, the rally shifts from a straightforward momentum extension into a broader conviction test. Ethereum & Altcoins Ether has climbed back above $2,050, supported by the broader market advance, although ETF flows remain more uneven than Bitcoin’s. Spot ether ETFs saw inflows of roughly $38.7 million before flipping to modest outflows the following session — steady participation, but not yet decisive accumulation. Large-cap altcoins are participating as beta returns to the market. Historically, once Bitcoin stabilizes above former resistance, capital tends to rotate outward into higher-volatility segments — but only when liquidity conditions allow. Sustained upside in ETH and major altcoins will likely depend on Bitcoin maintaining recent gains without triggering another leverage reset. Macro & Institutional Higher crude prices have lifted Treasury yields and prompted traders to further scale back expectations for near-term Federal Reserve rate cuts, with markets now largely pricing policy to remain unchanged until at least July. The dollar index is holding near recent highs as haven demand and repriced rate expectations reinforce each other. On the institutional front, integration continues to advance. Indiana has enacted legislation enabling certain state retirement programs to offer crypto exposure through self-directed brokerage options. At the federal level, debate around stablecoin yield and broader market structure reform underscores that regulatory clarity remains an active catalyst. Looking Ahead Crypto’s next directional move will likely hinge less on geopolitical headlines and more on incoming data. Wednesday brings China’s Manufacturing PMI overnight, followed by U.S. ADP employment and a dense services read through S&P Global and ISM — a combination capable of rapidly repricing yields and the dollar. Thursday’s Initial Jobless Claims will serve as a labor-market checkpoint ahead of Friday’s heavy slate: Retail Sales and the full employment report, including Nonfarm Payrolls, the Unemployment Rate, and Average Hourly Earnings. If wages and services inflation reaccelerate, the “higher-for-longer” narrative strengthens and could test crypto’s resilience. A softer but stable print, however, would ease rate pressure and allow Bitcoin’s breakout attempt to evolve from a conviction test into a more sustained trend. Iliya Kalchev Nexo Dispatch analyst For informational purposes only; not financial or investment advice.

Daily Market Dispatch – March 2, 2026 Bitcoin climbs as markets weigh geopolitics and inflation Bitcoin traded near $66,000 in early Monday hours, broadly flat week-over-week, before rising above $68,000. Elevated geopolitical tensions, firmer inflation data, and higher energy prices pressured traditional markets. Ether reclaimed $2,000, as major altcoins followed the uptick. In traditional markets, risk appetite weakened after a hotter U.S. core PPI print (0.8% month-over-month; 3.6% year-over-year), while gold advanced on safe-haven demand and oil briefly moved above $74 per barrel amid geopolitical escalation. The 10-year Treasury yield dipped below 4%, highlighting cross-asset sensitivity to inflation and energy dynamics. Bitcoin Bitcoin remained stable over the weekend as markets assessed developments surrounding the U.S.–Iran conflict. While prediction markets are divided on the probability of further escalation, the muted price reaction suggests investors currently view the situation as a contained, near-term risk rather than the start of a prolonged downturn. Trading activity was subdued. Weekend volumes were near to slightly below the 30-day average, indicating contained participation. A brief spike in BTC hourly spot volume occurred around 06:00–07:00 UTC on February 28 amid short-term selling pressure. The move was quickly absorbed, with price stabilizing and volumes normalizing, consistent with a temporary liquidity event rather than sustained distribution or broader market stress. In derivatives, positioning remains cautious but orderly. Open interest is near $25 billion, funding rates are neutral to slightly positive. BTC at-the-money implied volatility is mildly elevated and slightly inverted, signaling near-term uncertainty, though below early February levels. Ethereum & Altcoins Ether is modestly higher over the past seven days, stabilizing near $1,950. Altcoins remain mixed but broadly steady alongside Bitcoin. Derivatives open interest has declined moderately versus last week, though most of the reduction occurred mid-week, ahead of weekend events. Funding rates remain neutral to slightly negative, indicating limited directional conviction and subdued leverage demand. Institutional flows were modestly constructive during the February 23–27 week, with spot Bitcoin ETFs attracting $787 million in net inflows, including $503 million into BlackRock’s IBIT. Ethereum, Solana, and XRP ETFs also posted positive allocations. Whether this momentum persists may hinge on how geopolitical tensions develop in the days ahead. Macro & Institutional The upside surprise in core U.S. PPI reinforced concerns about persistent price pressures. U.S. equities closed mixed to lower on Friday, with defensives outperforming, while Treasury yields eased. Over the weekend, geopolitical developments supported gold and lifted oil prices despite confirmation of a modest OPEC+ output increase, and the U.S. dollar initially strengthened before retracing. Markets are weighing whether the conflict remains contained or evolves into a more prolonged disruption, particularly given the Strait of Hormuz accounts for roughly 20% of global oil supply. Looking Ahead The week ahead is data-heavy, with geopolitics shaping sentiment alongside key macro releases. In the U.S., ISM Manufacturing — especially the Prices Paid component — along with Retail Sales and Nonfarm Payrolls will inform the balance between demand resilience and inflation persistence. In Europe, CPI and GDP will test the durability of disinflation and growth momentum. Should energy prices remain elevated, the policy backdrop could become more complex, particularly if inflation pressures re-accelerate while growth softens. Dessislava Ianeva, Nexo Dispatch analyst For informational purposes only; not financial or investment advice.

Daily Market Dispatch – February 27, 2026 Bitcoin ETF flows build as crypto awaits a macro catalyst Crypto began Friday on a softer footing, with Bitcoin trading just above $66,000 and Ethereum battling to sustain the $2,000 level. The broader complex is struggling to extend this week’s rebound, leaving total crypto market capitalization hovering just below $2.3 trillion. The market tone is cautious rather than disorderly, but conviction remains to recover. When macro uncertainty lingers, crypto tends to reflect it with higher sensitivity. In traditional markets, U.S. equity futures pointed lower into the key inflation print, with tech shares continuing to weigh on broader indices after recent weakness in the Nasdaq. Gold held near elevated levels on safe-haven demand, while oil prices remained firm amid ongoing geopolitical negotiations. The near-term setup is data-dependent: inflation will either reopen the door to selective risk-taking or reinforce the defensive bias into month-end. Bitcoin BTC is consolidating just above $66,000, extending a difficult month and leaving February losses in the mid-teens percentage range. The broader message is structural: price is compressing within a liquidity-constrained environment where leverage appetite remains subdued. A market that struggles to rally on modest optimism is one still recalibrating risk. Importantly, ETF flows have turned constructive beneath the surface. On Thursday alone, U.S. spot Bitcoin ETFs recorded $254 million in net inflows, contributing to one of the strongest weekly flow recoveries since mid-January. Ethereum & Altcoins Мomentum remains fragile. February has been challenging across large-cap tokens, with XRP, Solana, and others still navigating meaningful drawdowns. The absence of sustained rotation suggests speculative appetite for higher beta assets has not fully returned. ETH ETF flows remain modest but positive. Thursday saw $6 million in net inflows, signaling that institutional participation has not withdrawn entirely even as price action remains restrained. In risk-sensitive environments, incremental flows can matter more than dramatic spikes. Macro & Institutional U.S. index futures traded lower ahead of January’s Producer Price Index, with consensus centered on a 0.3% month-on-month increase for both headline and core readings. Investors are likely to scrutinize the underlying components closely, as several PPI inputs feed directly into the Federal Reserve’s preferred inflation gauge, the PCE deflator. Policymakers continue to emphasize that rate cuts are plausible but should not be front-loaded without clear evidence of sustained disinflation. Even marginal inflation surprises could reshape rate-path expectations. On the digital infrastructure front, Japan advanced its regulated finance framework with the unveiling of a trust bank-backed yen stablecoin (JPYSC), designed for institutional and cross-border use cases and expected to launch in Q2 pending approvals. In the U.S., debate around stablecoin rewards has resurfaced, with lawmakers scrutinizing deposit-flight risks while regulators move to clarify implementation under existing legislation. Stablecoins are increasingly being treated as regulated financial instruments rather than peripheral crypto products. Looking Ahead The week ahead is macro-heavy. Monday brings U.S. manufacturing surveys. Wednesday follows with China’s manufacturing data and U.S. private employment figures. Thursday shifts focus to jobless claims, while Friday culminates with Nonfarm Payrolls, the unemployment rate, wage growth, and U.S. retail sales. If labor and activity data confirm gradual cooling without deterioration, crypto could begin translating steady ETF accumulation into firmer price structure. If the data surprise to the upside on inflation or wages, markets may remain range-bound, extending the current phase where flows improve before momentum fully returns. Iliya Kalchev, Nexo Dispatch analyst For informational purposes only; not financial or investment advice.

Daily Market Dispatch – February 26, 2026 ETF inflows and Nvidia earnings reinforce Bitcoin’s climb Digital assets regained ground after Wednesday’s rebound added more than $170 billion in market value, lifting total crypto market cap to nearly $2.5 trillion. Intraday, Bitcoin has reclaimed $68,000, while Ethereum is holding above $2,000 near $2,060 — key psychological thresholds as the market tests whether this move evolves into structural stabilization rather than tactical relief. Momentum has improved, but continuation will depend on whether institutional demand compounds. In traditional markets, equity futures are modestly softer as investors digest Nvidia’s stronger-than-expected earnings. Oil remains sensitive ahead of United States–Iran talks, while gold trades near $5,190 per ounce as geopolitical hedging persists. Risk appetite is rebuilding – but it remains conditional. Bitcoin Bitcoin’s rebound is increasingly defined by renewed institutional allocation. United States spot Bitcoin ETFs recorded $506.5 million in net inflows on Wednesday, following more than $250 million the day prior – the strongest two-day stretch in weeks after an extended period of outflows. That breadth of demand signals absorption rather than speculation. On-chain data reinforces the shift: wallets holding more than 10,000 Bitcoin have accumulated through the recent pullback from the $70,000 region, suggesting long-term holders are stepping in as supply thins. ETF absorption is the difference between a bounce and a bottom. If flows persist, consolidation above $68,000 becomes a base-building exercise rather than resistance. Ethereum & Altcoins Ethereum has reclaimed $2,000 and is trading near $2,060, reinforcing renewed buyer engagement at a critical psychological level. United States spot Ethereum ETFs added $157.1 million in inflows, while Solana ETFs brought in $30.9 million – signaling that institutional appetite is beginning to broaden. If Bitcoin stabilizes, rotation dynamics typically follow. Early rebounds are driven by liquidity; sustained ones are driven by expansion in beta participation. Holding above $2,000 keeps Ethereum positioned for continuation rather than retracement. Macro & Institutional The macro backdrop remains balanced rather than restrictive. Nvidia delivered revenue and earnings above expectations and guided higher for the current quarter, reinforcing the durability of artificial intelligence-driven capital expenditure. However, the muted equity reaction signals that markets now demand tangible monetization, not just growth narratives. United States equity futures are modestly softer following prior session gains, while the United States dollar has stabilized after earlier weakness. Oil is hovering near recent highs ahead of United States–Iran negotiations, and geopolitical positioning continues to support gold near $5,190 per ounce. Looking Ahead Today’s focus shifts to incoming United States data, starting with Initial Jobless Claims, followed by January Producer Price Index figures and the February Chicago PMI on Friday. Together, these releases will help shape expectations around inflation momentum, labor market resilience, and broader growth conditions – key variables for rate path assumptions and near-term risk appetite across crypto and traditional markets. Iliya Kalchev, Nexo Dispatch analyst For informational purposes only; not financial or investment advice.

Daily Market Dispatch – February 25, 2026 Crypto stabilizes as ETF inflows return and macro tests loom Crypto markets firmed into Wednesday, with Bitcoin rebounding above $67,000 and Ethereum climbing back near $1,890 as dip buyers stepped in after weeks of heavy pressure. The move reads less like a full reversal and more like stabilization following an extended unwind. Still, the tone improved as risk assets stopped falling in tandem. In traditional markets, U.S. equity futures edged higher ahead of heavyweight earnings, with Nvidia once again positioned as the bellwether for the broader AI trade. Gold rebounded toward $5,190 per ounce after the previous session’s pullback, while oil hovered near seven-month highs around $70–$71 into upcoming U.S.–Iran talks. The cross-asset picture suggests a market attempting to reset risk appetite while navigating tariffs, geopolitics, and earnings uncertainty simultaneously. Bitcoin Bitcoin’s recovery from sub-$63,000 levels appears driven by positioning repair rather than renewed conviction. Buyers stepped in as Wall Street’s tone improved – U.S. spot Bitcoin ETFs recorded $257 million in net inflows, indicating that institutional participation has not fully stepped away despite the recent correction. That flow backdrop provides a more constructive undercurrent beneath price action. The broader structure remains fragile. After a sharp drawdown and subdued participation, further upside likely depends on equity stability, making Nvidia’s earnings a key near-term test. With downside risks from a miss appearing larger than the upside from a beat, crypto remains highly sensitive to equity volatility. At this stage, Bitcoin is not demanding optimism, it is demanding stability in the broader risk environment. If equities hold post-earnings and volatility remains contained, the path of least resistance can tilt higher. Ethereum & Altcoins Ethereum advanced toward $1,890, while Solana, XRP, BNB, and other majors participated in the rebound. The move reflects renewed risk appetite following heavy liquidations rather than a structural shift in leadership. U.S. spot Ethereum ETFs reversed recent negative flows with $9 million in net inflows, signaling early signs of stabilization after sustained pressure. The key test now is breadth and durability. Short-term rallies after deep selloffs are common; sustained continuation is less so. Liquidity returning to the space typically lifts higher-beta assets first, but real strength will only become evident if gains persist through the next macro and earnings catalysts without fading at the first volatility spike. Macro & Institutional Macro conditions remain defined by tariff uncertainty and a higher-for-longer policy tone. Federal Reserve officials signaled little appetite to shift policy in the near term, reinforcing elevated rate expectations. Gold’s rebound reflects this tension: supported by geopolitical and trade uncertainty, yet capped by firm rate expectations. Industrial metals also strengthened, with copper pushing back above $13,000 per ton as Chinese participation resumed, though high inventories may limit near-term tightening. On the institutional front, Hong Kong is advancing its regulatory framework, with the first batch of stablecoin issuer licenses expected next month and new legislation planned to cover digital asset dealers and custodians. Looking Ahead Attention now turns to U.S. data, beginning with Initial Jobless Claims on Thursday, followed by January Producer Price Index figures and the Chicago PMI on Friday. Labor market resilience combined with firm producer inflation would reinforce the higher-for-longer narrative and potentially cap risk appetite, while softer prints could reopen room for a broader relief rally. In the near term, macro data will determine whether crypto’s rebound evolves into continuation or stalls back into consolidation. Iliya Kalchev, Nexo Dispatch analyst For informational purposes only; not financial or investment advice.

Daily Market Dispatch – February 23, 2026 Bitcoin and crypto held in check by policy uncertainty and tariffs Crypto began the week under pressure, with Bitcoin briefly slipping below $65,000 in Asian trading before stabilizing near $65,300, while Ether retested the $1,900 area. The tone remains cautious. When policy becomes harder to price, crypto typically absorbs the volatility first. Traditional markets echoed the uncertainty. U.S. equity futures pointed lower, led by weakness in technology shares, while gold extended its safe-haven advance and oil steadied near recent highs as traders balanced renewed tariff uncertainty with upcoming U.S.–Iran nuclear talks. This remains a market trading within defined ranges until a clearer macro signal forces repricing. Bitcoin Bitcoin’s move back toward the mid-$64,000 region reflects sensitivity to marginal supply rather than a structural breakdown. On-chain data shows elevated flows from large holders toward exchanges, increasing near-term supply visibility at a time when spot demand remains measured. Still, price behavior resembles absorption rather than disorder. The corporate bid continues to provide structural support. Strategy acquired an additional 592 Bitcoin for approximately $39.8 million at an average price of $67,286, bringing total holdings to 717,722 Bitcoin valued at roughly $47.5 billion. That represents more than 3.4% of total supply. Long-duration accumulation persists, but in the short term Bitcoin remains tied to macro clarity rather than balance sheet conviction alone. Ethereum & Altcoins ETH declined nearly 5% to around $1,879, drifting back toward early-February levels. Weekend headlines around high-profile selling added pressure, but the broader dynamic remains positioning-driven. In cautious macro conditions, higher-beta assets tend to adjust first. Across major tokens, XRP, Solana, Cardano, and BNB traded lower, reflecting broad-based risk sensitivity. The key question for Ether is whether it can stabilize near recent support without triggering deeper positioning resets. Liquidity discipline, rather than narrative momentum, is likely to determine the next directional move. Macro & Institutional Tariffs have returned to the center of the macro narrative. After the Supreme Court struck down the previous emergency tariff regime, the administration pivoted to a temporary 15% global tariff framework for up to 150 days. The shift reintroduces a familiar tension: slower growth alongside still-elevated inflation. At the structural level, stablecoins continue to expand their macro footprint. Estimates projecting market capitalization toward $2 trillion by 2028 imply potential incremental demand of $800 billion to $1 trillion for short-dated U.S. Treasury bills. Stablecoins are increasingly a front-end rates story as much as a crypto liquidity one. Meanwhile, Missouri advanced legislation to establish a state Bitcoin reserve fund with a minimum five-year holding framework. While still early in the legislative process, such proposals underscore a steady normalization of digital assets within public finance discussions. Looking Ahead Tuesday brings U.S. ADP employment data and February Consumer Confidence, offering early signals on labor momentum and household sentiment. On Wednesday, President Trump’s remarks and Germany’s fourth-quarter gross domestic product reading add political and European growth dimensions to the macro mix. Thursday’s Initial Jobless Claims will provide another real-time check on U.S. labor resilience. The week concludes on Friday with January’s Producer Price Index and Chicago PMI, key inputs for inflation expectations and business activity. If yields and the U.S. dollar firm on hawkish repricing, rebound attempts in crypto may remain fragile. If volatility cools and macro expectations stabilize, defined support levels could begin to hold more convincingly. Iliya Kalchev, Nexo Dispatch analyst For informational purposes only; not financial or investment advice.

Daily Market Dispatch – February 20, 2026 Crypto steadies as inflation and geopolitics frame the week Crypto markets are stabilizing into the end of the week, though conviction remains limited ahead of key U.S. inflation and growth data. Bitcoin is trading near $67,750, while Ethereum sits around $1,950, with the broader altcoin complex subdued and risk appetite selective rather than expanding. The dominant macro driver remains uncertainty around the policy path. The Federal Reserve’s January meeting minutes reinforced a more hawkish tone, underscoring that rate cuts will depend on sustained progress in disinflation. That recalibration is colliding with renewed geopolitical tensions between the U.S. and Iran, supporting safe-haven flows into the dollar and gold while tempering enthusiasm for liquidity-sensitive assets such as crypto. U.S. stock futures are edging higher, but positioning remains cautious. The U.S. dollar is on track for its strongest weekly gain since October, hovering near a one-month high, while gold trades near record levels above $5,030 per ounce. Across asset classes, participation remains active, yet capital appears reluctant to extend risk meaningfully ahead of GDP data that could redefine rate expectations. Bitcoin Bitcoin remains in consolidation following its early February correction. On-chain fundamentals continue to strengthen despite price pressure. Mining difficulty rose to 144.4T, a 15% increase and the largest percentage adjustment since 2021, while hashrate has recovered to 1 ZH/s. Spot ETF flows, however, reflect near-term caution. U.S. Bitcoin ETFs recorded $165 million in net outflows, reinforcing the idea that institutions are trimming exposure rather than aggressively accumulating dips. The derivatives backdrop suggests equilibrium is rebuilding, but macro validation will likely determine the next decisive move. Ethereum & Altcoins Ethereum rebounded intraday but remains capped below the $2,000 threshold, limiting broader momentum. U.S. Ethereum ETFs logged $130 million in net outflows, mirroring the cautious tone seen in Bitcoin products. XRP and Solana ETFs, however, managed to register modest inflows, signaling selective positioning rather than wholesale exit from the asset class. In spot markets, XRP and Solana remain under weekly pressure, though the divergence in flows suggests investors are increasingly targeting specific narratives rather than broad beta exposure. Across the altcoin complex, performance remains uneven, reinforcing that risk appetite is narrow and conditional. Macro & Institutional The dollar’s strength this week reflects both solid labor data and geopolitical hedging. U.S. jobless claims have underscored labor market stability. Japan’s inflation slowed to 1.5%, reinforcing doubts about further near-term tightening from the Bank of Japan. In Washington, stablecoin yield negotiations continue, with lawmakers working toward broader market structure legislation that could clarify jurisdictional boundaries and reshape the regulatory environment. Policy clarity remains the medium-term structural catalyst for digital assets. Looking Ahead Attention next week will turn to U.S. consumer confidence on Tuesday and a series of FOMC member speeches that could further shape rate expectations, followed later by Germany’s Q4 GDP, U.S. initial jobless claims, and U.S. Producer Price Index (PPI) data. With markets recalibrating the inflation trajectory, PPI and Fed commentary will be closely watched for confirmation on pricing pressures; easing readings could help stabilize risk appetite, while renewed upside surprises may extend the current consolidation phase. Iliya Kalchev, Nexo Dispatch analyst For informational purposes only; not financial or investment advice.

Daily Market Dispatch – February 19, 2026 Fed’s hawkish undertone keeps crypto in consolidation mode Crypto markets are stabilizing, though the dominant catalyst remains the Federal Reserve’s January 27–28 meeting minutes, released this week with a cautiously hawkish undertone. Several officials indicated cuts would resume only if inflation declines as expected, while some supported language acknowledging hikes could be appropriate if inflation remains above target. That nuance widens the policy range and tempers confidence around mid-year easing, keeping risk assets in consolidation mode. Bitcoin trades near $67,000, while Ethereum hovers below the $2,000 threshold. The broader altcoin complex remains selective rather than expansionary. Gold is holding firm on geopolitical demand, though higher yields and a stronger dollar are limiting further gains. Cross-asset positioning reflects engagement, but with higher conviction thresholds. Bitcoin Bitcoin remains in consolidation following the early February correction. Price structure still reflects lower highs and lower lows since the October peak near $126,600, though downside momentum has moderated. U.S. spot Bitcoin ETFs recorded $133.3 million in net outflows, while futures open interest sits near $30 billion, signaling a cautious but engaged derivatives backdrop. Exposure is present but not extended, suggesting capital awaits clearer macro signals. Funding rates have returned to flat-to-slightly-positive territory, while the three-month annualized basis near 3% points to measured institutional positioning. Options positioning is balanced, though short-term implied volatility remains elevated versus longer maturities. Liquidations totaled roughly $218 million over 24 hours, led by long positions, but the unwind has been orderly. The $67,400 level stands out should upside momentum build. Equilibrium appears to be rebuilding, with macro confirmation likely required for a decisive move. Ethereum & Altcoins Ethereum rebounded from $1,924 but remains capped below $2,000, limiting broader momentum. ETF flows reinforce caution, as Ethereum products saw $41.8 million in net outflows, with XRP products also posting modest redemptions. XRP is trading near $1.42 following recent weakness, while Solana is showing relative resilience amid broader caution across the altcoin complex. That relative strength is reflected in flows, with SOL spot ETFs recording $2.4 million in net inflows and cumulative inflows nearing $880 million. The divergence suggests rotation within crypto rather than wholesale exit, as exposure becomes more targeted. Macro & Institutional The minutes showed a Fed balancing inflation risks against labor market considerations. Most participants expect inflation to ease, though timing remains uncertain, and several stressed that additional easing should wait for clearer disinflation. A smaller group supported explicitly acknowledging potential upward adjustments if inflation persists. Labor data has been mixed: unemployment dipped to 4.3% and payroll growth surprised to the upside, while gains remain uneven. The Fed’s preferred PCE measure sits near 3%, above target. Markets still lean toward a June cut, though expectations remain data-sensitive. Oil remains supported by geopolitical tensions, while defensive flows persist in precious metals. Earnings from Walmart and Deere may further shape views on consumer and industrial resilience. The macro backdrop is stable, but no longer clearly easing. Looking Ahead Attention turns to Friday’s U.S. Core PCE Price Index (MoM, YoY), followed by S&P Global PMI data. With policymakers signaling that further easing depends on sustained disinflation, PCE will be pivotal. A softer print could steady rate expectations and support renewed allocation into crypto, while another firm reading may extend consolidation as markets reassess policy timing. Iliya Kalchev, Nexo Dispatch analyst For informational purposes only; not financial or investment advice.

Daily Market Dispatch – February 18, 2026 Crypto awaits Fed clarity as flows turn selective Crypto markets remain sensitive to shifts in U.S. rate expectations, with total market capitalization holding near $2.33 trillion. Bitcoin trades around $67,500, while Ethereum moves near $2,000, reflecting stabilization rather than renewed expansion. ETF flows remain mixed, with $104 million in outflows from Bitcoin products contrasted by $48 million in Ethereum inflows, pointing to internal reallocation rather than broad risk withdrawal. Across traditional markets, the S&P 500 trades near multi-week highs, the U.S. 10-year yield sits around 4.05%, gold remains firm near $4,880 per ounce, and UK inflation slowed to approximately 3.0%, reinforcing expectations that global tightening cycles may be nearing their peak. Markets are maintaining exposure but limiting risk expansion ahead of key macro catalysts. Bitcoin Bitcoin continues to consolidate near $67,500. Historically, such drawdowns have often occurred late in corrective phases, though durable stabilization has typically required improving liquidity rather than reliance on a single technical threshold. Institutional positioning remains differentiated. While recent daily flows have softened, longer-term allocations remain notable. Filings released this week show that two Abu Dhabi-based funds collectively held more than $1 billion in BlackRock’s spot Bitcoin ETF (IBIT) at year-end. These allocations suggest sovereign-level exposure to Bitcoin remains intact even as short-term ETF flows fluctuate. Flow stabilization, rather than price proximity to drawdown levels, may provide clearer confirmation of renewed momentum. Ethereum & Altcoins Ethereum trades near $2,000, maintaining relative stability even as Bitcoin ETF flows soften. The divergence between $48 million in Ethereum ETF inflows and $104 million in Bitcoin outflows suggests differentiated allocation rather than broad withdrawal from digital assets. BlackRock has advanced plans for a yield-generating Ethereum ETF through an amended S-1 filing for the iShares Staked Ethereum Trust (ETHB). The introduction of a staked ETF expands Ethereum’s institutional profile beyond pure price exposure. In combination with ongoing ETF inflows, the development points to incremental allocation interest rather than speculative rotation. Altcoin price action remains uneven. XRP trades near $1.48, while BNB, Solana, and Cardano are modestly lower, underscoring that capital rotation remains selective rather than broad-based. Macro & Institutional Rate repricing remains central to cross-asset direction. Crypto’s sensitivity to U.S. interest rate expectations was reinforced earlier this month following the Warsh nomination, which prompted renewed debate over the future policy path. Digital assets remain tightly linked to real yield expectations, with macro transmission continuing to influence short-term positioning. UK inflation’s moderation to approximately 3.0% supports the broader disinflation narrative, though central banks remain cautious. Gold’s resilience reflects continued hedging against policy uncertainty, while dollar direction remains tied to rate differentials. Institutional behavior appears measured but not retreating. Looking Ahead Total crypto market capitalization remains near $2.33 trillion, potentially forming a near-term base as volatility compresses. Attention now turns to the FOMC Meeting Minutes on Wednesday, followed by Jobless Claims and the Philadelphia Fed Index on Thursday, and the Core PCE Price Index and S&P Global PMIs on Friday. Confirmation that disinflation remains intact could support incremental stabilization across risk assets, while renewed inflation persistence or a firmer policy tone may keep digital assets trading within established consolidation ranges. Iliya Kalchev, Nexo Dispatch analyst For informational purposes only; not financial or investment advice.

Daily Market Dispatch – February 17, 2026 Crypto consolidates as liquidity becomes the decisive variable Crypto markets remain in consolidation, with total capitalization near $2.33 trillion. Bitcoin trades around $67,000, while Ethereum holds near $1,960, reflecting restrained positioning rather than renewed liquidation. The tone is cautious but orderly. Traditional markets echo that moderation. U.S. equity futures are softer amid defensive internal rotation, with consumer staples outperforming discretionary and growth names. The dollar remains supported by firmer oil and renewed geopolitical tension near the Strait of Hormuz, while precious metals have slipped despite elevated risks, signaling positioning fatigue rather than stress. Capital is rotating late-cycle, not exiting risk outright. Bitcoin Bitcoin remains range-bound after last week’s near-break of $60,000. Funding is mildly positive but historically compressed, and open interest sits in the bottom decile, confirming that leverage has largely been flushed. The setup is structurally cleaner. With light positioning and minimal crowding, price sensitivity now hinges more on liquidity than speculation. Implied volatility has stabilized near 50%, though a slightly inverted term structure reflects continued demand for near-term hedging. Ethereum & Altcoins Ethereum trades near $1,960, with slightly negative funding and below-average open interest, signalling caution without systemic stress. Across majors, positioning remains restrained. XRP shows negative funding but subdued open interest, pointing to directional bias without crowding. Solana remains broadly neutral, reflecting steady participation. Defensive equity rotation continues to compress speculative appetite, limiting broad-based alt expansion. Liquidity in this phase tends to concentrate in higher-conviction assets. Structurally, Ethereum’s institutional footprint is expanding. Tokenized real-world assets on mainnet exceed $17 billion, while stablecoin supply has climbed above $175 billion. Treasury funds, commodities, and yield instruments are increasingly settling on Ethereum rails, underscoring its role as core settlement infrastructure even as speculative intensity remains muted. Macro & Institutional Recent CPI data reinforce renewed disinflation, particularly in services. While sticky inflation remains near 3%, the trajectory supports normalization expectations into 2026. PCE this week will test that trend. The U.S. 10-year yield near 4% signals equilibrium rather than stress, and global indicators reflect moderation, not recession pricing. FX remains driven by policy divergence and energy-linked inflation, anchoring dollar resilience. Stablecoins are increasingly functioning as transactional tools rather than purely trading instruments. With roughly $300 billion in circulation and rising allocation within household savings – especially in emerging markets, dollar-backed tokens are behaving more like programmable digital cash. Regulatory progress in the U.S. could accelerate that integration. The next expansion phase in crypto is likely to be driven less by leverage and more by embedded financial utility. Looking Ahead Total crypto market capitalization remains near $2.33 trillion, signaling stabilization after prolonged deleveraging. With no fresh U.S. ETF flow data available, macro catalysts take center stage. Markets will focus on the FOMC Meeting Minutes on Wednesday, followed by Initial Jobless Claims, the Philadelphia Fed Manufacturing Index, and remarks from FOMC member Bostic on Thursday. The week concludes with Core PCE inflation data and S&P Global PMI readings on Friday. Continued disinflation and steady labor conditions could ease financial pressures and support basing in crypto, while firmer inflation or resilient growth that lifts yields and the dollar would likely keep digital assets contained within recent ranges. Iliya Kalchev, Nexo Dispatch analyst For informational purposes only; not financial or investment advice.

Nexo returns to the United States. The official relaunch is being executed in partnership with regulated partners, providing a U.S.-compliant framework for our investment and credit product offerings. As part of the return, we are introducing a comprehensive suite of digital asset services designed to support advanced portfolio management and liquidity needs. These include Flexible and Fixed-term Yield programs, an integrated Exchange, Crypto-backed Credit Lines, and a Loyalty program, alongside streamlined crypto and fiat on- and off-ramps supported via ACH and wire transfers. Digital asset trading infrastructure is provided by Bakkt, a publicly listed, U.S.-based digital asset platform designed to support institutional participation in digital assets. This return reflects a long-term commitment to operating where regulatory frameworks are evolving, institutional standards are clearly defined, and innovation can be pursued responsibly. Explore: Nexo USA.

Daily Market Dispatch – February 13, 2026 Crypto markets close the week in a stabilization phase, with price action firming even as ETF outflows persist. Positioning metrics suggest reduced leverage and consolidation dynamics rather than renewed directional expansion. More broadly, global markets finish the week balancing improving Asian growth signals against renewed volatility in U.S. equities. Japan’s upcoming GDP and trade releases are expected to indicate a modest rebound, while U.S. inflation data remains central to the monetary policy outlook. Bitcoin Bitcoin trades around $67,000, up 1.4% over the past seven days. Total crypto market capitalization has risen 2.2% week-on-week to $2.29 trillion. Volatility has moderated and open interest has declined across major assets, suggesting a reduction in leveraged positioning and a cooling of speculative activity. Funding rates have returned to low positive territory after last week’s broad negative prints, indicating stabilization in directional sentiment rather than renewed risk expansion. U.S. spot Bitcoin ETFs recorded a single-day net outflow of $410.37 million on February 12, led by BlackRock’s IBIT with $157.56 million in outflows and Fidelity’s FBTC with $104.13 million. At the same time, corporate accumulation continued, with Strategy acquiring 1,142 Bitcoin for approximately $90 million, bringing total holdings to 714,644 BTC, while Binance completed a 15,000 BTC purchase program worth roughly $1 billion using SAFU reserves. Ethereum & Altcoins Ethereum hovers just below $2,000, advancing 1.9% over the past seven days. Ethereum spot ETFs recorded $113 million in net outflows on February 12, with Fidelity’s FETH and BlackRock’s ETHA leading daily redemptions. Total Ethereum ETF net assets stand at $10.97 billion, representing 4.74% of Ethereum’s market capitalization, with cumulative historical inflows of $11.64 billion. Elsewhere, the XRP spot ETF recorded no net flows, maintaining $993 million in net assets and $1.23 billion in cumulative inflows, while Solana spot ETFs bucked the broader ETF trend, posting modest net inflows of $2.7 million. Macro & Institutional In the United States, equities experienced renewed volatility, with the S&P 500 declining nearly 1.6% and the Nasdaq 100 falling more than 2% in Thursday’s session, partly alongside approximately $22 billion in settlement flows linked to options and derivatives expiries. The move weighed on crypto assets, which remain positively correlated with broader risk sentiment. Additional settlements of $65 billion and $24 billion are scheduled next week, which may increase the potential for mechanically driven price swings as dealers rebalance or unwind expiring hedges, although the directional impact will depend on prevailing positioning. January CPI is expected to show headline inflation slowing to 2.5% year-on-year from 2.7%, while core inflation is projected at 2.5% annually and 0.3% month-on-month. Inflation remains above the Federal Reserve’s 2% target, and market pricing continues to reflect limited expectations for rate cuts before the second half of 2026. Gold rose 1.2% to $4,979 per ounce amid geopolitical tensions and inflation uncertainty, reflecting renewed safe-haven allocation. Looking Ahead The coming week centers on Japan’s GDP, trade, and inflation data, alongside U.S. Core PCE and PCE Price Index releases and multiple Federal Reserve communications. PCE inflation, the Fed’s preferred measure, will be closely monitored for confirmation that price pressures are moderating, particularly after CPI showed only gradual disinflation and inflation remains above the 2% target. Markets will assess both the monthly momentum and year-on-year trend for implications for the policy path. Chinese New Year runs throughout the week, keeping mainland China markets closed and potentially reducing regional liquidity. — Dessislava Ianeva, Nexo Dispatch analyst For informational purposes only; not financial or investment advice.

Daily Market Dispatch – February 9, 2026 Global markets opened the week testing the durability of Friday’s rebound across risk assets, as investors assess political developments in Japan and the UK alongside a dense U.S. macro calendar. On Friday, U.S. equities advanced sharply, with the Dow Jones rising 2.5% to a record 50,115, the S&P 500 gaining 2.0%, and the Nasdaq up 2.2%. Bitcoin also rebounded alongside broader risk sentiment, recovering from sub-$60k levels toward $70k. In FX, the dollar softened as USD/JPY moved lower following Prime Minister Sanae Takaichi’s decisive election victory, while reports of Chinese guidance to reduce exposure to U.S. Treasuries added to dollar pressure. With U.S. labor and inflation data in focus, markets remain sensitive to incoming policy and macro signals. Bitcoin Bitcoin rebounded on Friday in line with broader risk assets. Despite last week’s consolidation, spot Bitcoin ETFs saw $371 million in net inflows on February 6, with no outflows across all twelve products, potentially suggesting stabilising institutional demand as prices stabilized. Derivatives positioning remains balanced, with funding near neutral and no clear leverage bias. In options markets, implied volatility has eased from recent highs but remains elevated, indicating ongoing near-term uncertainty. Options open interest is concentrated in late-February and March expiries, while longer-dated positioning is limited, and demand for downside protection remains in place despite the price rebound. Ethereum & Altcoins Ethereum traded above $2,000 early on February 9, retaining most of its late-week gains, while XRP and SOL stabilized near $1.40 and $84, respectively. ETF flows remain mixed: ETH spot ETFs closed last week with net outflows, while XRP ETFs recorded $39 million in net inflows, led by XRPZ (+$20.5 million). SOL ETFs saw net weekly outflows, though flows turned positive on February 6 with $2.8 million in daily inflows, indicating tentative stabilization. Altcoin derivatives positioning remains cautious. Funding rates are modestly negative with elevated cross-venue dispersion, pointing to selective and uneven conviction. Open interest has stabilized but remains below early-February levels, suggesting reduced leverage. ETH funding has hovered near neutral, while SOL and XRP funding remain more negatively skewed—consistent with stabilizing, but not yet decisively constructive, sentiment across altcoins. Macro & Institutional U.S. equities closed Friday higher across the board, led by the Dow’s record gain, following several sessions of consolidation and helping stabilize broader risk sentiment. In FX markets, the dollar weakened as investors digested Japan’s election outcome, with the yen strengthening even as rising Japanese yields underscored ongoing fiscal and policy tensions. Sterling remained under pressure amid deepening political uncertainty in the UK. Separately, reports of Chinese guidance encouraging banks to reduce exposure to U.S. Treasuries added to near-term dollar headwinds. Looking Ahead Attention now turns to a data-heavy week featuring U.S. retail sales, delayed January labor data (NFP, unemployment, wages), and U.S. CPI. Today’s calendar is relatively light, with the New York Fed’s 1-year inflation expectations offering insight into near-term household inflation expectations, while remarks from FOMC member Bostic and Fed Governor Waller may help refine near-term policy expectations. — Dessislava Ianeva, Nexo Dispatch analyst For informational purposes only; not financial or investment advice.

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Daily Market Dispatch – February 5, 2026 Market Overview Markets opened February 5 in recalibration mode. U.S. equities closed mixed, with continued weakness in AI and software stocks weighing on the Nasdaq. In rates, front-end U.S. Treasury yields eased toward recent averages as markets priced a higher likelihood of future rate cuts following President Trump’s comments on the incoming Fed Chair, while longer-dated yields remained elevated, reflecting ongoing inflation pressures and elevated government borrowing needs rather than a clear deterioration in growth expectations. The stronger U.S. dollar weighed on risk-sensitive assets. Crypto weakened amid ETF outflows and a shift toward liquidity, while precious metals declined as dollar strength and profit-taking pressured gold and silver after recent gains. Bitcoin Bitcoin traded below $70,000, as continued weakness in U.S. equities weighed on crypto markets, pushing total crypto market capitalization down 7.7% to $2.37 trillion. Trading volumes increased to their highest level this year but remained below levels seen during the October–November selloffs. Options markets continue to reflect elevated near-term uncertainty, with implied volatility inverted as short-dated expiries trade above longer tenors. Bitcoin dominance reached a year-to-date high of 59.4%, indicating a preference for liquidity over broader risk exposure within crypto. This consolidation phase has been mirrored by ETF flows. Bitcoin spot ETFs recorded $544.9 million in net outflows on February 4. The scale and concentration of redemptions suggest coordinated portfolio de-risking by large institutional allocators rather than isolated fund-specific activity. Despite near-term outflows, cumulative net inflows remain substantial at $54.8 billion, with total ETF assets at $93.5 billion, or 6.4% of Bitcoin’s market capitalization, indicating that longer-term strategic exposure remains largely intact. Ethereum & Altcoins Ether and major altcoins followed Bitcoin lower, with altcoins underperforming on the day. Funding rates and open interest suggest that recent deleveraging has paused, but risk appetite remains selective. Institutional flows continue to diverge, with Ethereum and Solana products seeing outflows while XRP products attracted modest inflows, highlighting differentiated positioning rather than broad risk aversion. Macro & Institutional Rates and FX continue to reflect elevated policy uncertainty across major economies, though volatility remains contained. In the U.S., softer front-end yields point to growing confidence in eventual rate cuts, while a firmer dollar and higher long-end yields highlight unresolved inflation, fiscal, and credibility risks. Despite this, the MOVE index remains around the high-50s, indicating subdued implied Treasury volatility and consistent with range-bound conditions rather than stress. In Europe, the ECB held rates at 2% but adopted a more nuanced tone, with policymakers increasingly attentive to the euro’s recent appreciation and its disinflationary impact, keeping the option of further easing open if conditions soften. In the UK, a more divided Bank of England vote has raised the perceived likelihood of a March rate cut, weighing on sterling and short-dated yields. Recent U.S. data continue to signal labor market cooling rather than contraction, while crypto’s underperformance alongside tech equities suggests risk sentiment remains fragile but orderly. Looking Ahead Markets now turn to U.S. JOLTS job openings. Later today, attention will focus on the layoffs measure for indications of further softening in labor market conditions. The U.S. data calendar has been reset. January Nonfarm Payrolls will be released on February 11, including annual revisions, while January CPI has been moved to February 13. The tighter sequencing increases the potential for data-driven volatility as markets reassess the future path of Fed policy. — Dessislava, Ianeva, Nexo Dispatch analyst For informational purposes only; not financial or investment advice.

Daily Market Dispatch – February 4, 2026 Market Overview Risk sentiment softened as US equities posted losses, with large-cap technology and software names leading the decline. The pullback followed renewed scrutiny over potential AI “losers,” as investors reassessed which business models may be disrupted by accelerating AI adoption. Commodities diverged, with oil firming on renewed geopolitical concerns around Iran, while gold extended gains amid safe-haven demand. In FX, the US dollar eased modestly but remained resilient, with volatility continuing to compress. Cryptoassets remained under pressure near multi-month lows, though improving altcoin ETF flows point to stabilising institutional sentiment. More broadly, investors continue to navigate an environment where incremental shifts in macro data and technology-related assumptions are being amplified through relative performance, sector rotation, and cross-asset correlations. Bitcoin Crypto markets stabilized after sharp early-week volatility, though sentiment among short-term participants remained cautious. Bitcoin hovered near the $76,000 area, while total crypto market capitalization declined approximately 2.1% over the past 24 hours to around $2.57 trillion. ETF flows turned mixed, with Bbitcoin spot ETFs recording net outflows after a strong inflow day earlier in the week, suggesting uneven conviction. Derivatives positioning showed signs of stabilization, with average funding rates for BTC and ETH turning modestly positive and open interest flattening near recent ranges, while implied volatility remained elevated with a slightly inverted term structure. Ethereum & Altcoins Ethereum traded just above the $2,200 level, with network activity continuing to improve following December’s Fusaka upgrade. Lower gas fees have coincided with higher transaction volumes and a notable rise in active addresses, though an increase in stablecoin “dust” transactions points to a greater share of low-value on-chain activity. Derivatives positioning remains cautious but has shown signs of stabilisation, with funding rates across major venues turning modestly positive in the early hours of Wednesday. Spot ETF flows for ETH, SOL, and XRP recorded modest net inflows on February 3, led by products from BlackRock and Fidelity, indicating selective institutional re-engagement amid the prevailing risk-off backdrop. Macro & Institutional In rates markets, US Treasury yields were little changed, with the 10-year near 4.27%, as attention turned to ADP employment and ISM services data following delays to official payrolls. In Europe, Eurozone inflation eased to 1.7% in January, with core inflation falling to 2.2%, reinforcing ongoing disinflation and likely strengthening dovish voices ahead of the ECB decision later this week. However, market pricing continues to reflect a cautious policy outlook, with more than a 50% probability assigned to ECB rates remaining unchanged through year-end, implying no cuts across the eight remaining meetings in 2026. In commodities, gold extended gains above $5,000 per ounce on heightened geopolitical risk, while oil prices firmed on renewed Iran-related supply concerns. In Asia, China’s currency strengthened to multi-month highs, while Japanese equities advanced amid yen volatility ahead of domestic political developments. Looking Ahead Attention turns to U.S. data likely to shape near-term expectations across rates, FX, and risk assets. ADP private payrolls and ISM services PMI will offer an updated read on labour market momentum and services-sector activity; any deviation from expectations could influence near-term rate pricing and dollar dynamics. — Dessislava, Ianeva, Nexo Dispatch analyst For informational purposes only; not financial or investment advice.

Daily Market Dispatch – February 3, 2026 Market Overview Markets stabilized after last week’s volatility. US equities rebounded, with the S&P 500 moving back toward the 7,000 level and the Nasdaq recovering alongside broader risk sentiment. Precious metals also found footing, with gold rebounding from early-week lows. The dollar’s rally paused amid shutdown-related delays to US labor data, while a stronger-than-expected ISM manufacturing print continued to anchor near-term rates and FX pricing. In digital assets, Bitcoin and Ethereum stabilized, with derivatives positioning easing and spot ETF flows turning marginally positive on Monday. Bitcoin Bitcoin edged higher over the past 24 hours, holding above $78,000. Price action remains consistent with cautious consolidation rather than renewed directional conviction. Option-implied volatility has declined from recent highs, indicating lower near-term expected turbulence. Perpetual funding rates have turned marginally positive, while open interest remains subdued—suggesting partial normalization of positioning rather than a renewed build-up of leverage. Spot Bitcoin ETFs recorded roughly $155 million in net inflows on Monday, snapping a multi-day outflow streak. Ethereum & Altcoins Ethereum tracked Bitcoin higher, trading around $2,300. Modest ETF inflows on February 2 and easing implied volatility point to continued stabilization in sentiment. Altcoin positioning remained selective, with funding rates negative across several majors—consistent with ongoing de-risking outside the most liquid assets. Macro & Institutional In the US, the ISM manufacturing upside surprise has gained importance as payrolls, JOLTS, and ADP remain delayed by the government shutdown. The return to expansion pushed yields modestly higher at the front end, reflecting a mild hawkish repricing toward fewer or later Fed cuts. The dollar recovered most of its recent losses. Equities absorbed the move, with the S&P 500 up ~0.5% and the Nasdaq ~0.6% on Monday, indicating that higher front-end yields have not translated into broader risk-off behavior. Looking Ahead In the US, delayed labor data shifts near-term attention to recent activity indicators and corporate earnings. Focus turns to the ECB meeting later this week. The ECB’s bank lending survey today will be monitored for credit conditions, but is unlikely to drive markets. In digital assets, liquidity conditions and ETF flow persistence remain central to assessing the durability of the current stabilization. — Dessislava Ianeva, Nexo Dispatch analyst For informational purposes only; not financial or investment advice.

Daily Market Dispatch – January 29, 2026 Markets digest a steady Fed amid mixed macro and earnings signals Global markets absorbed a widely expected FOMC hold at 3.50%–3.75%, with no balance-sheet changes or updated projections. The decision was fully priced in, resulting in limited cross-asset repricing. U.S. equities were little changed, with the S&P 500 flat after briefly crossing 7,000 and Nasdaq futures up ~0.3%. European equities lagged, while Asia outperformed, led by Hong Kong and South Korea’s KOSPI. Treasury yields were stable near 4.25% on the U.S. 10-year, while the USD softened modestly. The clearest market response remained in commodities, where gold and copper extended record highs and oil firmed toward $70 on rising US-Iran tensions. Crypto markets remained range-bound, with BTC around $88k–$89k, ETH near $2.9k, and total crypto market cap edging lower, reflecting cautious sentiment. Bitcoin Bitcoin traded in a narrow $88k–$89k range, ending modestly lower, as markets absorbed a largely priced-in FOMC outcome. Price action points to stabilisation rather than renewed momentum, with broader participation subdued and spot volumes down ~3% day-on-day. Exchange inflows have moderated since early January, indicating that near-term spot selling pressure has eased, even as demand has yet to meaningfully re-accelerate. At the same time, BTC 30-day forward-looking implied volatility has continued to compress to ~37%, approaching historically low levels, comparable to prior low-activity regimes. ETF outflows have further decelerated this week, reinforcing the stabilisation narrative in institutional positioning, with selective inflows into IBIT suggesting a more discriminating allocation backdrop rather than broad risk re-engagement. Ethereum & Altcoins Ethereum traded near $2.9k, with major altcoins down 1–3% over the past 24 hours. Funding rates remained slightly positive, while open interest stayed well below October highs, pointing to constrained leverage and cautious sentiment. ETF flows have turned incrementally more constructive, with XRP flows flipping positive on January 28 and Solana ETFs recording modest net inflows over the past seven days, suggesting a gradual improvement in sentiment that, if sustained, may help stabilise spot prices. Macro & Institutional The Fed held the policy rate unchanged in a 10–2 vote, with two governors dissenting in favor of cuts. The accompanying statement carried a slightly firmer tone, removing references to rising downside risks to employment and upgrading growth language to “solid.” Chair Powell maintained a non-committal stance, reiterating that inflation remains elevated while expressing confidence in the resilience of the labor market. Policy was described as “loosely neutral,” reinforcing the perception that the easing cycle may be nearing its conclusion. Treasury yields edged higher over the week, with the 10-year drifting toward ~4.25%, as markets increasingly priced out near-term cuts. Dollar volatility persists amid shifting political rhetoric, though fundamentals showed limited deterioration. In equities, results across the so-called “Magnificent Seven” tech stocks have been mixed, underscoring ongoing rotation rather than broad leadership. Looking Ahead With policy rates on hold and the Fed signaling patience, attention shifts to incoming US jobless claims, trade data, and Japan Tokyo CPI, alongside continued mega-cap earnings. In crypto markets, subdued volumes and stable derivatives positioning suggest consolidation remains the dominant regime, with institutional flows and macro cross-currents likely to remain key near term drivers. — Dessislava Ianeva, Nexo Dispatch analyst For informational purposes only; not financial or investment advice.

Daily Market Dispatch – January 28, 2026 Crypto markets find balance ahead of the fed decision Markets leaned cautiously constructive on Wednesday as investors positioned ahead of the Federal Reserve’s policy decision and a heavy slate of large-cap technology earnings. U.S. equity futures traded mostly higher, led by the Nasdaq, extending a run that has pushed the S&P 500 and Nasdaq to their highest levels in over a week. In crypto, Bitcoin traded just below $90,000, with the total crypto market capitalisation holding near $3.03 trillion, pointing to steady positioning rather than renewed risk-taking. Across asset classes, divergence remains pronounced: equities are firm, while precious metals continue to attract defensive flows. Gold has surged to fresh record highs above $5,200 per ounce, while silver has climbed above $112 since the start of the week, underscoring sustained demand for non-sovereign stores of value amid policy and currency uncertainty. Bitcoin Bitcoin increased slightly in the early hours of January 28 but remained rangebound as traders balanced a weaker U.S. dollar and surging precious metals against caution ahead of the Fed decision. Despite supportive macro tailwinds, price action stayed contained, with Bitcoin trading in a narrow $88,000–$90,000 range. Positioning remains light, reflecting uncertainty around the near-term policy path and ongoing questions surrounding central bank independence. Institutional flows have turned negative with roughly $147 million in net outflows from U.S. spot Bitcoin ETFs, signalling continued caution among allocators rather than outright disengagement. Importantly, this shift has not triggered disorderly price action. Bitcoin’s pause below $90,000 continues to look more like a repricing of interest-rate expectations than a breakdown in demand. Ethereum & Altcoins Ethereum and major altcoins posted modest gains, broadly tracking Bitcoin as sentiment steadied ahead of the Fed. ETH traded back above the $3,000 level, while XRP and other large-cap tokens advanced incrementally. Derivatives data points to improving balance rather than renewed speculation. Funding rates across major assets have moved back into positive territory after briefly turning negative earlier in the week, while open interest has recovered toward early-January levels. Leverage continues to unwind, but at a significantly slower pace than in late 2025. Macro & Institutional Macro dynamics continue to shape cross-asset behaviour. The U.S. dollar has softened toward multi-year lows amid elevated political and policy uncertainty, mechanically supporting dollar-denominated assets, including commodities and crypto. Deutsche Bank noted that structurally higher geopolitical risk is embedding a more durable risk premium across commodity markets, supported by supply-chain fragmentation, strategic stockpiling, and sustained central bank demand for precious metals. Political and trade developments have largely remained in the background, with markets focused on earnings and monetary policy continuity rather than reacting to individual headlines. Looking Ahead The focus today is firmly on the Federal Reserve’s interest rate decision and FOMC statement, with markets almost universally expecting rates to remain unchanged. Attention will centre on Chair Powell’s guidance, particularly around inflation progress, financial conditions, and any commentary touching on policy continuity and leadership succession. The U.S. initial jobless claims on Thursday and Chicago PMI on Friday will provide additional colour on labour and manufacturing momentum, while remarks from FOMC member Bowman and the release of January manufacturing PMI will help round out a data-heavy week as markets look ahead to February. — Iliya Kalchev, Nexo Dispatch analyst For informational purposes only; not financial or investment advice.