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Daily Market Dispatch – March 7, 2025 For informational purposes only; not financial or investment advice. Overview The cryptocurrency market is entering a transformative phase today following President Donald Trump’s executive order to establish a Strategic Bitcoin Reserve and Digital Asset Stockpile, signaling a shift in U.S. financial strategy. While the immediate market reaction reflects traders adjusting to the news, the long-term outlook remains positioned for expansion. Additionally, macroeconomic factors such as postponed tariff adjustments and ongoing interest rate developments are influencing market sentiment. Today, the White House Crypto Summit is set to take place, bringing together policymakers, crypto industry leaders, and institutional investors to discuss the future of digital assets in the U.S. economy. The event will focus on providing regulatory clarity and outlining the government's stance on cryptocurrency adoption. A key topic of discussion will be the Strategic Bitcoin Reserve and Digital Asset Stockpile, highlighting crypto’s potential role as a sovereign reserve asset class. Bitcoin BTC/USD is currently stabilizing around $90,000, with traders assessing the implications of the announced U.S. strategic reserve. The initiative removes $17 billion in potential selling pressure, supporting Bitcoin’s long-term scarcity and value proposition. Key Levels: BTC is currently trading around $90,576 after reaching a high of $91,404. While it has shown strong momentum, a slight pullback indicates ongoing market caution. Market Sentiment (↑ 9 Points): Investors are closely watching macroeconomic catalysts, including the postponed 25% tariffs on Mexican and Canadian imports, which have raised questions about stagflation. Additionally, regulatory developments and the potential for increased institutional adoption following the U.S. government's move remain key factors shaping market sentiment. This shift is further evidenced by the change in the Fear & Greed Index, which has risen from just 25 to 34 today, reflecting a notable improvement in investor confidence. Etherem Ethereum is currently trading above $2,200. Ethereum’s underlying adoption and institutional interest continue to provide strong long-term support. This commitment is evidenced by large holders who have accumulated approximately 1.1 million ETH over the past 48 hours. Macroeconomic Drivers Recent policy adjustments in Washington continue to shape market sentiment. President Trump’s decision to revise certain tariffs has provided greater clarity for global markets, while investors keep a close watch on economic indicators amid balanced expectations for future U.S. interest rate adjustments. In the labor market, February’s job growth of 151,000 fell short of forecasts, and ongoing government restructuring has resulted in approximately 10,000 federal job layoffs. Notably, the healthcare sector defied broader economic headwinds by adding 52,000 jobs, underscoring persistent demand for medical professionals. Looking Ahead Today, all attention is on the White House Crypto Summit, set to kick off at 1:30 pm ET (18:30 UTC). Bitcoin’s imminent price trajectory remains bolstered by growing regulatory clarity and increased institutional engagement, underscoring its long-term relevance. However, short-term movements will be heavily influenced by macroeconomic factors. Next week, all eyes will turn to key U.S. economic events – including the Consumer Price Index, which is expected to signal a slowdown in inflation, and the job openings report which will serve as a key indicator of labor market strength and the potential for interest rate cuts. Internationally, investors will scrutinize Japan’s quarterly GDP and Germany’s inflation figures, while persistent crypto reserve rhetoric adds another twist to the digital asset narrative. Iliya Kalchev, Nexo Dispatch аnalyst

Daily Market Dispatch – Mar 06, 2025 For informational purposes only; not financial or investment advice. Overview The question on many traders’ minds today is whether a lot of global news has already been priced in. Markets offered a partial answer as Bitcoin easily surged past $90,000, accompanied by a broader rally in risk assets after President Trump delayed auto tariffs on Canada and Mexico. Major equity indexes also moved higher on the news – the S&P 500 gained roughly 1.2%, while the Nasdaq advanced about 1.5% – reflecting improved sentiment. Meanwhile, the U.S. dollar index slid to its lowest level since early November, potentially boosting crypto prices further. Bitcoin & Altcoins Bitcoin leads market sentiment, trading just above $90,000. Swissblock’s Bitcoin Fundamental Index hints that fundamentals are entering a bullish quadrant. Meanwhile, Ethereum shows a potential double top pattern that may trigger a short‑term correction if momentum fades, while its network improvements, i.e. the upcoming Pectra upgrade, support a solid long‑term outlook. XRP is rallying, reflecting robust demand from both speculative traders and long‑term investors, while Solana is up 3%, fueled by renewed venture capital interest and competitive dynamics in the broader crypto market. Other cryptocurrencies also posted notable gains, including BCH (11.5%), ONDO (14.5%), and APT (9%), reflecting a broad-based upswing across digital assets. Regulatory, Macro & Broader Asset Landscape • Trump’s tariff delay: The White House’s decision to put auto tariffs on hold – along with Germany’s move to loosen debt limits and China’s commitment to ramp up fiscal and monetary stimulus – bolstered risk appetite on Wednesday, evidenced by the Fear & Greed index rising from just 10 last Thursday to 25 today. • ECB rate outlook: The European Central Bank is widely expected to lower rates by 25 basis points today, a move that could provide additional support for equities and crypto alike. Updated ECB staff forecasts are due, though any near-term impact on tariffs or defense spending is unlikely to appear until policies are enacted. • China’s stimulus: China pledged to boost consumption and offset trade war effects through fresh monetary and fiscal measures. Historically, such stimulus has contributed to bullish trends in crypto markets by increasing global liquidity. • Upcoming U.S. data: Friday brings the U.S. Unemployment Rate (Feb) and a speech from Fed Chair Powell, both of which could reshape expectations about interest rates and overall risk sentiment. Institutional Signals Deribit options pricing indicates traders anticipate heightened volatility ahead of Friday’s Trump White House Crypto Summit, with Bitcoin potentially swinging by $5,000 in either direction. Implied volatility has risen across BTC, ETH, and SOL options, reflecting market uncertainty around the summit’s outcome. Looking Ahead • The White House Crypto Summit (Friday): A major catalyst for crypto sentiment, with high-profile attendees expected. Options traders are bracing for weekend price swings, underscoring the event’s potential impact. • Liquidity tailwinds for Bitcoin: Recent analysis shows that a rising global M2 money supply – historically linked to upward moves in Bitcoin – could reach new all‑time highs within the next three weeks. As central banks continue expanding their balance sheets, increased liquidity in global markets appears to be creating a supportive backdrop for Bitcoin as a compelling alternative amid excess liquidity. While market momentum leans positive, it remains to be seen if current optimism fully accounts for lingering trade tensions and macro headwinds. With China’s new stimulus measures, ECB policy decisions, and the White House Crypto Summit converging, the next few days could clarify how resilient the market fundamentals are. Stella Zlatareva, Nexo Dispatch editor

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Daily Market Dispatch – Mar 05, 2025 For informational purposes only; not financial or investment advice. Overview A broader shift in market sentiment helped Wednesday’s crypto markets stage a rebound, with the Fear & Greed Index stabilizing toward neutral and leading cryptocurrencies (BTC, ETH, XRP, SOL) gaining between 5% and 8%. This overall optimism comes as investors digest potential easing in tariff policies following President Trump’s recent address to Congress. Bitcoin rebounded as dip buyers pushed its price from around $83,000 to above $88,000. XRP also made notable gains, surging to $2.50, while Ethereum’s performance was buoyed by positive progress on its highly anticipated Pectra upgrade and a turn-around to inflows in ETHETFs. Regulatory, Macro & Broader Asset Landscape The U.S. tariffs – a 20% duty on Chinese goods and 25% tariffs on imports from Canada and Mexico – weighed in on markets on Tuesday as they came into effect, leading to declines in crypto and equities, and unnerving investors. However, long-term optimism won over short-term unease after U.S. Commerce Secretary Howard Lutnick indicated that a deal to reduce tariffs on Canada and Mexico could be announced as early as Wednesday. Lutnick hinted that President Trump might be open to meeting the trading partners "in the middle," a prospect that appears to have contributed to Wednesday’s uptick. Amid this backdrop, questions remain – especially regarding the Trump administration’s plans for a national Crypto Reserve that would include Bitcoin, Ether, and three other major cryptos. Any concrete action could be a major catalyst for the crypto market, shaping investor sentiment and driving momentum through clearer regulations and potential government-backed adoption. On the macroeconomic front, key releases scheduled for Wednesday – namely, the ADP Nonfarm Employment Change and the S&P Global Services PMI for February – are being closely watched as early indicators of what might come next. These data points are expected to offer further insights into economic moderation in line with the Fed’s desired soft landing, while also providing signals on whether interest rate cuts might be expected in 2025 – a growing possibility as President Trump has repeatedly stressed his determination to bring interest rates down. Institutional Signals Institutional activity helps counter short-term volatility. ETF flows reflect shifting sentiment: on March 4, Bitcoin Spot ETFs saw a net outflow of $144 million – almost twice that of the previous day – while Ethereum Spot ETFs reversed an eight-day outflow with a net inflow of $15 million. XRP’s robust performance, which has helped boost its market cap, further illustrates the balance between speculative trading and long-term positioning. Looking Ahead Market participants now face a delicate balancing act. On one side, trade policy uncertainty keeps sentiment guarded, while on the other, easing Treasury yields and the increased likelihood of Fed rate cuts suggest a potential turnaround. As traders adjust to these evolving conditions, the current consolidation phase could pave the way for a broader rebound across both crypto and traditional asset classes. In the digital assets sector, Ethereum’s highly anticipated Pectra upgrade emerges as a key development in anticipation. After a successful deployment on the Sepolia test network – following a setback on the Holesky testnet – developers are set to convene on March 6 to discuss the mainnet release timeline. With the upgrade promising enhancements in staking, wallet functionality, and overall network efficiency, its successful implementation may serve as a catalyst for renewed altcoin momentum. Iliya Kalchev, Nexo Dispatch analyst

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Daily Market Dispatch – March 4, 2025 For informational purposes only; not financial or investment advice. Market Overview Right now, the market appears to be taking a pause after the rapid movements of the weekend and Monday. The U.S. tariffs on Mexico, Canada, and China have taken effect, reshaping capital flows. Meanwhile, Bitcoin, along with ETH, SOL, ADA, and the majority of cryptos, is consolidating after initial sharp upward movements spurred by the announcement of a U.S. Crypto Reserve on March 2. The balance between geopolitical forces and institutional positioning remains in focus. Bitcoin Bitcoin (BTC) is trading at $83,500, bouncing back from resistance near $95,000, driven by optimism from the U.S. Crypto Reserve announcement. With BTC shedding $250 billion in market cap over 48 hours, the new key level to watch today is $85,000, which would confirm a shift in short-term momentum. A failure to reclaim this level could see further declines toward $80,000. Nevertheless, fluctuations like these have occasionally been observed in past crypto bull markets, where temporary pullbacks, even up to 25%, have perhaps not always indicated a sustained downturn. In such environments, lending and borrowing become crucial mechanisms, enabling investors to hedge positions, manage liquidity, and capitalize on market volatility without necessitating asset liquidation.​ Institutional flows appear mixed: While MetaPlanet has acquired 156 BTC, Bitcoin spot ETFs experienced $3.3 billion in outflows last week, but recovered slightly, pulling in $94.3 million on Friday, February 28. This divergence highlights an apparent tug-of-war between long-term accumulation strategies vs. short-term risk management among key market players. Altcoins Ethereum (ETH) is trading at $2,000, following BTC’s movement. Despite their large gains upon the news of the U.S. Crypto Reserve, Solana (SOL), XRP, and Cardano (ADA) have also retreated over 10%, mirroring broader market de-risking and macro-induced sentiment. Macroeconomic, Regulatory & Institutional Developments The U.S.-China trade tensions are escalating, with China responding to new U.S. tariffs of 10-15%.Investors appear to be swerving toward risk-averse asset classes with gold prices climbing 10% YTD. Other more positive signs for the crypto space include, the SEC dropping multiple lawsuits against crypto firms, including Coinbase, reflecting a potential regulatory thaw. Simultaneously, the S&P 500 is under renewed selling pressure, with tech stocks notably underperforming. Even Nvidia ($NVDA) remains under pressure despite record quarterly revenue of $39.3 billion. On the flipside, TSMC has committed $100 billion toward U.S. chip manufacturing expansion, aiming to create 20,000 jobs and reduce reliance on China. Meanwhile, Tether has appointed a new CFO as it moves toward a full financial audit, reinforcing confidence in stablecoin transparency; and Grayscale is expanding its ETF offerings with a 19b-4 filing with Nasdaq for a Hedera (HBAR) ETF, suggesting increasing institutional interest in alternative assets. Looking Ahead BTC must reclaim $85,000 to sustain upward momentum; a weekly close above $94,000 would signal long-term bullish sentiment and potential for a new all-time high. Otherwise, pressure toward $80,000 and under is likely. Macroeconomic releases remain crucial, with Wednesday’s U.S. CPI data likely to shape expectations for rate policy and risk asset positioning. Institutional sentiment is at an inflection point, as outflows from crypto funds contrast with on-chain accumulation. Traders should monitor technical breakpoints and institutional flows to assess near-term trends. Stella Zlatareva, Nexo Dispatch Editor

From the U.S. crypto reserve, to the state of the bull market, Antoni Trenchev breaks down the biggest headlines shaping crypto right now. Plus, a fresh Bitcoin price prediction – tune into his latest interview on CNBC. Watch the interview 👉 here.

Markets expecting key economic data, with investors looking at the end of the week for the strongest indicators: 🇺🇸 U.S. S&P Global Services PMI (Feb) – March 5, 14:45 UTC 🇪🇺 ECB Interest Rate Decision (Mar) – March 6, 13:15 UTC 🇺🇸 U.S. Unemployment Rate (Feb) – March 7, 13:30 UTC 🇺🇸 Fed Chair Powell Speaks – March 7, 17:30 UTC

Nexo Co-Founder Antoni Trenchev is joining CNBC for an exclusive interview. Don’t miss his insights on the latest market trends and what’s next for crypto. Tune in on March 3 at 05:15 UTC.

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Daily Market Dispatch – Feb 28, 2025 For informational purposes only; not financial or investment advice. Overview The cryptocurrency market is presenting opportunities as it adjusts to macroeconomic shifts and evolving institutional strategies. Bitcoin (BTC) is settling around $80,000, while Ethereum (ETH) is maintaining a key level at $2,100. Traders and institutional investors are assessing the impact of recent tariff measures, positioning themselves accordingly. Market sentiment remains active, with data on ‘buy-the-dip’ enthusiasm reaching a seven-month high, reflecting strong investor confidence in long-term growth. Bitcoin & Market Sentiment Bitcoin is consolidating around $80,000 after an 8% adjustment in the past 24 hours. Market participants are closely watching price action within the $75K-$80K range, a zone that historically attracts significant trading volume. Institutional investors continue to rebalance portfolios in response to macroeconomic shifts, contributing to short-term fluctuations. Options data indicates that BTC’s ability to reclaim $80,500 will be a key factor in near-term momentum. A breakout above this level could pave the way for further upside, while a failure to establish it as support may lead to further testing on the downside. On-chain data from Santiment highlights a surge in accumulation interest, often a precursor to market stabilization and recovery. Ethereum & Altcoins Ethereum remains resilient despite short-term pressures, holding at $2,102 after a recent 10% decline. The market is still digesting the impact of the Bybit incident, which has reignited discussions on DeFi security, but long-term investor interest in Ethereum remains intact. Altcoins are adjusting in tandem with broader market movements. XRP and DOGE have recorded 10% declines, while SOL has retested its $128 level. The total cryptocurrency market capitalization stands at $2.7 trillion, maintaining a robust foundation despite recent retracements. If Solana holds above $128, it could see renewed momentum toward previous highs. Macroeconomic Drivers U.S. initial jobless claims rose above expectations, climbing to 242,000 — highest since October — versus a forecast of 221,000. While this increase suggests minor labor market cooling, analysts see it as part of normal fluctuations rather than a significant shift. Upcoming CPI data will be pivotal in shaping inflation expectations and Federal Reserve policy direction. Recent tariff adjustments on Chinese imports have introduced new variables into the global economic landscape. While short-term volatility has increased, long-term market participants remain focused on structural trends, such as digital asset adoption and institutional entry into crypto markets. Investors are watching these developments closely for potential opportunities. Institutional & Regulatory Developments Regulatory momentum appears to be shifting as multiple legal cases against crypto firms have been dropped in the past week. The SEC’s decision to end its case against Coinbase, along with other regulatory reversals against crypto companies, signals a more constructive dialogue might be in sight between regulators and the crypto industry. Looking Ahead Bitcoin’s ability to reclaim $80,500 will be closely monitored as a potential catalyst for market stabilization. If BTC holds above key support levels, investor confidence is expected to strengthen further. Meanwhile, Ethereum’s positioning within the DeFi landscape and institutional adoption will remain central to its trajectory. Overall, market participants are navigating this phase with a focus on long-term opportunities. Institutional engagement, regulatory clarity, and macroeconomic indicators will continue to shape digital asset trends. Traders should remain attentive to upcoming policy shifts and economic data releases, which could provide additional insights into market direction. Stella Zlatareva, Nexo Dispatch editor

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Daily Market Dispatch – Feb 27, 2025 For informational purposes only; not financial or investment advice. Market Overview In the last 24 hours, the market was as “Under Pressure” as Queen and David Bowie’s 1981 classic. Bitcoin (BTC) is trading at approximately $86,200, reflecting a 2.28% decrease over the past 24 hours. For now, despite the market’s short-term shift, investors are showing a certain resilience, holding firm above the $82,000 level for Bitcoin as last night’s trading indicated. Key drivers of the current dynamics include BTC ETF outflows, upcoming options expirations, upcoming PCE inflation data, and NVIDIA’s Q4 earnings report. On the altcoin front, market movers of interest today include: LTC, SOL, and APT. Bitcoin Presently BTC is holding fast, the real key threshold to watch is the $80,000 support level. Tuesday’s $1.1 billion in outflows from Bitcoin ETFs continued the asset’s deacceleration from just beneath $90,000 yesterday, to toe the line at $82,000 before promptly bouncing back. This small ricochet signals investors are not quite ready to let go of bullish hopes just yet, perhaps reflecting Bitcoin’s bigger picture – namely that it is up 46% in the last six months. However, open interest for put options at a $70,000 strike price is the second highest among all contracts expiring on February 28 (tomorrow), indicating some traders are positioning for potential downside. A total of $4.9 billion in options contracts are set to expire on Friday, which could lead to heightened volatility and further price pressure. Altcoins While Ethereum slid along with BTC to $2,300, certain activity in the altcoin realm shows promise. An old classic, Litecoin (LTC) surged over 9% to $127.85, following the announcement of its own domain extension, ".ltc," in collaboration with Unstoppable Domains. Solana (SOL), while overall down on its luck these days, traded at $140.40, with the DTCC listing the first set of Solana futures ETFs, fueling optimism for potential spot fund approvals. Finally, Bitwise registered an Aptos ETF entity in Delaware, leading to Aptos (APT)’s 7.42% increase, indicating growing institutional interest in the altcoin sector, even amid less favorable market conditions. Macro U.S. lawmakers have delayed the timeline for comprehensive crypto legislation, introducing indecision into the market and potentially affecting institutional participation throughout this BTC dip. Meanwhile, Nvidia delivered a blowout earnings report, with Q4 revenue surging 78% and full-year revenue climbing 114% to $130.5 billion, reinforcing bullish sentiment in risk assets ahead of Friday’s core PCE inflation data, which could further sway market direction. Gold, on the other hand, slipped under pressure from a stronger U.S. dollar and rising Treasury yields, as investors awaited the inflation print to gauge the Fed’s next steps. Looking Ahead With $4.9 billion in Bitcoin options set to expire on Friday and core PCE inflation data on deck, market movement could ramp up. Other forces to watch include Nvidia’s earnings-fueled momentum, BTC’s support levels, and U.S. tariff policy shifts. Iliya Kalchev, Nexo Dispatch Analyst

Daily Market Dispatch – Feb 26, 2025 For informational purposes only; not financial or investment advice. Overview After Tuesday’s broad-based rebalancing, the market is showing signs of stabilization. Bitcoin remains steady just below $89,000, with on-chain data indicating that short-term holders transferred roughly 43,600 BTC to exchanges – suggesting that a key support level may have been reached. Ether is also on an upward trajectory toward $2,500. These asset movements come amid notable ETF outflows and a shift in macroeconomic factors, including a significant drop in U.S. consumer confidence and a strengthening yen, which are reshaping market dynamics. Regulatory, Macro & Broader Asset Landscape Recent economic signals point to a potential shift toward a more accommodative monetary policy. A pronounced decline in U.S. consumer confidence – the steepest since August 2021 – coupled with a stronger yen, has driven investors toward traditional assets, like gold, which stabilized near $2,920 per ounce on Wednesday despite a brief dip to a one-week low. Prediction markets are now reflecting a 30% chance of a rate cut in May, with the possibility of an additional cut by June increasing in probability. These macroeconomic developments provide the context for the ongoing market recalibration. Beyond Bitcoin’s stabilization, the wider crypto ecosystem presents a varied landscape. Ether’s movement toward the $2,500 mark sets part of the tone, XRP recorded a modest gain of around 3%, and both BNB and SOL experienced increases of approximately 5%. Additionally, Dogecoin and Cardano posted incremental improvements of about 1.2%. Institutional Signals Institutional investors continue to play a pivotal role. U.S. spot Bitcoin ETFs experienced nearly $1 billion in outflows on Tuesday – the largest daily movement since their launch – highlighting a strategic repositioning among major players. This behavior, along with observed on-chain shifts, suggests that institutional investors are carefully recalibrating their exposure in response to the evolving market conditions. Looking Ahead Several developments are poised to influence market sentiment. Record earnings from Nvidia are highly anticipated and could bolster the overall outlook, while forthcoming U.S. home sales data on Wednesday may provide further clarity on the economic trajectory and the prospects for a soft landing by the Federal Reserve. As these factors evolve, market participants will remain focused on the interplay between asset performance, macroeconomic trends, ETF flows, and institutional strategies in guiding the near-term market course. Iliya Kalchev, Nexo Dispatch analyst

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Daily Market Dispatch – Feb 25, 2025 For informational purposes only; not financial or investment advice. Overview Bitcoin is recalibrating below $90,000, breaking its recent range, and returning to mid-November levels. Post-election momentum has cooled amid President Trump’s tariff moves and concerns about inflation, with ETF outflows and cautious sentiment pushing the Fear & Greed Index down to 25, its lowest since September. Despite declines in altcoins like Ether and Solana, institutional support remains strong – Tokyo-listed Metaplanet added $13 million in Bitcoin as part of its long-term goal to accumulate 10,000 BTC by 2025. These factors signal a temporary shift in sentiment while hinting at emerging opportunities. Regulatory, Macro & Broader Asset Landscape Broader market conditions reflect global economic uncertainties. Bank of America research projects U.S. CPI inflation could trend toward 4.6% year-over-year, potentially more than double the Fed’s 2% target. Even if monthly inflation eases to 0.3%, year-over-year it may still hover near 3.8%. These figures underscore persistent macro pressures and hint at possible shifts in central bank policies. In the options market, traders unwound some short-term positions as BTC broke lower, causing one-month implied volatility to bounce back near 50%. The overall bias (skew) remains largely unchanged, suggesting that option participants have not significantly shifted their directional outlook. Meanwhile, traditional markets – including equities, fixed income, and gold – appear to have absorbed recent macro data with minimal disruption, while BTC stays relatively subdued as its dominance rises and altcoin prices soften. This may indicate that altcoin bulls may already be fully positioned, with any fresh inflows favoring Bitcoin over smaller caps. While some altcoins, including Solana, Dogecoin, and XRP, have seen sharper moves, supportive central bank actions to curb inflation could revive risk appetite, and news about blockchain advances – such as positive results from the next test of Ethereum’s Pectra upgrade – could signal the potential for network improvements. Institutional Signals In Japan, Metaplanet’s ongoing Bitcoin accumulation underscores a belief in crypto’s resilience. The firm’s latest purchase of 135 BTC at an average price of nearly $96,000 per coin suggests continued institutional confidence, even as the market navigates short-term adjustments. However, over in the U.S., more than $516 million fled BTC ETF products yesterday alone, making it a fifth consecutive day of net outflows, and reflecting a period of adjustment. Adding further nuance are speculations that the U.S. administration will adopt an overly protective stance toward domestic token issuers and infrastructure providers, especially in light of the SEC’s favorable actions towards local crypto companies. Looking Ahead We anticipate a period of consolidation as inflation and trade policies evolve. If inflationary conditions intensify, Bitcoin could act as a blend of a risk asset and a store of value, potentially supporting its performance relative to equities. Despite the current recalibration, the crypto market’s overall growth trajectory remains intact. Going forward, the extended consolidation period – while distinct from prior cycles – may simply reflect a more measured pace of adoption and macro-driven influences. Stella Zlatareva, Nexo Dispatch editor