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Daily Market Dispatch – July 21, 2025 Overview It’s rotation season: Altcoins shine as dominance tilts, and the U.S. gets structural. Crypto markets are entering the week with fresh momentum and fresh regulation. Bitcoin is trading just shy of $119,000. Ethereum is leading that charge, now at $3,800, up 1.6x since April and showing growing traction among both institutional allocators and retail traders. Along with ENA and DOGE, ETH is seeing outsized gains as traders bet on a broader capital reshuffle. Meanwhile, the U.S. just took its biggest legislative step yet in crypto history. On Friday, President Trump signed the GENIUS Act into law. The legislation establishes a national framework for stablecoin regulation and digital asset classification, resolves SEC-CFTC overlap on asset categorization, and protects developers from undue liability – changes that are already reverberating across the market. With the framework now in place, the crypto space may finally be entering a period of sustained regulatory clarity, especially ahead of expected ETF decisions in Q3. Bitcoin BTC remains supported at the high end of its range, but attention is shifting. Over the past week, Bitcoin’s dominance has dropped more than 3.5 percentage points as traders shift risk toward higher-beta assets. Even so, BTC’s technicals remain constructive. Cooper Research forecasts a move toward $150,000 by October, with continued ETF flows and Q3 macro tailwinds providing the backdrop. Ethereum and Altcoins Ethereum is surging again, up 6% on the day and outpacing Bitcoin by a wide margin. A $6 billion ETH buy proposal from SharpLink Gaming has drawn attention. The bid would take SharpLink’s holdings above 350,000 ETH, deepening the narrative of ETH as a strategic balance sheet asset. Meanwhile, Fundstrat’s Tom Lee echoed that view, saying ETH could reach $4,000 in the near term, and up to $15,000 longer term – pointing to infrastructure upgrades, ETF inflows, and growing developer momentum. Elsewhere, altcoin markets are buzzing. ENA jumped nearly 40% in the last week (up to $0.492), driven by liquidity rotation and renewed interest in real-yield protocols. XRP is trading around $3.54 – rising around 20% this week – as positive funding rates and GENIUS Act clarity combine to bolster momentum. DOGE pulled back slightly but regained strength to create a rising triangle pattern, with open interest up 8%. SOL also rallied approximately 14% within the last week to $191, buoyed by persistent buying interest amid growing ETF optimism. Macro and Policy In a sign of crypto’s deeper market integration, Block (formerly Square) is set to join the S&P 500. The move signals rising institutional acceptance of crypto-native businesses. Meanwhile, the U.K. is reportedly considering the sale of $5 billion in government-owned BTC. The timing could impact near-term supply dynamics, though markets appear well-prepared for the possibility. In Asia, Thailand’s SEC is tightening rules around ICO testing and investor protections, signaling a more mature approach to retail participation. Looking Ahead With the GENIUS Act now law, the U.S. digital asset space has a legal backbone for the first time. Investors will be watching ETF progression, political reaction, and the pace of further regulatory guidance. At the same time, market attention is on ETH leadership, potential upside in altcoins, and how the capital rotation plays out through Q3. This week may also bring additional updates on the macro calendar, which includes flash PMIs, initial jobless claims in the U.S and preliminary GDP prints. For now, the market is dancing to a different beat: regulatory clarity, altcoin momentum, and institutional alignment. — Iliya Kalchev, Nexo Dispatch Analyst For informational purposes only; not financial or investment advice.

A key week for global markets: Fed speak, Eurozone rates, and U.S. economic data could all influence sentiment. 🇺🇸 U.S. Fed Chair Powell Speaks – July 22, 12:30 GMT 🇪🇺 Eurozone Interest Rate Decision (Jul) – July 24, 12:15 GMT 🇺🇸 U.S. Initial Jobless Claims – July 24, 12:30 GMT 🇺🇸 U.S. New Home Sales (Jun) – July 24, 14:00 GMT 🇺🇸 S&P Global U.S. Manufacturing & Services PMIs – July 24, 13:45 GMT 🗓️ Q2 earnings from Alphabet and Tesla – July 23

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Daily Market Dispatch – July 18, 2025 Overview Crypto markets paused Friday after a midweek surge, with total capitalization steady near $3.9 trillion, just off recent highs. The rally was powered by a historic breakthrough in U.S. digital asset policy. In a defining moment for the space, the House passed three bills during what lawmakers dubbed “Crypto Week.” The GENIUS Act, which sets nationwide stablecoin rules, is expected to be signed into law today. The CLARITY Act, aimed at resolving SEC vs. CFTC oversight, and the Anti-CBDC Act, preventing a Fed-issued digital dollar, also passed and is now headed to the Senate. The framework being built now is shifting the U.S. from regulatory paralysis to active engagement. Bitcoin held near $119,000 after briefly breaking $120,000, while Ethereum climbed 5% to around $3,600 — extending its run to more than 150% since April. Momentum is accelerating. Reports indicate the White House is preparing an executive order that would open up 401(k) retirement plans to crypto, gold, and private equity — potentially unlocking access to a $9 trillion pool of capital. Markets are adjusting to a new era: crypto is no longer trading purely on narrative, but on policy structure and institutional flows. Bitcoin Bitcoin remains well-supported near $119,000, with futures open interest climbing to $45 billion — just shy of the all-time high of $48 billion, according to Glassnode. The rise in leverage reflects growing conviction that this rally has structure behind it, not just sentiment. The asset is on pace for its fourth straight weekly gain, with price momentum fueled by record ETF inflows and continued corporate accumulation. In the first half of the year, public companies acquired nearly 245,000 BTC, and the number of firms holding BTC nearly doubled to 134. This growing strategic use of Bitcoin spans 27 countries and reflects a shift in how institutions allocate reserve capital. U.S.-listed ETFs pulled in $2.7 billion last week — among their strongest weeks ever. Combined with progress on the CLARITY Act, the building blocks of institutional Bitcoin legitimacy are falling into place. Ethereum Ethereum surged 5% to $3,600, extending its rally to more than 150% since April and leading broader altcoin gains. It’s outpacing Bitcoin both in price action and positioning — ETH is setting the tone. Treasury demand is rising. SharpLink Gaming added another 32,892 ETH this week, taking its holdings above 353,000 ETH, eclipsing the Ethereum Foundation. ETF flows added fuel, with $602 million pouring into spot ETH ETFs on Wednesday — and $1.7 billion over the week. Options desks report growing interest in ETH call spreads out into August and September, while 1-month ETH skew flipped call-heavy as the rally accelerated. Macro & Markets The latest economic data confirms the U.S. is expanding despite higher rates and trade friction. Retail sales jumped 0.6% in June, and soft data improved across the board. The Philly Fed showed strength in new orders, employment, and investment outlook. Policymakers are beginning to shift tone. A rate cut at the July 29–30 Fed meeting is now firmly on the table, as inflation remains moderate and forward indicators stabilize. In Europe, the ECB is expected to hold steady next week. Looking Ahead The signing of the GENIUS Act today will make it the first federal crypto law in U.S. history — a foundational step in formalizing digital assets. The CLARITY Act now awaits Senate shaping, while the Anti-CBDC bill will be attached to the NDAA later this year. Next week brings key signals: Fed Chair Powell speaks Tuesday, followed by the ECB rate decision and U.S. new home sales on Thursday, and durable goods orders Friday. With legislative traction and macro support aligning, crypto heads into the second half of the year with something it’s rarely had before: regulatory structure and economic tailwinds. — Iliya Kalchev, Nexo Dispatch analyst For informational purposes only; not financial or investment advice

Daily Market Dispatch – July 17, 2025 Overview Markets traded sideways on Wednesday as investors digested sticky U.S. inflation data, revived legislative momentum in Washington, and mixed signals from corporate earnings. While Bitcoin hovered near $119,000 after a choppy week, Ethereum continued to outperform, holding above $3,400 after a 23% rally over the past seven days — decisively outpacing Bitcoin’s 6.5% gain. The rally has been fueled by record ETF inflows and swelling institutional interest. In Washington, the U.S. House of Representatives cleared a crucial procedural vote late Wednesday to advance the GENIUS Act and related crypto bills to the floor — marking a breakthrough in “Crypto Week.” Traditional markets were little changed ahead of a new round of corporate earnings. S&P 500 Futures inched higher, while Nasdaq and Dow Futures hovered near flat. Sentiment improved slightly after President Trump said it was “highly unlikely” he would fire Fed Chair Powell, walking back rhetoric that had rattled markets earlier in the week. Bitcoin Bitcoin held steady near $118,750, consolidating below recent highs after a volatile start to the week. According to Glassnode, Bitcoin recently cleared dense cost-basis clusters between $93K–$97K and $104K–$110K, converting those levels into structural support zones. With margins this wide, further upside will require new conviction rather than recycled enthusiasm. Glassnode identifies the next resistance band near $130K, aligning with the upper end of speculative positioning. For now, Bitcoin’s setup remains structurally solid, but traders are eyeing today’s crypto legislation votes for further direction. Ethereum Ethereum surged 7.4% to trade above $3,340, its highest since January. The move was powered by explosive inflows into ETH ETFs, which totaled $726.7 million on Wednesday — the largest daily intake since their 2024 launch. Ethereum derivatives open interest climbed past $24.5 billion, signaling aggressive positioning into the breakout . ETH has now overtaken BTC in global perpetuals volume, leading with $90.82 billion versus Bitcoin’s $82.93 billion. On-chain data shows that SharpLink Gaming now holds over 280,000 ETH, surpassing even the Ethereum Foundation. Ethereum’s rise also catalyzed broader altcoin gains, as Bitcoin’s dominance fell to 63.09%. Altcoin rotation is gaining traction, and the shift in dominance metrics reflects a broadening of market participation. Macro & Markets Wednesday’s Producer Price Index reaffirmed that U.S. inflation remains sticky but not accelerating. This supported the view that the Fed will likely maintain rates at current levels until more clarity emerges around President Trump’s tariff agenda, now set to take effect in just over two weeks. Eurozone inflation data released this morning came in line with expectations. Headline CPI rose 2.0% year-over-year and 0.3% month-over-month, while core CPI matched forecasts at 2.3% annually and 0.4% monthly. In commodities, gold slipped 0.2% to $3,342/oz, pressured by a stronger dollar. Meanwhile, TSMC posted record Q2 profits, driven by AI chip demand, as revenue rose 38.6% YoY. The chipmaker’s performance underscores persistent AI demand but also highlights the trade-exposed fragility of global supply chains. Looking Ahead Today’s U.S. House vote on the GENIUS Act could mark a watershed moment for digital asset regulation. A successful passage would send the bill directly to President Trump’s desk. The Clarity Act is expected to follow with a floor vote next week. On the macro front, investors await fresh data on U.S. retail sales and jobless claims, potentially shaping Fed expectations for Q3. With crypto legislation advancing, Ethereum on a tear, and broader markets still delicately balanced, this week could prove decisive for crypto’s next move — and its place in the broader financial ecosystem. — Iliya Kalchev, Nexo Dispatch analyst For informational purposes only; not financial or investment advice

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Daily Market Dispatch – July 16, 2025 Overview Markets traded cautiously on Wednesday as investors weighed slightly hotter U.S. inflation data and growing macro-policy uncertainty. While the June CPI report was largely in line with expectations, it reinforced the view that price pressures remain persistent, yet manageable. Crypto markets stayed in focus, with Bitcoin hovering around $118,000. While “Crypto Week” in Washington faced early procedural setbacks, expectations remain that votes on key bills will proceed. Total crypto market cap edged up to $3.76 trillion, with Bitcoin open interest above $43 billion — a sign that participants are positioning for meaningful moves. With inflation data stable and digital asset regulation advancing, markets may finally have enough visibility to cautiously lean back into risk. Bitcoin Bitcoin held firm near $118,000 following a volatile start to the week that included a retreat from its all-time high. The dip was driven by profit-taking and a temporary setback in the House vote on the GENIUS Act — part of the broader “Crypto Week” agenda. However, President Trump’s late-night lobbying appears to have revived momentum, with lawmakers signaling renewed willingness to advance key digital asset bills. ETF flows continue to act as a tailwind: spot Bitcoin ETFs recorded their ninth straight day of net inflows, adding $403 million on Tuesday, led by BlackRock’s IBIT. For now, it appears the market is positioning and anticipating a green light from Washington before making its next move. Ethereum Ethereum climbed 5.2% to trade above $3,150, outperforming peers amid consistent ETF demand and policy tailwinds. Tuesday marked the eighth consecutive day of net inflows for ETH ETFs, with $192 million added. The rally was further fueled by corporate accumulation. SharpLink Gaming now holds over 280,000 ETH, overtaking even the Ethereum Foundation, and has staked nearly all of it. Macro & Markets The U.S. CPI report showed headline inflation rose 0.3% month-over-month and 2.7% year-over-year, slightly above May’s 2.4%. Core CPI eased to 2.9% year-over-year and 0.2% month-over-month. The data was broadly in line with expectations and strengthened market expectations for a possible September Fed rate cut. Still, tariff uncertainty remains. President Trump reiterated plans for sweeping duties, including 200% tariffs on pharmaceutical imports. Equities were under modest pressure: S&P 500 and Nasdaq futures ticked lower, and Tuesday’s session saw a mild retreat across major indexes following CPI data. Earnings results have been mixed — while JPMorgan, Citi, and Wells Fargo beat expectations, caution over global trade and deficits dominated executive commentary. Gold prices edged higher, recouping overnight losses as haven demand persisted despite a firmer dollar. Spot gold hovered near $3,340/oz, still rangebound after underperforming platinum and silver in recent months. The Fed may be inching toward a cut, but tariff turbulence still clouds the path – especially if supply chain inflation starts to reaccelerate. Looking Ahead Markets are now turning to today’s U.S. Producer Price Index and the Fed’s Beige Book, which will provide a broader read on input costs and business conditions. Thursday brings Eurozone CPI and U.S. retail sales, both key for gauging global demand and central bank flexibility. Meanwhile, earnings season picks up with Goldman Sachs, Bank of America, and Morgan Stanley, followed by results from United Airlines and Johnson & Johnson. If regulation, monetary policy, and institutional demand align, this week could mark a turning point, ushering crypto into its next phase of mainstream integration. — Iliya Kalchev, Nexo Dispatch analyst For informational purposes only; not financial or investment advice

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Daily Market Dispatch – July 15, 2025 Overview Markets entered midweek cautiously as investors awaited the first wave of Q2 bank earnings. In parallel, attention has turned to Washington, where “Crypto Week” has put digital asset legislation in focus — including proposed rules on stablecoins, token classification, and limits on central bank digital currencies. Tuesday’s U.S. inflation data offered no major surprises, reinforcing the narrative of slow but uneven disinflation. Bitcoin edged higher after the release, while Ethereum also regained ground. Total crypto market cap has retreated slightly to $3.68 trillion, but continues to signal elevated investor engagement. With both macro risk and digital asset momentum in play, the week ahead could offer a clearer test of whether markets are pricing stability — or just resilience. Bitcoin Following the CPI print, Bitcoin edged toward $118,000 after retreating below $117,000 early Tuesday, coming off a fresh all-time high of $123,120. Wallet data shows that holders with under 100 BTC have been accumulating over 19,000 BTC per month — significantly outpacing new issuance, which has averaged about 13,400 BTC monthly since the April halving. At the same time, ETF allocations have accelerated, with BlackRock’s IBIT nearing $90 billion in AUM. The supply-demand mismatch is no longer a theoretical model — it’s playing out on-chain and in fund flows, with fewer coins available at higher prices. The recent rally, a 65% rebound from April lows, illustrates Bitcoin’s evolving role in portfolios. Retail accumulation has tightened supply while ETF rebalancing injects demand — creating a structural bid that appears to be redefining the asset’s trading range. Ethereum Ethereum reclaimed the $3,000 mark after the inflation print, adding further support to the uptrend and remaining near a five-month high. Spot ETH ETFs have now surpassed $5 billion in net inflows, adding $1 billion in just 12 trading sessions — a notably faster pace than previous intervals. Ethereum ETFs now account for more than 10% of total crypto ETF inflows in the U.S., a sign of deepening institutional interest even as Bitcoin funds continue to dominate flows. This traction has helped Ethereum sustain its breakout, despite minor pullbacks across the broader altcoin space. With staking, scaling, and regulated access now part of the narrative, Ethereum is building a case not just as a hedge, but as infrastructure. Macro & Markets U.S. futures were steady on Tuesday, with the S&P 500 and Nasdaq both up modestly as investors prepared for earnings from JPMorgan, Citigroup, Wells Fargo, and BlackRock. June’s CPI report showed headline inflation rising 0.3% month-over-month and 2.7% year-over-year, in line with expectations. Core inflation eased slightly, with the annual rate dipping to 2.9% and the monthly increase at 0.2%. The data points to a continued but gradual cooling in inflation, though sticky core prices suggest the Fed may need more confirmation before pivoting decisively. Rate expectations remain delicately balanced between a September cut and a longer wait. Looking Ahead With June CPI now behind, the focus shifts to additional inflation inputs. Tomorrow brings the U.K. CPI and U.S. PPI reports, while Thursday’s Eurozone CPI and U.S. retail sales figures could prove decisive in shaping short-term sentiment. In crypto, investor focus will remain on ETF flows and any legislative movement during “Crypto Week.” The coming days may define the next leg: confirmation of a soft-landing narrative, or the reintroduction of volatility via inflation and policy signals. With float tightening and institutional participation on the rise, Bitcoin and Ethereum continue to show structural resilience — even amid a tactical cooling-off period. — Iliya Kalchev, Nexo Dispatch analyst For informational purposes only; not financial or investment advice

Inflation takes center stage this week, accompanied by a slate of growth and activity data to round out the global macro picture. Here’s what to look for: 🇺🇸 U.S. CPI MoM & YoY (June) – July 15, 12:30 GMT 🇬🇧 U.K. CPI MoM & YoY (June) – July 16, 06:00 GMT 🇺🇸 U.S. PPI MoM & YoY (June) – July 16, 12:30 GMT 🇪🇺 Eurozone CPI MoM & YoY (June) – July 17, 09:00 GMT 🇺🇸 U.S. Initial Jobless Claims – July 17, 12:30 GMT 🇺🇸 U.S. Retail Sales MoM & YoY (June) – July 17, 12:30 GMT 🇺🇸 U.S. Philadelphia Fed Manufacturing Index (July) – July 17, 12:30 GMT And to cap the week, Taiwan Semiconductor Manufacturing Company (TSM) reports earnings on Thursday – a chip titan with the potential to move markets.

Daily Market Dispatch – July 11, 2025 Overview Bitcoin has broken gravity again, surging to a record high of $118,320 and lifting the entire crypto market with it. The move comes amid tight on-chain supply, historical volatility compression, and ETF-driven capital rotation. As the digital asset market cap approaches $3.5 trillion, macro headwinds — from President Trump’s tariff escalation to weakening global risk sentiment — are only sharpening crypto’s relative strength. U.S. stock futures slipped after President Trump unveiled a 35% tariff on Canadian goods and signaled that similar measures could be imposed on Europe. The S&P and Nasdaq closed at record highs Thursday, but now face renewed global trade friction. Bitcoin Bitcoin is now printing weekly records, not just intraday highs. It hit $118,320 overnight, riding a wave of institutional demand and positioning itself as the macro hedge of choice in a policy-fragmented world. U.S. spot ETFs took in $1.18 billion in just 24 hours, with $6.3 billion in total trading volume — the highest since May. BlackRock’s IBIT alone absorbed $448.5 million. On-chain data reveals a tightening coil: long-term holders continue to accumulate, monthly demand exceeds miner issuance, and realized volatility sits near 18-month lows. Just 0.4% of trading days since 2022 have shown a tighter 60-day range. Meanwhile, options markets are pricing in historically low implied volatility — setting the stage for sharp directional moves on relatively modest flows. ETF products now hold $137 billion in assets — 6.4% of BTC’s market cap — and are compressing supply into institutional wrappers. With 19% of supply now concentrated within 10% of current prices, Bitcoin is structurally coiled, and macro tremors may now echo louder across the chain. On the institutional front, Bitcoin treasury holdings now exceed 725,000 BTC Ethereum & Altcoins Ethereum finally cleared the $2,800 supply ceiling and now trades firmly above $3,000. Spot ETF inflows, L2 activity, and technical momentum are converging. With ETH ETFs attracting record volumes and rising above the Ichimoku cloud, momentum signals favor continuation — especially as $3,066 looms as the next retracement target. Altcoins are feeding off the Bitcoin surge. Solana broke out of an inverse head-and-shoulders pattern, flashing a dual technical breakout with a path toward $200. XRP logged its strongest momentum since January, with RSI above 70 and open interest at multi-month highs. Cardano surged 13%, and Dogecoin jumped 12% as liquidity rotated into high-beta names. The BTC breakout is no longer a solo act — it’s triggering dispersion. Macro & Institutional Developments The macro backdrop is shifting, and crypto is capitalizing. President Trump’s expanding tariff agenda — now targeting Canada, Brazil, South Korea, and potentially the EU, is adding fresh uncertainty to the global outlook and complicating inflation forecasts.. Fed futures now price a higher probability of September rate cuts as supply-side shocks mount. With CPI data due next week, policy ambiguity is becoming fuel for Bitcoin’s bid. China also made a subtle pivot. A strategic meeting in Shanghai signaled openness to stablecoin infrastructure, marking the first visible shift since the country’s crypto ban. Meanwhile, the SEC is reviewing a wave of exotic ETF proposals — from 2x leveraged TRON products to staking-based SOL funds, indicating that U.S. crypto policy is evolving. Looking Ahead Today’s calendar is quiet, but next week could spark rotation across markets. The spotlight shifts to U.S. CPI and PPI, UK CPI, and U.S. retail sales, with earnings season kicking off via major banks. Meanwhile, Crypto Week begins July 14 — with at least three regulatory bills headed to the House floor. For crypto, the macro narrative isn’t just a backdrop anymore. It’s part of the bid. — Iliya Kalchev, Nexo Dispatch analyst For informational purposes only; not financial or investment advice

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Daily Market Dispatch – July 10, 2025 Overview Bitcoin is back at the top with a new all-time high just above $112,000 posted in late Wednesday trading — and this time, it's bringing the market with it. With the total crypto market cap at $3.47 trillion, digital assets are surging against a backdrop of macro dislocation and policy suspense. Even as U.S. equity futures dip and tariff headlines return, crypto continues to absorb capital with a resilience that defies old-cycle logic. Markets are pivoting through a swirl of bullish momentum and political friction. U.S. equity futures edged lower as President Trump’s trade push extended to Brazil and copper, renewing inflationary concerns just as the Fed signaled openness to cuts later this year. Meanwhile, the AI boom continued to rewrite valuations — with Nvidia briefly brushing the $4 trillion milestone. Beneath the surface, a powerful macro undercurrent is forming: investors are increasingly positioning ahead of expected monetary easing, a supportive fiscal regime, and swelling interest in real assets. Bitcoin Bitcoin pierced a fresh record high at $112,152 before profit-taking and tariff noise capped the ascent. Yet the narrative has shifted — and it's sticky. Bitcoin isn’t riding a wave of retail FOMO. It’s anchoring itself deeper into portfolios. Spot ETFs have now absorbed over $50 billion since launch, with $218 million flowing in just yesterday. Major allocators, corporate treasuries, and policy-hedgers are all converging on one idea: in a world of tariff risk, fiat slippage, and digital rails, Bitcoin is becoming the benchmark. The $105,000–$108,000 zone now acts as structural support, while option flows cluster at $115,000–$120,000 — suggesting the next leg could arrive faster than expected. Ethereum and Altcoins Ethereum is catching up fast — and then some. ETH reclaimed $2,780, riding on ETF inflows that crossed $4.7 billion and record trading volumes in BlackRock’s ETHA. The derivatives picture turned intriguing, with futures positioning increasingly misaligned from spot demand — a setup that often precedes sharp directional moves. With Q3 catalysts like staking enablement, treasury adoption, and elevated burn rates, Ethereum’s supply/demand profile is tightening fast. Altcoins joined the breakout. XRP surged on whale accumulation and institutional derivatives bets. Dogecoin, Solana, and Polygon all posted 5–7% rallies. Notably, retail wallets remain subdued — a contrarian signal often seen before vertical extensions. Macro and Institutional Developments The macro stage is bracing for change. Fed minutes confirmed a tilt toward rate cuts later in 2025, citing tariff-induced disinflation and fragile confidence. President Trump’s tariff campaign — now targeting Brazil and copper at 50% — raises geopolitical friction but could paradoxically fast-track dovish policy. Nvidia’s AI-fueled $4 trillion flirtation signals that productivity optimism is trumping trade anxiety. On Capitol Hill, crypto’s regulatory future enters a critical window. With “Crypto Week” on deck, bipartisan frameworks are advancing, including SEC exemptions and clear asset classifications — a shift in tone from reactive to constructive. Looking Ahead Markets now await today’s U.S. jobless claims and Friday’s Treasury Budget, with digital assets watching closely for signs of liquidity persistence. But next week could prove pivotal. U.S. CPI and PPI, U.K. CPI, and U.S. retail sales figures for June are all on deck — offering the next major checkpoint for inflation trajectories, consumer strength, and central bank maneuvering. Crypto eyes turn to “Crypto Week” beginning July 14, where landmark bills could redefine the regulatory map. For digital assets, policy risks are now also policy catalysts. And as capital keeps flowing through compliant channels, the next leg up may be written in law — not code. — Iliya Kalchev, Nexo Dispatch analyst For informational purposes only; not financial or investment advice

Daily Market Dispatch – July 9, 2025 Overview Bitcoin hovered near $108,700 on Wednesday, holding firm as broader markets showed signs of fragility. While equities and metals drifted amid tariff and interest rate uncertainties, crypto remained pinned in place — likely by mounting macro forces. Still, the total crypto market cap edged towards $3.4 trillion. With ETF speculation intensifying and regulation looming, the quiet may not last much longer, as President Trump presses ahead with his tariff playbook. A 50% copper duty and sector-specific levies are on the table, even as the broader deadline was extended to August 1. Investors have largely taken it in stride, but the policy fog adds a layer of tension. Trump continues to pressure Jerome Powell to resign, while reports suggest Kevin Hassett may be his preferred replacement. Bitcoin BTC rose 0.4% to $108,720 but remains in the tight $100K–$110K range. Traders are showing caution below the $111,970 all-time high. Momentum has stalled, and bulls appear hesitant without a fresh macro catalyst. Notably, $1.63 billion in short positions sit at risk if BTC reclaims its ATH, adding tension to any upside move. Open interest is stable at $35 billion, and social sentiment is rising — but recent spikes in optimism have coincided with local tops, suggesting this quiet may not be as calm as it looks. Ethereum and Altcoins Ethereum briefly overtook Bitcoin in trading volume, driven by renewed institutional interest and a Fidelity report comparing its economic structure to national GDPs. Firms like BTCS and GameSquare are allocating ETH as part of their treasury strategies — a shift in tone and allocation. Yet, ETH’s price hasn’t exactly followed the hype. The asset remains anchored around $2,620, though it now sits in a zone where, if momentum builds, a breakout may follow. Altcoins mirrored BTC’s cautious gains. Polygon surged 7.2%, Cardano added 3.5%, Solana rose 2.4%, and XRP held near $2.33. Tokenization continues to rise as a macro narrative. Robinhood, Coinbase, and several Wall Street names are rolling out tokenized products, and Bitwise argues this shift could anchor the next phase of institutional adoption. Macro and Institutional Markets have mostly brushed off Trump’s latest tariff threats. Commodities were mixed as gold slipped 0.2% despite macro jitters. A resurgent dollar — driven by fading rate cut expectations — added pressure across the board. Meanwhile, the SEC is reportedly working with exchanges on a universal ETF listing framework that could streamline approvals. A broad slate of products, including Solana, XRP, and DOGE ETFs, may soon be greenlit. Bloomberg analysts place approval odds at 90–95%. Stablecoins are subtly becoming systemic. Tether, Circle, and others now hold over $182 billion in U.S. Treasuries, ranking them among the top 20 global holders. Their influence on dollar liquidity — and short-term rates — is increasingly hard to ignore. Looking Ahead Investors will be watching Thursday’s U.S. jobless claims for clues about short-term risk appetite. Next week, attention turns to Crypto Week in Washington, where lawmakers are expected to advance multiple digital asset bills. Later this month, the SEC is expected to release a draft of its ETF approval framework — a move that could open the floodgates for new products. — Iliya Kalchev, Nexo Dispatch analyst For informational purposes only; not financial or investment advice

Daily Market Dispatch – July 8, 2025 Overview Optimism simmers as traders eye new BTC horizons and institutional waves swell. Bullish bets are stacking toward a BTC $130,000 mark, even as some altcoins see modest profit-taking. Institutional flows, regulatory developments, and renewed tokenization momentum are all supporting the market’s composure, even as old whales quietly stir the Bitcoin and Ethereum ecosystems. Still, global market sentiment shows signs of tentative positioning following U.S. President Trump’s sweeping new tariff announcements, which have introduced a fresh layer of uncertainty. Bitcoin Bitcoin is trading at $108,300, holding firm as market confidence builds around a potential new leg higher. While price action remains relatively calm, conviction is rising. Traders are increasingly targeting upside, with aggressive options open interest clustering around the $130,000 strike. Even with a dormant whale address moving a large stash of decade-old BTC, sentiment has remained firm. Analysts say the broader mood reflects stability rather than panic, supported by continued ETF participation and fresh institutional accumulation. That momentum was underscored by Strategy’s massive $1.4 billion Q2 profit, which it booked largely from BTC exposure. The firm has now set a $4.2 billion ATM offering for its STRD preferred shares, giving it further dry powder for balance sheet expansion. Ethereum & Altcoins Ethereum is stable at $2,500, though on-chain watchers noticed a rare move from a Genesis-era address holding millions in ETH – a shift that raised eyebrows but didn’t shake the market. Meanwhile, XRP continues to build strength above $2.26, with $2.38 now in sight. Technicals suggest the next leg higher could be underway with positive funding rates and growing open interest further reinforcing the bullish bias. DOGE is showing similar signs of life, bouncing off its pullback lows and forming a bullish triangle pattern – often a prelude to a momentum breakout. Meanwhile, BONK is pushing its way into the Solana token elite, now representing 55% of recent Solana token issuance—a sign of both memecoin stickiness and Solana ecosystem growth. Institutional & Policy Institutional moves are stacking up. Australia’s DigitalX has secured new capital to expand its Bitcoin holdings, joining other regional players like Animoca in pushing crypto treasury strategies forward. In Dubai, regulators approved the first tokenized money market fund under the city’s RWA framework – setting a milestone for on-chain finance in a jurisdiction quickly becoming a global hub. Back in the U.S., the SEC has set a July deadline for Solana ETF refilings, a sign that pre-October approvals are possible if filings are cleaned up. That’s given SOL bulls new hope, even as altcoin volume has temporarily dipped. In Asia, Hong Kong regulators are signaling tighter stablecoin rules ahead, while mainland officials in Shenzhen have issued a new caution around digital asset usage. The message is clear: compliance matters, and guardrails are tightening even in regions once seen as loosely regulated. Looking Ahead As Q3 unfolds, eyes are fixed on Bitcoin’s push toward $130,000, Ethereum’s on-chain shifts, and altcoin technicals that hint at further breakout potential. Tokenization efforts, Solana ETF milestones, and institutional treasury moves all continue to reinforce crypto’s growing maturity – without losing the volatility that keeps it lively. Key macro events this week — including the 10-Year Note auction and FOMC minutes on July 9, followed by jobless claims on July 10 — could further shape the risk appetite across markets. But with tariff uncertainty dominating headlines and “Crypto Week” legislation debates beginning July 14 in Washington, regulatory and geopolitical catalysts are set to share center stage with price charts. – Iliya Kalchev, Nexo Dispatch Analyst For informational purposes only; not financial or investment advice.

Daily Market Dispatch – July 7, 2025 Crypto opens the week neutral on sentiment but strong on fundamentals, with structural forces continuing to support asset prices near record levels. The Fear & Greed Index sits at 52, a neutral read that belies a market steadily laying the groundwork for a breakout. Bitcoin just logged its highest weekly close on record and started the week around $109,000. Ethereum tracks the same upward channel at $2,550. A volatile weekend sparked by political noise has given way to firmer hands, with the asset class increasingly shaped by long-term structural forces, not short-term headlines. Bitcoin Bitcoin begins the week near $109,000 after notching a record weekly close, extending its structural ascent powered by institutional flows and sovereign-level interest. President Trump’s delay of the 50% EU tariff deadline to July 9 removed near-term trade friction, while spot ETFs saw over $1.3 billion in inflows. MetaPlanet’s latest BTC addition brings its holdings above 15,500 coins. With momentum accelerating, Bitcoin is once again eyeing the $114,000 resistance. A breakout above this level could see a swift move toward $143,000, supported by strong structural demand and improving macro visibility. Ethereum & Altcoins Ethereum and the broader altcoin market are increasingly defined by utility, not narrative. At $2,580, ETH is up 2.3% since Friday, buoyed by the tone set at the Ethereum Community Conference in Cannes. The event reflected a maturing ecosystem, payment giants, and infrastructure leaders outlining real-world applications. The focus has shifted from vision to execution. TradFi firms like BlackRock and Deutsche Bank unveiled new Layer-2 tokenization efforts, reinforcing Ethereum’s role as the financial internet’s settlement layer. Meanwhile, the stablecoin economy is accelerating—both in USD and euro-denominated projects—transforming Ethereum into a base layer for sovereign and corporate monetary applications. XRP trades at $2.27, helped by speculation around upcoming trade negotiations, while Dogecoin, up over 5%, has ridden a fresh wave of interest tied to Elon Musk’s America Party announcement. Solana holds at $151.88 and continues to attract meaningful developer and DeFi traction. The altcoin complex, though still secondary in capital terms, is gaining traction through use case expansion. Macro & Equities Global risk appetite is being shaped by two major forces this week: the July 9 tariff deadline and the Federal Reserve’s minutes release on July 10. President Trump’s recent tax bill passage has re-energized U.S. equity markets, with the Nasdaq reaching fresh highs and boosting crypto by correlation. There’s growing optimism that the Fed may soon acknowledge moderating inflation, with bond markets pricing in potential rate cuts later this year. U.S. stock futures slipped as investors await clarity on President Trump’s tariff agenda ahead of the July 9 expiration of the current pause. President Trump hinted at multiple bilateral deals and warned of tariff hikes potentially reaching 60–70%. Nations aligned with BRICS face an extra 10% levy. Meanwhile, President Trump escalated his feud with Elon Musk over the latter’s plan to launch a third political party. Separately, oil was flat after OPEC+ announced a bigger-than-expected output increase for August, fueling oversupply concerns. Looking Ahead With the tariff delay buying time and institutional flows remaining robust, crypto enters the week with constructive momentum. The July 9 trade deadline and July 10 FOMC minutes may set the tone for the remainder of the month. Should macro conditions stay supportive and geopolitical noise remain contained, the stage is set for a fresh leg higher. Crypto continues to mature as a macro asset class—both resilient to shocks and increasingly aligned with the broader financial system. — Stella Zlatareva, Nexo Dispatch Editor For informational purposes only; not financial or investment advice

A relatively calm week for macro events, yet a handful of releases could still shape short-term market direction. 🇺🇸 U.S. 10-Year Note Auction – July 9, 17:00 GMT 🇺🇸 U.S. Federal Open Market Committee (FOMC) Meeting Minutes – July 9, 18:00 GMT 🇺🇸 U.S. Initial Jobless Claims – July 10, 12:30 GMT

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