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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.

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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.

Daily Market Dispatch – January 27, 2026 Markets hold steady as policy signals take center stage Markets were steady but cautious on Tuesday as investors positioned ahead of the Federal Reserve’s policy decision and a heavy slate of large-cap earnings. U.S. equity futures were mixed, with Nasdaq futures outperforming while the Dow hovered slightly lower, following four consecutive sessions of gains that have pushed the S&P 500 and Nasdaq to their highest levels in over a week. The broader macro backdrop remains uneven: equity strength contrasts with firm demand for defensive assets. Gold pushed back toward record highs above $5,100 per ounce, while silver has surged above $112 since the start of the week, underscoring sustained demand for non-sovereign assets amid geopolitical and policy uncertainty. Bitcoin Bitcoin trades above $88,500 and with other large-cap digital assets has been modestly firmer over the past 24 hours as markets position ahead of the Federal Reserve’s decision. Chair Powell’s guidance remains the primary near-term catalyst, any signal toward eventual easing would be supportive for risk assets, while persistent inflation risks would reinforce caution. Importantly, recent price action has been orderly. ETF flows have also shown early signs of stabilization. After several consecutive days of outflows, the streak was broken on Monday with modest net inflows of $6.8 million, suggesting that institutional positioning may be beginning to steady at the margin. Taken together, these dynamics help explain why Bitcoin has stabilized despite the broader repricing of rate expectations. Ethereum & Altcoins Ethereum and major altcoins have broadly tracked Bitcoin’s consolidation, but sentiment toward higher-beta assets has improved modestly. After briefly turning negative earlier in the week, funding rates across several altcoins are now modestly positive, pointing to market stabilization. Open interest in assets such as Solana and XRP has edged higher, pointing to selective engagement. Importantly, leverage conditions across BTC, ETH, SOL, and XRP continue to normalize. January liquidations are estimated to be roughly 40–70% below Q4 averages and 70–80% below cycle peaks, indicating fewer forced unwind cascades. With leverage largely flushed from higher-beta assets, near-term forced-selling risk appears diminished. Macro & Institutional Macro conditions remain the primary driver across asset classes. Equity markets have absorbed recent political and trade developments with limited disruption, while fixed-income repricing following last week’s Japanese government bond selloff continues to influence global positioning. Despite equity gains, strength in precious metals and a softer U.S. dollar point to a more cautious allocation backdrop. On the policy front, progress on U.S. crypto market structure legislation has become less linear. Negotiations in the Senate Agriculture Committee have grown more complex after a revised draft moved forward without full bipartisan backing, though talks are ongoing ahead of a delayed markup later this week. Looking Ahead Attention now turns to a dense run of policy and sentiment indicators, anchored by the Federal Reserve’s interest rate decision and FOMC statement on Wednesday. Midweek also brings the Bank of Canada’s rate decision and Monetary Policy Report, providing a useful comparison for how peers are balancing inflation risks against slowing growth. Beyond central banks, markets will watch U.S. jobless claims and Chicago PMI for signals on labor-market and manufacturing momentum, before turning to remarks from FOMC member Bowman late Friday. The week closes with January manufacturing PMI data, rounding out a sequence of releases that will help determine whether markets extend their current consolidation or begin to reassess the policy outlook into February. — Iliya Kalchev, Nexo Dispatch analyst For informational purposes only; not financial or investment advice.

Daily Market Dispatch – January 26, 2026 Crypto looks for balance as macro volatility repositions markets Crypto markets opened the week on a cautious footing as investors navigated a dense mix of political, policy, and macro signals. Bitcoin briefly dipped below the $87,000 level over the weekend before stabilizing near $87,500, while Ethereum traded just under $2,900, broadly tracking a softer tone across risk assets. The total crypto market cap has slipped just below $3 trillion, to around $2.96 trillion, reflecting consolidation rather than disorderly positioning. In traditional markets, S&P 500 and Nasdaq futures edged modestly lower. In commodities, gold surged to fresh record highs above $5,100/oz, underscoring sustained demand for defensive assets amid elevated political and currency uncertainty, while silver pushed above $108 in the past 24 hours for a gain of over 8%, highlighting broad-based strength across precious metals. Bitcoin Bitcoin’s weekend volatility appears to have been driven more by macro and political developments than crypto-specific factors. Rising concern around a potential U.S. government shutdown, renewed tariff rhetoric toward Canada, and heightened foreign-exchange volatility weighed on broader risk sentiment. Despite briefly slipping below $87,000, Bitcoin has shown relative resilience given the scale of recent institutional outflows. Funding rates remain positive to neutral, futures positioning has not flipped decisively bearish, and spot-led price discovery continues to dominate. Notably, short-term holder profitability has begun to recover, with STH SOPR rebounding from recent lows toward break-even levels — a development that historically reduces incremental sell pressure. Ethereum & Altcoins Ethereum and major altcoins declined between 1–3% over the past 24 hours, broadly tracking Bitcoin’s move lower, but sentiment has stabilized into early week trading. Most large-cap tokens have retraced part of their weekend losses, and derivatives data points to selective positioning rather than broad capitulation. Open interest in assets such as Solana and XRP increased over the past day, indicating renewed trader engagement even as overall volumes remain moderate. This pattern reinforces the view that the market is transitioning from directional selling toward consolidation, with positioning resetting rather than re-risking. Macro & Institutional Macro dynamics remain the dominant influence. In the U.S., political risk has intensified, with prediction markets pricing a high probability of a partial government shutdown by month-end. While any shutdown is likely to be less disruptive than last year’s episode, the uncertainty has weighed on sentiment and contributed to dollar softness. In parallel, foreign-exchange volatility has risen sharply. Reports of “rate checks” by the Federal Reserve, alongside speculation of Japanese intervention as USD/JPY moved above 159, have fueled talk of coordinated action between U.S. and Japanese authorities. Gold’s continued rally reflects this backdrop, supported by both currency dynamics and persistent central-bank demand. Looking Ahead Attention now turns decisively to the Federal Reserve’s interest rate decision and FOMC statement later this week. While rates are widely expected to remain unchanged, markets will focus on guidance around the timing and conditions for future easing, particularly as political risk and FX volatility complicate the policy backdrop. Ahead of the Fed, U.S. durable goods orders, the Atlanta Fed’s GDPNow update, and sentiment-oriented data will offer incremental color but are likely to remain secondary to policy signals. For crypto, near-term direction will hinge on whether ETF flows stabilize, volatility remains contained, and Bitcoin can hold recent support levels as macro clarity gradually improves. — Iliya Kalchev, Nexo Dispatch analyst For informational purposes only; not financial or investment advice.

Daily Market Dispatch – January 23, 2026 Crypto markets settle after a volatile week Crypto markets steadied toward the end of the week as investors navigated easing geopolitical tensions and a more balanced macro backdrop. Bitcoin hovered near $89,000, while Ethereum slipped just below $3,000, broadly lagging moves in traditional markets as conviction stayed limited. The tone was steadier across risk assets: S&P 500 and Nasdaq futures hovered slightly lower after recent gains, while European equities held firmer, with the DAX and CAC 40 building on midweek advances. In commodities, gold pushed to a fresh record near $5,000/oz, underscoring continued demand for policy hedges even as the immediate Greenland-driven tension faded. With geopolitical risks cooling but not fully resolved, attention has increasingly shifted back to central banks, earnings, and liquidity conditions. Bitcoin Bitcoin edged lower into the end of the week, extending a period of choppy consolidation rather than signaling renewed downside momentum. The asset has struggled to attract follow-through buying despite some relief in global risk sentiment, reflecting restrained positioning and muted retail participation. From a market-structure perspective, spot-led price discovery remains intact: leverage is contained, futures basis has stabilized near 3%, and funding rates are flat to slightly positive. Volatility has also cooled meaningfully, with implied BTC volatility settling back into the 37–40% range, close to its yearly average. Taken together, subdued leverage, stable spot participation, and normalized volatility suggest the recent adjustment has been absorbed rather than extended. Ethereum & Altcoins Ethereum and major altcoins showed modest stabilization over the past 24 hours, though weekly performance remains soft. ETH traded near $2,950, while XRP, Solana, and Cardano all posted mild gains as selling pressure eased. Activity across derivatives markets points to normalization rather than renewed risk-taking, with open interest steady and funding rates modest. The absence of a broad leverage rebuild across majors suggests positioning is resetting, not re-risking. Macro & Institutional The Bank of Japan’s decision to hold rates at 0.75% brought near-term stability after recent fiscal-driven volatility, but the accompanying guidance made clear that policy normalization is unfinished. While headline inflation has cooled, underlying pressures remain firm enough to keep the BoJ on a gradual tightening path. Importantly, spillovers from Japan’s earlier yield shock now appear to be fading, allowing markets to refocus on next week’s Federal Reserve meeting and a dense earnings slate led by U.S. megacaps, where the durability of artificial intelligence-driven profitability remains the central test. Gold’s advance continues to draw institutional backing, with Goldman Sachs lifting its December 2026 forecast to $5,400/oz, citing sustained private-sector diversification reinforcing central-bank demand. In parallel, research from PwC highlights that institutional crypto adoption is becoming increasingly embedded in payments, settlement, and treasury operations, signaling a shift from experimentation toward operational integration rather than speculative use. Looking Ahead Markets now turn toward incoming U.S. PMI data, consumer sentiment readings, and next week’s FOMC decision, which is widely expected to leave rates unchanged but may shape expectations for the remainder of the year. Corporate earnings from major technology companies will be closely watched for signs that heavy investment in artificial intelligence is translating into durable profit growth. For crypto, the near-term outlook remains tied less to headlines and more to whether improving macro clarity and stable liquidity conditions can support a transition from consolidation toward a more durable base. — Iliya Kalchev, Nexo Dispatch analyst For informational purposes only; not financial or investment advice.

A pivotal midweek stretch puts inflation, growth, and central bank signals back in focus – a window where volatility may resurface as markets recalibrate rate expectations, risk sentiment, and crypto positioning: 🇨🇭 World Economic Forum Annual Meetings – Jan 19-23 🇬🇧 U.K. CPI (YoY & MoM) (Dec) – Wed, Jan 21, 07:00 GMT 🇺🇸 U.S. President Trump Speaks – Wed, Jan 21, 13:30 GMT 🇺🇸 Atlanta Fed GDPNow (Q4) – Wed, Jan 21, 17:00 GMT 🇺🇸 GDP (QoQ) (Q3) – Thu, Jan 22, 13:30 GMT 🇺🇸 Initial Jobless Claims – Thu, Jan 22, 13:30 GMT 🇺🇸 PCE & Core PCE (YoY & MoM) (Nov) – Thu, Jan 22, 15:00 GMT 🇺🇸 Crude Oil Inventories – Thu, Jan 22, 17:00 GMT 🇯🇵 BoJ Interest Rate Decision – Fri, Jan 23, 03:00 GMT

Nexo partners with Audi’s factory Formula 1 team as Official Digital Asset Partner Nexo has entered a multi-year partnership with the Audi Revolut F1 Team, becoming the team’s Official Digital Asset Partner as Audi prepares for its first season in Formula 1. Audi’s entry as a full factory team coincides with Formula 1’s 2026 technical reset, which introduces new power unit regulations focused on efficiency, electrification, and long-term performance discipline. It’s a rare moment where the sport, the technology, and the competitive landscape all reset at once. The partnership reflects a shared focus on precision, disciplined execution, and performance under pressure – principles that define success in Formula 1 and are equally critical in building and operating digital asset infrastructure at scale. Full details 👉 https://nexo.com/blog/nexo-becomes-first-digital-asset-partner-audi-f1-team

Nexo becomes first-ever Title Partner of the U.S. ATP 500 Dallas Open Nexo is the first-ever Title Partner of the U.S. ATP 500 Dallas Open under a multi-year agreement beginning in 2026. The tournament will now compete as the Nexo Dallas Open. It’s one of only two ATP 500 events in the United States and the country’s sole indoor ATP Tour championship. The partnership includes community investment, with newly resurfaced public tennis courts in North Texas aimed at expanding year-round access for youth and recreational players. Full details: Nexo becomes first-ever title partner of the U.S. ATP 500 Dallas Open in multi-year deal

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Introducing Zero-interest Credit: Borrow against BTC or ETH at 0% interest, no fees, no liquidation risk In 2018, we introduced crypto-backed lending to give people access to liquidity without having to sell their assets. Today, we’re expanding that idea with Zero-interest Credit – our new flagship borrowing solution built around your peace of mind. Zero-interest Credit lets you access liquidity at 0% interest, with no fees and no liquidation risk, using BTC or ETH as collateral. Instead of an open-ended credit line, this is a fixed credit option with terms set upfront and settlement at maturity. At the end of the term, you can either settle or roll your credit into a new term in one tap without unlocking your collateral. There are no margin calls, no LTV monitoring, and nothing to actively manage during the term. This product has been a part of our Nexo Private solutions and we’re now making it available to everyone as a long-term part of our credit offering. Zero-interest Credit sits alongside our Credit Line, giving you a choice between flexible borrowing and a predictable option, defined from the start. Full details: Zero-interest Credit