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Daily Market Dispatch – July 31, 2025 Overview The Federal Reserve held interest rates steady at 4.25%–4.50%, signaling no imminent cuts despite growing internal dissent. Markets enter midweek in a holding pattern, awaiting a dense batch of data, earnings, and policy signals. U.S. stock futures are up slightly after the Fed’s decision, with investors eyeing Microsoft and Meta earnings and a key GDP reading. Bitcoin hovers near $118,000, trapped in a tight range with major profit-taking already absorbed. Meanwhile, Ethereum ETFs post record inflows as structural demand builds, while a new 163-page crypto policy report from the Trump administration affirms regulatory ambition but leaves major questions unanswered. With the crypto market cap hovering just below $3.9 trillion, tariffs, trade deals, and monetary policy could reshape both macro and crypto positioning this week. Bitcoin Bitcoin hovered near $118,500, showing a muted response to the Fed’s stance and Powell’s cautious tone. A brief post-FOMC drop to $116,000 marked its sharpest hourly drawdown since mid-July. Strategy’s latest buy—21,000 BTC at an average price of $117,256, brought its total holdings to nearly 629,000 BTC, or over 62% of all Bitcoin held by public firms. Yet the market shrugged, underscoring saturation and hesitation in the current macro backdrop. Meanwhile, the administration’s digital asset blueprint, though sweeping in scope, barely touched on the much-anticipated federal Bitcoin reserve—leaving BTC traders with more questions than catalysts. Powell’s post-FOMC remarks added to the weight: he flagged that tariff-driven inflation is just beginning to filter into prices, reinforcing the wait-and-see mood across crypto markets. Ethereum Ethereum marked its tenth anniversary amid record ETF inflows and surging institutional interest. ETH rose 1.3% to $3,860, with the current 19-day inflow streak totaling over $5.3 billion. BlackRock’s ETHA accounts for 3 million ETH—2.5% of total supply, as total ETF holdings approach 5%. Yet despite strong flows, the rally has paused as macro headwinds persist. Corporate treasuries have now surpassed the Ethereum Foundation in ETH holdings, led by Bitmine’s 625,000 ETH. SharpLink and Ether Machine round out the top three, as treasury adoption grows across sectors. Altcoins remain broadly stable. XRP is up 0.5%, while Solana and Cardano are posting modest moves as traders braced for Friday’s catalysts. Macro & Markets While markets had largely priced in the Fed’s decision to hold rates steady, the real surprise came from inside the central bank: two Trump-appointed governors dissented, calling for an immediate rate cut. It marked the first double dissent since 1993. USA’s GDP unexpectedly rose 3% in Q2, yet underlying demand showed cracks, with final sales to domestic purchasers rising just 1.2%—the slowest pace since 2022. President Trump’s trade campaign escalated: a 15% tariff deal with South Korea offered short-term relief, but India faces a 25% levy and penalties over ties to Russia, with Brazil and others potentially next. Markets cheered earnings: Meta reported $18.3 billion in profit, while Microsoft’s Azure surged 39%. S&P 500 and Nasdaq futures gained sharply, with Apple and Amazon set to report next. Looking Ahead With the Fed sidelined, Friday’s dual catalysts—the U.S. nonfarm payrolls report and President Trump’s August 1 tariff rollout, will steer macro sentiment and asset flows. Traders are eyeing Powell’s Jackson Hole speech for direction, but until then, volatility may build around a loaded data calendar. Key releases include U.S. initial jobless claims and the Chicago PMI later today, followed by the eurozone’s flash inflation prints and the U.S. unemployment rate tomorrow. Crypto remains rangebound but coiled, with Bitcoin and Ethereum searching for a spark, while equities may ride Big Tech momentum a bit longer. — Iliya Kalchev, Nexo Dispatch analyst For informational purposes only; not financial or investment advice

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Daily Market Dispatch – July 30, 2025 Overview Markets enter midweek in a holding pattern, awaiting a dense batch of data, earnings, and policy signals. U.S. stock futures are up slightly ahead of the Federal Reserve’s rate decision, Microsoft and Meta earnings, and a key GDP reading. Bitcoin hovers near $118,000, trapped in a tight range with major profit-taking already absorbed. Meanwhile, Ethereum ETFs post record inflows as structural demand builds. With. While the crypto market cap hovers just below $3.9 trillion, tariffs, trade deals, and monetary policy could reshape both macro and crypto positioning this week Bitcoin Bitcoin slipped 0.8% to $117,900, extending losses amid cautious positioning ahead of the Fed decision and Friday’s August 1 tariff deadline. Despite recent pullback, Bitcoin remains up for the month and shows resilience: last weekend’s $9.6 billion Galaxy-linked distribution was absorbed without panic, signaling deeper liquidity. Glassnode notes Bitcoin is consolidating between $105,000 and $125,000, with $125,000 acting as the short-term holder (STH) resistance band. A breakout could eye $141,000, while support clusters around $110,000–$117,000. Realized profit levels hit extremes, with a record $3.7 billion in net realized gains and a 571x profit-to-loss ratio. Meanwhile, Strategy (formerly MicroStrategy) added 21,021 Bitcoin via a $2.5 billion raise, bringing its holdings to 628,791 Bitcoin — now over 62% of all Bitcoin held by public companies. Ethereum Ethereum ETFs have flipped the script, pulling in $2.31 billion over just seven trading sessions — highlighted by a single-day peak of $533.8 million. The momentum reflects structural demand for long-term ETH exposure, not short-term price plays. Ethereum is steady near $3,800, holding up better than peers amid market drift. Solana and Cardano shed 2.1% and 1.6% respectively, while XRP slipped 0.6%. Broader altcoin pullback mirrors Bitcoin’s consolidation, with capital rotation slowing after July’s surge. On the institutional front, Nasdaq filed to allow BlackRock’s Ethereum ETF to stake its holdings—a move that would further enhance Ethereum’s yield narrative if approved. A Standard Chartered report calls ETH treasury companies an emerging asset class with distinct advantages over ETFs, particularly due to staking and on-chain integration. Macro & Markets The Fed is expected to hold rates at 4.25%–4.50% today, despite political pressure from President Trump to cut. Powell’s tone and any hints about fall cuts will be closely parsed. Fresh GDP data is due, with Q2 growth forecast at 2.5% after Q1’s surprise contraction. Meanwhile, U.S.–China trade talks yielded little beyond a tentative extension to the 90-day truce. Tariff tensions remain in focus, with President Trump’s new “reciprocal” levies set to hit by August 1. The U.S.–EU deal eased some concerns but still imposes 15% tariffs on most European goods. Equity markets are cautiously higher pre-market. Meta and Microsoft earnings will be AI-heavy; the former is pushing $55 billion in data center spend, while the latter eyes Azure’s evolving AI partnerships. Gold remains flat near $3,323, caught between a strong USD and lingering trade risks. Eurozone GDP slightly beat expectations at 0.1% QoQ, though growth remains tepid. South Korea, meanwhile, is actively positioning itself in the stablecoin race with a new virtual assets division to oversee regulation and digital currency integration. Looking Ahead Later today, the Fed will announce its rate decision at 18:00 GMT, followed by Chair Powell’s press conference. Earlier in the day, markets will absorb the ADP employment data and Q2 GDP reading. Over the next two sessions, attention turns to Japan’s rate decision, the U.S. Core PCE and jobless claims, and Eurozone CPI. The week wraps up with the closely watched U.S. unemployment report on Friday. — Iliya Kalchev, Nexo Dispatch analyst For informational purposes only; not financial or investment advice

Daily Market Dispatch – July 29, 2025 Overview Markets are poised for one of the busiest weeks of the year. Futures nudged higher early Tuesday ahead of key data releases, major earnings reports, and a highly anticipated Fed interest rate decision. Meanwhile, U.S.-China trade talks in Sweden and an announced U.S.-EU trade framework are reshaping geopolitical risk pricing. Nvidia’s new AI chip orders for China added a layer of tech optimism. In crypto, Bitcoin remained rangebound near $119,000, while Ethereum continued to attract institutional flows. The total crypto market cap has slid slightly from its all-time high of $4 trillion to $3.91 trillion, reflecting cautious positioning across risk assets. With a deluge of catalysts ahead, positioning remains cautious across both traditional and digital markets. Bitcoin Bitcoin held just below $119,000, stuck in an 11-day trading range as macro crosscurrents cap conviction. The looming Fed decision, upcoming U.S. jobs data, and uncertainty over Trump’s tariff policy have all contributed to the current stasis. Still, BTC is tracking toward its fourth consecutive monthly gain — a sign of resilience amid policy uncertainty. While speculative appetite remains on pause, Bitcoin’s structural tailwinds are intact, and market participants are watching for signs of breakout momentum above $120,000. Ethereum Ethereum continues to outshine the broader market, buoyed by sustained ETF inflows and institutional demand. Spot ETH ETFs have seen 17 consecutive days of net inflows totaling over $5.2 billion — almost four times the inflows of Bitcoin products over the same period. Even on lower-volume days, spot ETF demand continues to outpace Ethereum’s daily issuance, creating a powerful supply/demand dynamic. ETHA, BlackRock’s flagship fund, now ranks among the top 20 most traded ETFs in the U.S. Ethereum remains near multi-month highs at $3,800, with strong open interest and trading volume positioning it for a potential break toward $4,200. Meanwhile, broader altcoins sold off Tuesday, with Solana, Cardano, and XRP down 4%–5% amid risk-off flows. Macro & Markets The dollar strengthened ahead of the Fed’s two-day policy meeting, bolstered by solid consumer confidence and labor market indicators. The U.S.-EU trade deal, including a 15% tariff and commitments to U.S. energy and defense purchases, shifted flows back toward U.S. assets. Meanwhile, the U.S.-China tariff truce remains in limbo, though headlines suggest an extension is possible. Inflows into equities and renewed AI-driven capital expenditure — led by Nvidia’s 300,000-chip order — suggest broader risk appetite is holding up despite macro crosswinds. On the regulatory front, attention is also turning to a key Treasury report on crypto oversight, due July 30. Looking Ahead A stacked calendar will test the market’s resolve. All eyes are on the Fed’s rate decision and accompanying commentary, but several data releases could influence positioning earlier in the week. Investors will parse U.S. consumer confidence, job openings (JOLTS), ADP employment, and second-quarter GDP figures for clues on labor strength and growth momentum. The June Core PCE report will offer a key update on inflation, while jobless claims and the July unemployment rate will complete the labor picture. Major earnings from Meta, Microsoft, Apple, and Amazon will drive tech sentiment. The Bank of Japan's decision on Thursday and preliminary Eurozone CPI on Friday round out a globally significant macro stretch. With positioning light and expectations contained, any dovish tone from central banks or positive trade news could shift sentiment quickly. — Iliya Kalchev, Nexo Dispatch analyst For informational purposes only; not financial or investment advice

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Looking Ahead Ethereum’s momentum continues to build, and institutional activity is no longer just about Bitcoin. Macro sentiment remains supportive post-tariff deal, and the calendar brings key inputs this week, including U.S. consumer confidence, jobless claims, and the Fed’s July 30 rate decision. With BTC holding high ground, ETH drawing flows, and Wall Street quietly building yield-bearing crypto products, markets are signaling sustained rotation with structural support. — Iliya Kalchev, Nexo Dispatch Analyst For informational purposes only; not financial or investment advice.

Daily Market Dispatch – July 28, 2025 Overview Crypto markets are pushing higher to start the week as macro sentiment turns risk-on. Bitcoin is trading just shy of $119,000, while Ethereum is staying firm after its recent climb to $3,800, extending its outperformance amid strong ETF flows and a wave of bullish positioning. A tariff deal between the U.S. and EU helped lift global equities and crypto alike, reaffirming investor appetite for high-beta assets into month-end. Meanwhile, public companies continue expanding exposure as stablecoin legislation in the U.S. is taking shape at the state level. Bitcoin BTC briefly edged up to $120,000 this weekend before pulling back slightly, still supported by last week’s macro tailwind. On-chain, however, activity raised eyebrows as one of the largest Bitcoin whales in history reportedly cashed out $9 billion, sparking some short-term caution. Still, institutional momentum remains intact. Metaplanet reaffirmed its 2026 BTC accumulation target and held its position steady, despite recent volatility. According to NYDIG, Michael Saylor’s firm is advancing plans for a Bitcoin-backed investment vehicle designed to give Wall Street allocators structured access to BTC – part of a broader strategy to position BTC as a long-term reserve asset in institutional portfolios. Ethereum & Altcoins ETH is nearing $3,800 after another strong weekend of inflows. Data shows Ethereum ETFs are now attracting more capital than Bitcoin funds, with institutional positioning shifting steadily toward ETH’s broader utility narrative. Ethereum ETF inflows have started to decisively outpace Bitcoin products, and options traders are pricing a $6,000 ETH by Christmas, with implied volatility skew favoring upside tail risk. This is the strongest relative inflow momentum Ethereum has ever posted vs. BTC, underscoring the maturity of the ETH investment case. Altcoins showed mixed performance. DOGE is staying relatively flat at $0.24 despite a volume surge, as resistance held. XRP erased last week’s gains, pulling back after soaring in all-time high territory early last week – but there is still room for an uphill run, especially if ETF tailwinds gain traction. SSOL, meanwhile, is consolidating just below $200, with analysts citing growing ETF speculation and improving market structure as catalysts for a potential move toward $250 in the coming weeks. Institutions & Macro Crypto’s integration into public markets continues. Block (SQ) and Coinbase (COIN) now sit side by side in the S&P 500, and BlackRock, Marathon, and Strategy continue to appear in institutional ETF exposures. Meanwhile, investor and political attention is shifting to Q3’s legislative calendar. The focus now turns to the anticipated rollout of federal stablecoin regulations following the GENIUS Act, the SEC’s pending decisions on Solana and Ethereum ETF applications expected before October, and Wyoming’s launch of a yield-bearing state-backed stablecoin, which could influence broader U.S. stablecoin frameworks. Internationally, efforts led by the Financial Stability Board (FSB) and G20 regulators are pushing for alignment on tokenized asset standards and cross-border pilot programs, with updates likely during Q3 multilateral meetings. Finally, a major U.S.–EU trade deal announced on Sunday now caps tariffs on European imports at 15%, averting a threatened 30% increase that had loomed starting August 1, and setting up positive appetite for equity futures and risk assets.

Despite the summer season, markets are heading into a pivotal week. With the Fed’s rate decision, critical data on inflation, jobs, and growth across the U.S., Eurozone, and Japan, the days ahead could shape the macro narrative well into Q4. 🇺🇸 U.S. CB Consumer Confidence (Jul) – July 29, 14:00 GMT 🇺🇸 U.S. JOLTS Job Openings (Jun) – July 29, 14:00 GMT 🇺🇸 U.S. ADP Nonfarm Employment Change (Jul) – July 30, 12:15 GMT 🇺🇸 U.S. Gross Domestic Product QoQ (Q2) – July 30, 12:30 GMT 🇺🇸 Fed Interest Rate Decision – July 30, 18:00 GMT 🇺🇸 U.S. Federal Open Market Committee Press Conference – July 30, 18:00 GMT 🇯🇵 Bank of Japan Interest Rate Decision – July 31, 03:00 GMT 🇺🇸 U.S. Core PCE Price Index MoM & YoY (Jun) – July 31, 12:30 GMT 🇺🇸 U.S. Initial Jobless Claims – July 31, 12:30 GMT 🇺🇸 U.S. Chicago Purchasing Managers Index (Jul) – July 31, 13:45 GMT 🇪🇺 Eurozone Consumer Price Index MoM & YoY preliminary – August 1, 09:00 GMT 🇺🇸 U.S. Unemployment Rate – August 1, 12:30 GMT

Daily Market Dispatch – July 25, 2025 Overview Global markets are heading into the weekend on firmer footing, with Wall Street buoyed by strong earnings and easing trade tensions. The crypto market, by contrast, is consolidating. Total digital asset market capitalization has edged down to $3.8 trillion, still hovering just below record highs. While Bitcoin has softened, the broader crypto market remains resilient following Thursday’s volatility. Traditional markets are eyeing the final wave of earnings, upcoming durable goods data, and the Federal Reserve’s policy meeting next week, as optimism around new trade agreements builds. Bitcoin Bitcoin retreated 1.7% to near $115,600, extending a modest correction after touching an all-time high of $123,000 last week. Open interest in Bitcoin futures remains elevated above $45 billion, just shy of its historical peak, pointing to continued institutional engagement and speculative leverage. Thursday brought a reprieve in sentiment, with spot Bitcoin ETFs recording $226.6 million in net inflows, ending a three-day streak of outflows. Meanwhile, institutional holdings have surpassed 10% of total BTC supply, absorbing supply at a pace far exceeding daily issuance. Ethereum Ethereum rose 0.8% to $3,644, extending its rebound as investor flows rotated back into ETH. Futures open interest has surged to nearly $30 billion, setting a new all-time high for ETH and reflecting a rising appetite for leverage in the asset. Spot ETH ETFs have recorded $2.4 billion in inflows over six consecutive trading days, led by BlackRock’s ETHA, which crossed the $10 billion AUM mark in just 251 days, making it one of the fastest-growing ETFs on record. Corporate accumulation is also intensifying: BitMine Immersion purchased $2 billion in ETH over just two weeks, becoming the largest corporate holder. The trend of ETH outperforming BTC may signal more than a short-term rotation – it could mark a structural shift in market leadership. Macro & Markets Macroeconomic indicators are flashing resilience. The U.S. posted another round of robust jobless claims data and is seeing encouraging signs on the trade front, with new deals finalized with Japan, Indonesia, and the Philippines. An EU agreement may be announced before the August 1 tariff deadline. Corporate earnings remain solid: 83% of reporting S&P 500 firms have beaten expectations, and the Nasdaq hit another record Thursday. On the institutional crypto front, firms now control over $250 billion worth of Bitcoin, a leap driven by growing ETF demand and corporate treasury strategies. In the property world, Christie’s new real estate division, created to handle crypto payments, highlights growing integration across asset classes. Looking Ahead All eyes are now on the July 30 Federal Reserve meeting and the release of the White House’s long-anticipated crypto asset policy report. While the Fed is widely expected to keep rates on hold, markets will parse Powell’s language for any signs of shifting policy stance heading into year-end. Beyond that, the week ahead brings a macro-heavy calendar with broad market implications. On Tuesday, U.S. JOLTS job openings and consumer confidence figures will provide insight into labor tightness and household sentiment. Wednesday features the Fed’s rate decision alongside ADP’s payroll data, while the Bank of Japan is set to announce its latest policy decision amid pressure from a weak yen and rising inflation. Updated GDP figures from both the U.S. and Eurozone will round out the week, offering a snapshot of growth momentum as Q3 unfolds. For crypto, the convergence of monetary signals, labor data, and regulatory clarity could serve as a volatility catalyst. The short-term trend remains sideways, but positioning suggests markets are bracing for a pivotal stretch. — Iliya Kalchev, Nexo Dispatch analyst For informational purposes only; not financial or investment advice.

Daily Market Dispatch – July 23, 2025 Markets are cautious amid key macro events and geopolitical tensions. Bitcoin has eased slightly from yesterday’s levels but is still anchored near the upper end of its recent range. While a pivotal U.S.-Japan tariff deal and pending central bank actions take center stage, crypto markets are exhibiting a maturity reflected in measured responses rather than volatility. Ethereum consolidates near $3,660, while altcoins reflect capital rotation and selective market enthusiasm. Bitcoin Bitcoin is trading at just under $118,500, down 1.26%, as investors pause following recent strong gains. Technical indicators remain supportive: the weekly RSI is approaching overbought territory, indicating sustained bullish momentum, and price action continues to hold above key moving averages. Profit-taking by short-term holders has increased inflows to exchanges, signaling possible short-term consolidation. Immediate resistance lies at the psychological $120,000 barrier, while strong support exists around $116,000. Macro & Policy Fed Chair Powell’s remarks yesterday offered little new guidance, maintaining ambiguity around rate policy and leaving markets focused on upcoming data. Investors now await tomorrow’s Eurozone interest rate decision and key U.S. indicators – initial jobless claims, new home sales, and manufacturing and services PMIs – to gauge the global economic pulse. The announcement of a U.S.-Japan trade agreement, imposing 15% tariffs on automobiles and parts, sent Japanese automaker shares surging. The deal includes a notable $550 billion investment commitment for U.S. domestic infrastructure, suggesting a continued tilt toward strategic domestic investments. This framework has sparked optimism that an EU deal might follow suit, helping ease market concerns ahead of the August 1 tariff deadline. Altcoins & Stablecoins Ethereum, rallying 15% over the past week, trades around $3,662, showing resilience despite minor consolidation. Institutional confidence is buoyed by SharpLink’s accumulation, recently adding nearly 80,000 ETH to its treasury. This move reflects corporate conviction in Ethereum’s long-term growth trajectory, further catalyzed by clarity from the GENIUS Act. XRP trades near $3.44 after reaching a seven-year high earlier this month. Market participants eye critical support around $3.38, with any resurgence in buying likely triggering a renewed push toward and potentially beyond its recent highs. Nexo has launched an incentive campaign, offering a 5% bonus for adding and holding XRP, complementing its yield opportunities. Polygon has reported a 141% surge in small-sized USDC transactions, surpassing Solana in peer-to-peer stablecoin transfers up to $1,000. This growth underscores Polygon’s rising competitive position in digital payments amid increased blockchain fee pressures. Western Union’s signal that it’s exploring stablecoin integration highlights another critical step in the mainstream adoption of digital assets for global payments and value storage – an industry trend towards efficiency and innovation. Institutional Moves The SEC’s surprising move to pause the previously approved Bitwise crypto ETF has raised some eyebrows. This echoes recent similar delays with Grayscale, prompting market participants to question how rapidly the regulatory landscape can evolve to accommodate institutional demand. Meanwhile, SpaceX has strategically consolidated over 1,300 Bitcoin ($153 million), representing its first notable on-chain movement in three years. Such institutional activities suggest ongoing preparation for future strategic moves. Looking Ahead Crypto markets remain poised at key thresholds, balancing macro-driven caution against structural bullishness in digital assets. Market sentiment in the coming days will hinge significantly on macro data, the Eurozone rate decision, and clarity from trade negotiations between the U.S. and the EU. - Stella Zlatareva, Nexo Dispatch Editor For informational purposes only; not financial or investment advice.

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Daily Market Dispatch – July 22, 2025 Overview After last week’s altcoin-led breakout, crypto is consolidating around key levels as investors digest a week of historic headlines. Bitcoin is trading just above $118,500, steady at the top of its recent range. Ethereum is holding strong near $3,600, backed by major technical upgrades and the promise of scalable growth. Altcoins, meanwhile, are cycling gains but remain resilient amid sustained capital rotation. Bitcoin Bitcoin is trading around $118,500, down slightly from the previous session but still perched firmly near the upper bound of its trading range. Over the past week, BTC dominance has declined by more than 3.5 percentage points, as market participants turn to altcoins for upside potential. Despite the shift, BTC remains well-supported, with bullish technicals and macro tailwinds still intact. The institutional story continues to build. Last week, Trump Media revealed a $2 billion Bitcoin buy, positioning BTC as a core treasury asset. MicroStrategy, meanwhile, added another 6,220 BTC, bringing its holdings to over 607,000 BTC. These purchases are not trades—they’re statements. And they reinforce Bitcoin’s role as a reserve asset in both public and private balance sheets. Ethereum and Altcoins Ethereum is currently trading around $3,600, maintaining its leadership position. The upgrade to a 45 million block gas limit—pushed through Friday—has fortified Ethereum’s scaling roadmap and set the stage for broader Layer 2 adoption. This technical milestone is already drawing interest from developers, protocols, and treasuries alike. Capital continues to rotate into altcoins with conviction. Solana is trading above $191, up around 14 percent over the past week, with persistent spot demand and ETF enthusiasm driving flows. XRP is holding around $3.50, maintaining a 20 percent weekly gain on the back of clarity from the GENIUS Act and favorable funding rates. Dogecoin has risen 8 percent over the last 24 hours, forming a rising triangle pattern as retail traders re-engage and open interest climbs. Macro and Policy The GENIUS Act is now law, marking a watershed moment for digital assets in the U.S. It mandates 1:1 stablecoin reserves, clarifies the role of the SEC and CFTC, and codifies protections for open-source developers. These provisions bring long-awaited certainty—and pave the way for regulated innovation. Institutions are taking note. BitGo filed confidentially for a U.S. IPO this week, and Western Union announced that it’s exploring stablecoin integration in its digital wallet. These moves signal that digital assets are no longer isolated—they’re becoming embedded in mainstream finance. Regulatory momentum is going global. Thailand’s SEC is tightening ICO and disclosure rules, and the EU is moving forward with MiCA stablecoin registration, accelerating a trend of synchronized global policy development. Looking Ahead Bitcoin is consolidating with authority. Ethereum is building momentum with infrastructure upgrades. Altcoins are rising selectively, anchored in themes that align with long-term value. All the while, policy support is accelerating real-world integration—from IPOs to payment rails. Looking ahead, the Clarity Act heads to the Senate. If passed, it could cement crypto’s legal status across asset classes. ETF flows—especially for ETH and SOL—will be critical to gauging institutional confidence. Macro prints like U.S. PMIs and Q2 GDP will shape the broader liquidity environment, but crypto appears to be leading its own cycle. Security enhancements following recent breaches will be watched closely as infrastructure matures. And today, all eyes will briefly turn to Fed Chair Powell’s remarks, with investors looking for signals on rate policy and broader macro tone. - Iliya Kalchev, Nexo Dispatch Analyst For informational purposes only; not financial or investment advice.

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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