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Daily Market Dispatch – September 17, 2025 Fed decision day: 25 bps cut anticipated as Bitcoin edges towards $116,000 Global markets are holding steady ahead of today’s pivotal Federal Reserve decision. U.S. stock futures are flat after Wall Street’s pullback on Tuesday, while the dollar trades at 11-week lows and gold has eased from record highs. Against this cautious backdrop, Bitcoin has edged above $116,000, gaining 1% in the past 24 hours, while the broader crypto market cap has pushed past $4 trillion, highlighting that digital assets are entering the Fed event from a position of strength. Bitcoin Bitcoin is holding firm near $116,500, consolidating after Tuesday’s near one-month high. Traders are bracing for the Fed’s move, but on-chain and options data suggest that downside pressure is limited. Exchange inflows have dropped to their lowest in 18 months, while exchange reserves are at a multi-year low — clear signs of reduced sell pressure. At the same time, stablecoin balances on exchanges are rising, creating a pool of “dry powder” for potential buying. Spot Bitcoin ETFs added $292 million of inflows on Tuesday, further reinforcing demand from institutional and retail channels alike. Options markets echo this: a put/call ratio of 0.78 reflects moderately bullish sentiment, with traders favoring upside exposure. Together, these dynamics make a sharp sell-off unlikely. Bitcoin’s positioning now looks asymmetrical — with limited supply ready to hit the market, deep pockets accumulating, and options traders leaning bullish, downside risks are capped while upside catalysts remain alive. Ethereum & Altcoins Ethereum is trading just below $4,500, consolidating with the broader market. ETH ETFs saw $61 million in outflows on Tuesday, underscoring investor caution. Ethereum vehicles, however, are seen as more resilient thanks to staking yields that support their balance sheets. This dynamic sets ETH apart from Bitcoin and Solana treasuries, with rotation into ETH remaining a potential tailwind. Among altcoins, XRP is holding above $3.00 and Solana is modestly lower at $243. Meme tokens are trading in tight ranges, underscoring a wait-and-see stance ahead of the Fed’s announcement. Macro & Institutional The Fed is expected to cut rates by 25 bps today, lowering the funds rate to 4.00–4.25%. Markets currently assign a 94% probability to this outcome, with only a 6% chance of a larger 50 bps cut. The most widely anticipated course of action is a sequence of three 25 bps cuts across the September, October, and December meetings. With labor markets cooling and inflation still above target, Powell’s message and the updated dot plot will be decisive for market direction. A divided FOMC and the presence of new Governor Miran may inject political undertones, but the balance of risks points to a shift toward supporting growth. Beyond the Fed, global central banks are also in focus. The Bank of England meets on Thursday with inflation holding steady at 3.8%, nearly double its target, while the Bank of Japan is expected to remain on hold Friday. In corporate earnings, General Mills reports before the U.S. open, offering a snapshot of consumer demand under tariff pressure. Commodities remain subdued, with gold pulling back from record highs and oil retracing earlier gains. Looking Ahead A packed calendar of central bank events will steer risk sentiment in the coming days. Later today, the Fed releases its FOMC statement and September rate decision at 18:00 GMT, followed by Powell’s press conference and the updated dot plot. On Thursday, attention shifts to the Bank of England’s policy call and the U.S. Philadelphia Fed Manufacturing Index. Friday brings the Bank of Japan’s decision, which could carry global implications for currency markets. Together, these events will set the tone for liquidity conditions — and for how crypto navigates a macro landscape increasingly shaped by easing policy. — Iliya Kalchev, Nexo Dispatch analyst For informational purposes only; not financial or investment advice.

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Daily Market Dispatch – September 15, 2025 Fed rate decision in focus: Bitcoin stays stable Markets began the week on steady footing as investors positioned ahead of the Fed’s decision on Wednesday. Wall Street ended the prior week at record highs, but momentum faded as softer labor data clashed with sticky inflation in shelter and food. Futures pricing pointed firmly to a 25 basis point cut from the current 4.25%–4.50% range, though a larger move remained a slim possibility. For risk assets, the backdrop was supportive without tipping into exuberance. Crypto echoed this mood. Bitcoin hovered just under $116,000 after rebounding from early September lows, while altcoins cooled. ETF flows, on-chain data, and derivatives positioning all suggested a market stabilizing but still waiting for policy clarity before committing to a stronger trend. Bitcoin Spot Bitcoin ETFs staged a sharp reversal last week, pulling in over $2.3 billion in net inflows after a run of redemptions. The turnaround began on September 8 and built through the week, peaking with more than $700 million in a single day. This surge dwarfed early-September flows and was absorbed smoothly, highlighting stronger liquidity at current levels. At the same time, Glassnode data showed wallets across cohorts turning back to distribution after briefly accumulating the week before. Selling was broad-based, from smaller holders to larger entities, pointing to ongoing profit-taking even as ETFs funneled in new demand. Together, these trends highlight how ETF flows are anchoring Bitcoin’s short-term direction, while on-chain activity signals churn beneath the surface. If inflows persist, BTC could test the $118,000–$120,000 range in the coming weeks; renewed redemptions would risk eroding the recent stability. Ethereum & Altcoins Ethereum held near $4,500, while most altcoins eased after a strong run the week prior. Options markets looked steadier, with skews in BTC and ETH drifting back toward balance and longer maturities improving from negative territory. This favors a gradual grind higher if the Fed delivers a standard cut, with room for sharper moves if policy surprises. Beyond prices, Ethereum’s Privacy Stewards team unveiled a roadmap to embed privacy across the network, covering private transactions, reads, and proofs – an incremental but important step toward making the chain fit for mainstream financial and identity use cases while staying within regulatory guardrails. Macro & Institutional Central banks set the tone as investors braced for a week of policy calls. U.S. indices had hit records on growing conviction in Fed easing, but Powell’s press conference will shape expectations for the rest of the year. Beyond policy, institutional activity remained strong. Strategy Inc added 525 BTC at an average of about $114,600, bringing holdings to nearly 639,000 BTC, while BitMine Immersion disclosed 2,150,000 ETH, making it the largest Ethereum treasury holder. In traditional finance, the London Stock Exchange Group completed the first deal on its new blockchain platform for private funds, underscoring tokenization’s gradual move from pilots into production infrastructure. Looking Ahead A crowded calendar could reset rate and growth expectations. U.S. retail sales will offer an early test of consumer strength before the Fed delivers its decision and Powell’s guidance, where a quarter-point cut is widely expected but any surprise would ripple across markets. Inflation prints in the U.K. and Eurozone will set the stage for the Bank of England and the ECB, while the Bank of England itself faces a delicate call between stubborn prices and slowing growth. The Philadelphia Fed survey adds another U.S. activity gauge, and the week closes with the Bank of Japan, where even minor policy tweaks could ripple through global yields. These events will determine whether September consolidates quietly or tips into renewed momentum. — Iliya Kalchev, Nexo Dispatch analyst For informational purposes only; not financial or investment advice.

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Daily Market Dispatch – September 12, 2025 Crypto market cap tops $4 trillion with Fed rate cut anticipated Markets are pausing for breath ahead of next week’s Fed decision, with U.S. stock futures flat after the S&P 500, Nasdaq, and Dow all notched record highs on Thursday. Inflation may still be sticky, but the labor market’s slide has cemented expectations for a September cut. According to CME FedWatch, there’s a 92% chance of a 25 bps move. In this environment, even inflation “in line with forecasts” adds conviction that policy is shifting. Crypto is already responding. The total market cap has reclaimed the $4 trillion mark, lifted by renewed ETF inflows and a broad bid across majors and altcoins. Gold is also in focus — UBS has raised its price target to $3,800 by end-2025 as falling real yields, dollar softness, and strong central bank demand extend its rally. The Fed isn’t so much chasing inflation down as cushioning employment, and risk assets from equities to crypto to gold are treating that as the start of a more supportive backdrop into year-end. Bitcoin Bitcoin climbed back above $115,000 after U.S. spot ETFs posted their fourth consecutive day of inflows, pulling in $552 million on Thursday alone and $1.7 billion across the week. The steady return of institutional demand is a clear rotation back into BTC after August’s sharp outflows, and it sets the tone ahead of the Fed’s decision. If the cut materializes, ETFs could be the channel that turns momentum into fresh highs. BTC remains rangebound between $110,000 and $116,000, with $114,000 the critical level to hold for new capital to commit. On-chain dynamics show a market in transition: short-term holders are realizing profits, dip-buyers are providing support, and derivatives remain orderly with falling implied volatility. Together, the flows and positioning suggest that the rally is being rebuilt on sturdier ground. Ethereum & Altcoins Ethereum trades around $4,500, below its realized price band near $5,200 — a level that has capped advances in past cycles. ETF holdings have surged to 6.7 million ETH, whales continue to accumulate, and staking has now locked up more than 36 million ETH. Network usage is at record highs, from daily transactions to smart-contract calls. ETH’s fundamentals are sprinting; price just needs the baton of fresh inflows to break through resistance. Altcoins are riding the same wave. Solana outperformed with a 6% jump after its ETF ticker appeared on the DTCC platform, while XRP gained 2%. Even without regulatory approval yet, the scale of filings — more than 90 crypto ETFs now in the pipeline — is feeding optimism that the market structure for digital assets is broadening. Macro & Institutional Macro conditions are increasingly favoring easing. CPI rose 2.9% in August, a touch hotter than July but exactly in line with forecasts, while jobless claims hit their highest level in nearly four years. The Fed’s dual mandate is stretched, and Powell has signaled that employment stability will take precedence. Markets are almost certain of a September cut, with a small chance of 50 bps on the table. Gold is echoing the same story, surging 38% this year to near record highs. UBS has raised its forecast to $3,800 by end-2025, pointing to falling real yields, dollar softness, and strong central bank demand. Looking Ahead The countdown is on for the Fed’s September 16–17 meeting. A cut is priced in; the question is whether Powell opts for a cautious trim or opens the door to a more decisive pivot. For investors, the difference lies not just in the size of the move but in how it shapes expectations for the rest of the year. Next week’s decision will set the tempo for risk assets into the year-end. Beyond the Fed, U.S. retail sales data is also due, offering a timely read on household demand just as monetary policy shifts. A softer print would reinforce the easing narrative, while resilience could complicate the Fed’s balancing act. — Iliya Kalchev, Nexo Dispatch analyst

Daily Market Dispatch – September 11, 2025 Markets edge higher after U.S. CPI and jobless claims data Markets pushed higher Thursday as traders absorbed the August U.S. CPI readout and labor data, both of which offered a mixed picture. Inflation accelerated to 2.9% y/y from 2.7%, broadly in line with expectations, while jobless claims rose to 263,000, marking the highest level since 2021 and pointing to a gradually cooling labor market. Total crypto market capitalization held steady at $3.95 trillion, with Bitcoin near $114,000 and Ethereum above $4,400. ETF inflows mid-week provided a structural bid, though crypto prices showed little reaction to the releases. Traditional markets reflected the same mood: U.S. equity futures pointed modestly higher, Treasury yields eased after softer producer price data, and the dollar steadied. The European Central Bank held rates at 2% on Thursday. Bitcoin Bitcoin rose 2.3% to $114,000, boosted earlier by softer producer prices and firm expectations of a Fed rate cut next week. Futures markets now assign a 90% probability to a 25 bps trim, though odds for a larger 50 bps “insurance cut” have ticked higher following labor market revisions. Crypto markets showed little immediate response to the CPI and jobless claims data, underscoring that the bigger driver remains the path of liquidity rather than single prints. ETF activity underlined resilience: spot Bitcoin products saw $757 million in net inflows on Wednesday, their strongest day since July. That scale of inflows suggests institutions are positioning ahead of the Fed, not waiting for confirmation—an important show of confidence in crypto’s resilience. Bitcoin’s sensitivity to real yields remains acute; the Fed’s decision next week will likely set the tone for whether $114K consolidates or extends higher. Ethereum & Altcoins Ethereum climbed 2.6% to $4,419, with ETF demand turning positive after early-month redemptions as total net flows reached $171 million on Wednesday. The speed of Ethereum’s ETF rebound after outflows hints that investors see ETH as a leveraged bet on Fed easing—flows are becoming macro-sensitive, not just sector-driven. Altcoins followed higher, with Solana, Cardano, and XRP posting modest gains, while Dogecoin outperformed on ETF speculation. Like Bitcoin, Ethereum showed muted reaction to the CPI and jobless claims, with positioning and flows remaining the main drivers. Ethereum’s resilience shows that positioning, not just narrative, is pulling flows back into higher-beta assets—a shift that could reignite rotation if macro winds stay favorable. Macro & Institutional The August U.S. CPI accelerated to 2.9% y/y, up from 2.7% in July and matching forecasts, while core inflation held steady at 3.1%. On a monthly basis, CPI rose 0.4%, led by shelter costs. Weekly initial jobless claims, however, jumped to 263,000 from 236,000 previously, signaling further cooling in the labor market. Taken together, the data reinforce expectations for a Fed rate cut next week but highlight the Fed’s challenge of balancing steady inflation with signs of a softer labor market. Wells Fargo projects a steady easing path of five 25 bp cuts through mid-2026, while JPMorgan stresses multiple smaller steps are more realistic than a one-off half-point move. Looking Ahead With the U.S. CPI and jobless claims now out of the way, markets will turn their focus to Monday’s retail sales report as the final input before the September 16–17 FOMC meeting. A base case 25 bps cut remains the default, though odds of a larger move will continue to hinge on labor market signals. The ECB’s policy decision later today is likely to reinforce divergence between Europe and the U.S., while investors watch whether sustained ETF inflows can provide the structural bid needed to carry crypto into Q4 with momentum intact—or consolidate near recent highs if policy guidance remains cautious. — Iliya Kalchev, Nexo Dispatch analyst For informational purposes only; not financial or investment advice

This week is set to shape market expectations on both sides of the Atlantic. 🇺🇸 PPI MoM & YoY (Aug) – Sep 10, 12:30 GMT 🇪🇺 ECB Interest Rate Decision (Sep) – Sep 11, 12:15 GMT 🇺🇸 CPI MoM & YoY (Aug) – Sep 11, 12:30 GMT 🇺🇸 Initial Jobless Claims – Sep 11, 12:30 GMT

Daily Market Dispatch – September 4, 2025 Markets steady as rate cut anticipation builds Crypto markets held steady, with total capitalization at $3.83 trillion as traders awaited fresh macro signals. Bitcoin consolidated near $111,000, while Ethereum extended its outperformance on the back of ETF inflows, corporate treasuries, and growing staking demand. The broader digital asset space remains resilient despite muted volumes ahead of Friday’s key U.S. jobs report. Traditional markets were calmer too, with U.S. futures edging higher and bond yields stabilizing after recent volatility. Gold retreated slightly from record highs, the dollar steadied, and tariffs returned to focus as the Trump administration pressed the Supreme Court to uphold emergency trade powers. Together, these crosscurrents set the stage for a critical week of data and policy. Bitcoin Bitcoin traded just above $111,000, stuck in a holding pattern as traders await clearer signals from the Fed and labor data. ETF activity, however, showed resilience: spot Bitcoin ETFs recorded $302 million in inflows on Wednesday. On-chain, the network’s hash rate topped 1.27 zettahashes per second, underscoring heightened security even as miners wrestle with rising energy costs and reduced rewards post-halving. And while gold is up 33% versus Bitcoin’s more modest gains, the BTC–gold ratio continues consolidating in a long-term bullish structure that signals underlying strength. Ethereum & Altcoins Ethereum continued to outperform, climbing nearly 4% to $4,450 while other majors were muted. Strong spot ETF inflows over the summer and corporate treasury accumulation are the main catalysts. SharpLink and others have added to holdings, keeping demand steady. Flows were softer on the day: Ethereum ETFs saw $38 million in outflows Wednesday, modest compared to Bitcoin’s inflows but not enough to dent the uptrend. Staking demand is also rising, with the validator entry queue hitting its highest level in two years at 860,000 ether, worth about $3.7 billion. Network fees have dropped nearly 40% despite record activity, making staking more attractive. Meanwhile, whales have added 5.5 million ether since April, lifting Ethereum nearly 200% off yearly lows. Altcoins were mixed, with Optimism, Arbitrum, and Avalanche seeing muted trade. For now, Ethereum’s leadership keeps the rotation narrative alive, while broader sentiment stays centered on macro drivers. Macro & Institutional Fed Governor Christopher Waller reinforced market expectations for easing, signaling support for rate cuts this month and several more in the months ahead. Futures now price a near-100% chance of a September cut. Yields cooled after recent volatility, though fiscal worries persist globally as debt-to-GDP ratios climb and Japanese long bonds hit record yields. Institutional momentum continues to build. The Federal Reserve announced an October conference on stablecoins, decentralized finance, and tokenization, reflecting growing interest in digital assets’ role in payments. Separately, River reported that U.S. businesses are reinvesting 22% of profits into Bitcoin, led by small firms across real estate, finance, and even nonprofits. These grassroots flows add to the structural bid already created by ETFs and corporates. Looking Ahead The rest of the week will remain firmly focused on U.S. labor market data. Thursday brings the ADP employment report, initial jobless claims, and the August services PMI, all of which will set the tone ahead of Friday’s critical releases. On Friday, markets turn to the trifecta of nonfarm payrolls, unemployment rate, and average hourly earnings, which together will provide the clearest signal yet on the health of the economy. With the Fed poised to cut rates at its September 16–17 meeting, these labor market printouts will be decisive in shaping expectations for the pace and depth of easing into year-end. — Iliya Kalchev, Nexo Dispatch analyst For informational purposes only; not financial or investment advice.

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Daily Market Dispatch – September 3, 2025 Labor market data looms while Bitcoin holds the line Bitcoin edged above $111,000 on Wednesday, steadying after a two-month low, while the total crypto market cap crept higher to $3.83 trillion. The rebound comes after a turbulent August that saw Bitcoin drop 12% from record highs, yet early September has brought signs of stabilization. ETF inflows are providing a floor, but traders remain cautious ahead of Friday’s U.S. labor report, which could cement expectations for a September Fed rate cut and set the tone for the month. Crypto’s resilience contrasts with more fragile signals from traditional markets. U.S. equities slipped as bond yields pushed higher, reflecting anxiety over debt burdens. Safe havens outshone risk assets as gold notched record highs. The divide highlights a market at a crossroads with crypto settling in just as broader risk sentiment is being tested. Bitcoin Bitcoin steadied after a volatile start to the week, trading around $110,800–$111,000, supported by ETF inflows but weighed down by macro headwinds. Strategy added 4,048 BTC, bringing its stash to 636,505 BTC—over 3% of supply—yet the move failed to spur lasting momentum. Instead, Bitcoin tracked Wall Street weakness, pressured by higher global bond yields and tariff uncertainty. ETF flows told a more constructive story. Spot Bitcoin funds saw $332.7 million in net inflows on Tuesday, reversing last month’s outflows. Derivatives markets echoed cautious optimism: open interest climbed to $30 billion, with traders skewing toward upside September expiries at $120,000–$140,000 strikes. Still, passive bids rather than aggressive buying are driving support, signaling resilience without exuberance. For now, Bitcoin is holding the line at $111,000, but the market’s true catalyst lies in Friday’s labor print—where jobs data may dictate not just Fed policy, but the crypto market’s tone for the rest of September. Ethereum & Altcoins Ethereum lagged, slipping near $4,300, as spot ETH ETFs posted $135 million outflows—a sharp contrast to August’s $3.9 billion inflows. Still, corporate treasuries like SharpLink continued to accumulate, underscoring ETH’s dual narrative of balance-sheet adoption and yield-based appeal. Altcoins, meanwhile, showed fresh signs of speculative buildup. Derivatives data revealed heavy call activity into December for SOL, XRP, and TRUMP, with Solana buoyed further by its Alpenglow upgrade, which slashes transaction finality and revamps its consensus design. The move positions SOL for potential institutional adoption as it tests higher valuation levels into year-end. Macro & Institutional Macro headwinds remain central. U.S. equities dropped on Tuesday, with the S&P 500 down 0.7%, as surging bond yields underscored investor anxiety over mounting debt and contested tariffs. Gold briefly hit a record $3,547/oz, signaling heightened demand for safety. Institutional flows continue to expand. Spot exchange volumes reached $1.86 trillion in August, the highest since January, with Binance commanding nearly 40% market share. Decentralized venues also surged to $369 billion, showing broadening participation. Regulatory clarity added a milestone: in a joint statement, the SEC and CFTC affirmed no legal barrier for registered U.S. exchanges to list spot crypto products. Looking Ahead The focus now shifts squarely to U.S. labor data, which will frame expectations for the Fed’s September meeting. Key releases include JOLTS job openings (Sep 3), ADP employment change (Sep 4), and weekly jobless claims (Sep 4), followed by services PMI (Sep 4). The main event arrives Friday with the August nonfarm payrolls, unemployment rate, and average hourly earnings (Sep 5). Together, these prints will set the tone for risk assets and could determine whether the Fed’s widely expected rate cut comes with a dovish or cautious message. — Iliya Kalchev, Nexo Dispatch analyst For informational purposes only; not financial or investment advice

Daily Market Dispatch – September 2, 2025 Crypto markets steady on Fed rate cut expectations Crypto markets steadied after a volatile August, with Bitcoin reclaiming $110,000 and total market capitalization holding around $3.8 trillion. The rebound reflects rising bets on a September Fed rate cut and a softer dollar, while traders await Friday’s jobs data. Crypto is trading in step with macro easing expectations, acting as the digital barometer of monetary policy. Traditional markets echoed that tone: U.S. futures slipped as investors returned from the holiday, gold set fresh highs above $3,500/oz, and oil extended gains on supply risks. Equities, despite sticky inflation, remain near records — underscoring that both crypto and stocks are leaning on the same hopes of policy easing. Bitcoin Bitcoin climbed back above $110,000 in choppy trade, lifted by Fed cut bets. The greenback’s slide and record gold underscored a broader shift into hard assets. Still, August’s 12% drawdown kept traders cautious ahead of Friday’s payrolls data. On-chain trends show the pullback is well within bull-market norms. Past cycles saw 20–25% corrections; the current 12% retreat looks like a healthy reset, not a break. Short-term signals suggest Bitcoin is oversold, a setup that has often preceded rebounds. Participation remains firm: futures open interest is just below $45 billion, while Bitcoin ETPs hold over 1.47 million BTC (7% of supply). Global ETPs added 170,000 BTC since January, though August saw net outflows as capital rotated into Ethereum. The bull market appears to be pausing, not breaking — an adjustment refreshing momentum rather than ending the cycle. Ethereum & Altcoins Altcoins followed Bitcoin with Solana and Cardano up over 2%, while Ethereum slipped to $4,385. Yet ETH’s depth is clear — futures open interest above $30 billion shows steady engagement even as spot lags. XRP stood out, rising nearly 3% as whales added 340 million tokens in two weeks. Most buying clustered near $2.90, reinforcing support. Technicals add weight: back-to-back buy signals suggest strength if $2.77 holds, potentially opening $3.70–$4. ETF anticipation in October provides another catalyst. Macro & Institutional Equities dipped even as the S&P 500 gained 1.9% in August, leaving it near records. Investors remain focused on Friday’s payrolls after sticky inflation clouded the Fed’s path. Futures now price a 90% chance of a September cut, even as tariff uncertainty lingers after courts ruled much of Trump’s levies illegal. Gold surged past $3,500/oz with silver at a 14-year high, supported by a weaker dollar. With tariffs in limbo, inflation sticky, and payrolls looming, the Fed faces the awkward task of cutting rates into uncertainty. Tokenized gold is also gaining traction. Market capitalization hit a record $2.57 billion, led by Tether’s XAUT at $1.3 billion and Paxos’ PAXG at $983 million. At the same time, crypto institutions remained active: Metaplanet added 1,009 BTC, lifting holdings above 20,000 BTC (~$2.1 billion). Its approved plan to reach 210,000 BTC by 2027 would make it one of the largest corporate holders, targeting 1% of supply. Looking Ahead The week is packed with U.S. data. On Tuesday, traders parse the Manufacturing PMI and ISM releases. Wednesday brings the JOLTS job openings report. On Thursday, ADP payrolls, jobless claims, and the Services PMI take focus. Finally, on Friday, nonfarm payrolls, wage growth, and the unemployment rate could cement the case for a Fed cut later this month. Together, these releases may define whether September sets the stage for a policy pivot or keeps uncertainty in play. — Iliya Kalchev, Nexo Dispatch analyst For informational purposes only; not financial or investment advice

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Daily Market Dispatch — September 1, 2025 Crypto markets are stepping into September on softer ground. Sentiment has cooled, but structural progress continues to unfold. With volatility contained, attention now turns to this week’s macro catalysts, which will play a key role in shaping the near-term direction. Policy rails are improving, leaving crypto primed for upside once this week’s macro catalysts land. The total crypto market sits at $3.76 trillion, slightly softer on the day, while sentiment sits at 39/100 (“Fear”)—a setup that historically provides fuel for rallies when clarity arrives. With U.S. markets closed today for Labor Day, crypto leads global price discovery. Investors are watching Friday’s U.S. jobs data for confirmation that Fed easing is on track. Bitcoin Bitcoin briefly dipped to a two-month trough below $108,000 on Monday, pressured by renewed whale sell-offs and shifting ETF dynamics, before stabilizing near $109,300. Spot Bitcoin ETFs saw a net outflow of $127 million on Friday, following $179 million of inflows the day prior—pointing to healthy two-way activity rather than broad redemptions. Implied volatility remains subdued, with the BVIV near cycle lows, leaving scope for sharper directional moves once catalysts land. Technically, $105,000–106,000 remains a strong support, while $112,000–115,000 is the next resistance zone. Consolidation just below $110,000 shows BTC is holding ground despite weaker equities and record gold prices. Still, caution persists with traders eyeing the U.S. jobs report to cement expectations for a Fed rate cut later this month. Seasonal “Red September” patterns and broader macro headwinds keep sentiment restrained. Ethereum & Stablecoins ETH trades near $4,400 with spot ETH ETFs recording $165 million in outflows on Friday, following inflows the prior day. On-chain activity remains strong, with 1.6–1.9 million transactions/day in August near cycle highs, underscoring steady demand. Stablecoins remain a deep liquidity base, with a market cap of around $280 billion, led by USDT and USDC. Together, ETF flows and stablecoin depth reinforce ETH’s role as the market’s liquidity backbone. Macro & Markets U.S. markets are closed today for Labor Day, leaving Asia and Europe to drive flows in thin holiday trade. Chinese equities extended gains on stronger factory data, while global investors brace for Friday’s U.S. jobs report, expected to cement odds of a Fed rate cut at the September 16–17 meeting. Fed funds futures now price nearly a 90% chance of a 25 bps cut, underscoring the market’s focus on labor data after Powell flagged rising risks at Jackson Hole. Gold extended its rally, hitting a four-month high above $3,460/oz, while silver spiked to a 14-year high, supported by safe-haven demand and softer dollar momentum. The net read-through: firm rate-cut expectations, buoyant precious metals, and easing dollar momentum provide a supportive backdrop for crypto, though volumes remain light, and this week’s data will be decisive. Looking Ahead This week is catalyst-heavy despite today’s holiday lull. Wednesday brings the Fed’s Beige Book, Thursday delivers PMIs and jobless claims, while Friday’s NFP and US unemployment reports round up the decisive prints before September’s FOMC. Markets could remain rangebound until then, but the backdrop—low implied vol, regulatory progress, and deep ETF/stablecoin plumbing—could position crypto for asymmetric moves if the data reinforces the Fed’s easing trajectory. — Iliya Kalchev, Nexo Dispatch analyst For informational purposes only; not financial or investment advice

All eyes are on Friday’s U.S. unemployment rate – the week’s defining data point. 🇪🇺 Eurozone CPI YoY & MoM (Aug) *preliminary – September 2, 09:00 GMT 🇺🇸 U.S. Manufacturing PMI & Prices (Aug) – September 2, 13:45 GMT 🇺🇸 U.S. ISM Manufacturing PMI & Prices Index (Aug) – September 2, 14:00 GMT 🇺🇸 U.S. JOLTS Job Openings (Jul) – September 3, 14:00 GMT 🇺🇸 U.S. ADP Nonfarm Employment Change (Aug) – September 4, 12:15 GMT 🇺🇸 U.S. Initial Jobless Claims – September 4, 12:30 GMT 🇺🇸 U.S. Services PMI (Aug) – September 4, 13:45 GMT 🇺🇸 U.S. Average Hourly Earnings MoM (Aug) – September 5, 12:30 GMT 🇺🇸 U.S. Nonfarm Payrolls (Aug) – September 5, 12:30 GMT 🇺🇸 U.S. Unemployment Rate (Aug) – September 5, 12:30 GMT If the labor market shows signs of strain, markets will start bracing for looser policy ahead and #Bitcoin could be the first to jump.

Daily Market Dispatch – August 29, 2025 Crypto steadies as Fed awaits PCE signal Markets traded cautiously on Friday as investors awaited the U.S. PCE inflation release, the Fed’s preferred gauge and a potential trigger for September rate cuts. Bitcoin slipped to $110,000, extending its August retreat, and the broader crypto market cap slid to $3.8 trillion. The world’s leading crypto asset is on course for its first monthly loss since April after peaking above $124,000 earlier this month. Bitcoin’s recent pullback reflects positioning ahead of critical macro data rather than a loss of structural momentum. Meanwhile, U.S. equities hovered near record highs, the dollar softened, and gold extended its winning streak, while oil faltered with the summer demand season winding down. European inflation data and Trump’s tariff policies added to the global mix, leaving investors braced for a volatile end to the month. Markets may look steady at record highs, but questions over rates and politics remain unresolved. Bitcoin Bitcoin traded 1.5% lower, consolidating near $110,000 and above recent seven-week lows near $109,000. That marks a reversal from its August high of $124,000, underscoring how sensitive crypto remains to the Fed’s inflation narrative. Traders are almost fully pricing in a quarter-point cut in September, but any upside surprise in PCE could test that conviction. Still, structural demand remains firm. JPMorgan analysts said Bitcoin is trading “too low” relative to gold as its volatility has collapsed to record lows near 30%, down from nearly 60% at the start of the year. They estimate Bitcoin’s fair value at $126,000, a level they expect could be reached by year-end. The drop in volatility has been driven by corporate treasuries, which now hold over 6% of supply, dampening price swings much like central bank QE once stabilized bond markets. With corporate competition intensifying, including new treasury designations and reserve-raising plans, institutional demand is reinforcing Bitcoin’s long-term investment case Ethereum & Altcoins Ethereum ETFs continued their streak, adding $38 million on Thursday, following $307 million on Wednesday. This marks five straight days of gains totaling $1.83 billion, helping push cumulative ETF assets past $30 billion. Institutions are clearly broadening their scope beyond Bitcoin. Altcoin markets were more fragmented. Solana surged to a high of $218 on continued institutional adoption in RWA tokenization before easing back to $207. Altcoin performance is becoming increasingly selective, rewarding networks with visible adoption rather than broad sector momentum. Macro & Markets Equities closed out August on a strong footing, with the S&P 500 setting a new record despite a wobble in Nvidia, where robust topline results were offset by weaker data center revenue and no China sales. US GDP growth was revised higher to 3.3%, reinforcing the story of an economy still resilient even as investors brace for Fed easing. Gold remained a bright spot, up nearly 4% this month, aided by a softer dollar, which slid almost 2% in August. Institutional adoption of blockchain-based assets accelerated. Tokenized treasuries climbed to a new high of $7.45 billion. The U.S. Commerce Department also made headlines by publishing official GDP data directly on blockchains like Bitcoin and Ethereum. Meanwhile, 21Shares filed for a Sei ETF, another sign that issuers are racing to broaden crypto exposure products. Looking Ahead The macro calendar is stacked next week: U.S. manufacturing PMI and eurozone CPI projections (Tuesday), JOLTS job openings (Wednesday), ADP payrolls and jobless claims (Thursday), and nonfarm payrolls with unemployment (Friday). Each will be pivotal in shaping September’s Fed meeting. For crypto, the pattern is clear: short-term moves will continue to hinge on macro releases, but the structural drivers of adoption, institutional inflows, and tokenized finance remain intact.

Daily Market Dispatch – August 28, 2025 Tight ranges, big stakes: Crypto’s next move is coming into view After a week of mixed signals, digital assets are showing tentative signs of stability. The total crypto market cap has inched up to $3.91 trillion, signaling modest resilience despite recent volatility. Bitcoin steadied near $112,000, while Ethereum settled above $4,600, pulling in record ETF inflows and pushing the ETH/BTC ratio above 0.04. The rotation reflects shifting momentum, with potential volatility, as data from K33 shows leverage in Bitcoin futures has surged to a two-year high. Beyond crypto, macro forces are adding to the tension – traders are leaning toward an 85% chance of a September Fed rate cut, with Friday’s PCE inflation report set to confirm or challenge that view. Bitcoin Bitcoin trades just above $112,000, consolidating after an 11% retreat from its all-time high near $124,000. On-chain data shows $113,600–$115,600 as immediate resistance zones, aligning with the cost basis of short-term holders. Key support lies at the six-month cost basis of $107,000. Futures positioning has grown stretched. K33 reports notional open interest in Bitcoin perpetuals has climbed above 310,000 BTC (~$34 billion), the highest in two years, with annualized funding rates jumping from 3% to nearly 11%. This reflects aggressive long positioning at a time when spot prices remain subdued. Even so, the structural backdrop is constructive: ETFs and corporate treasuries continue to absorb approximately 3,600 BTC/day – four times the rate of miner issuance. Bitcoin’s consolidation reflects a standoff – resistance from recent buyers on one side, long-term accumulation on the other. Ethereum & Altcoins Ethereum has taken center stage. Spot ETH ETFs pulled in $307 million on Wednesday, outpacing Bitcoin’s $81 million for a third straight day. Since August 21, ETH ETFs have absorbed nearly $1.9 billion, compared to Bitcoin’s $171 million. That surge coincided with ETH’s breakout to a new all-time high of $4,956 over the weekend, lifting the ETH/BTC ratio above 0.04 for the first time this year. Institutional data shows investment advisers now hold $1.35 billion in ETH ETFs, with Goldman Sachs leading at $722 million. VanEck CEO Jan van Eck recently described Ethereum as the “Wall Street token,” arguing that banks and financial institutions will increasingly need its rails to handle stablecoin flows and tokenized assets. Elsewhere, Solana advanced 4% as the network began voting on its Alpenglow upgrade, a proposed consensus overhaul, slashing finality times and improving data dissemination. Altcoins were mixed: Cardano +0.2%, XRP -0.6%. Macro & Markets Traditional markets are caught in a push-pull – Nvidia’s wobble clipped tech’s wings even as the S&P 500 hovers at record highs. Nvidia’s beat was overshadowed by China risks, knocking $110 billion off its valuation and trimming momentum for the Nasdaq. Tesla’s European sales slumped 40% YoY. Meanwhile, bond yields steadied and the dollar remained firm ahead of key U.S. data. Markets focused on the rising probability of a September rate cut, now priced at 85%. Thursday’s jobless claims and Q2 GDP projections, followed by Friday’s PCE inflation report, will be decisive in shaping expectations. On the crypto side, Metaplanet’s planned $880 million Bitcoin raise marks another step in treasury adoption, while ETF flows highlight diverging dynamics: Ethereum is capturing near-term capital, while Bitcoin remains the long-term anchor. Looking Ahead Markets now turn to a dense stretch of U.S. data that could shape sentiment in both equities and crypto. Thursday brings initial jobless claims and Q2 GDP projections, offering insight into labor market resilience and growth. On Friday, attention shifts to the all-important PCE and Core PCE inflation figures, the Fed’s preferred gauges, which will be decisive for September rate-cut expectations. — Iliya Kalchev, Nexo Dispatch analyst For informational purposes only; not financial or investment advice

Daily Market Dispatch – August 27, 2025 Markets steady ahead of Fed’s key inflation gauge Crypto markets are regaining footing midweek after a bout of volatility, with sentiment stabilizing ahead of key U.S. inflation data. The total cryptocurrency market cap rose nearly 2% early Wednesday to $3.86 trillion, recovering from recent lows as both Bitcoin and Ethereum steadied. Bitcoin traded at $111,000, bouncing from a seven-week low below $109,000, while Ethereum advanced to $4,600, leading majors higher with strong ETF inflows. While political noise around the Fed lingers, the decisive catalyst this week will be Friday’s U.S. PCE and Core PCE inflation reports — data that could set the tone for September’s policy meeting. Bitcoin Bitcoin traded back above $111,000 after sliding to a seven-week low earlier in the week. The bounce was reinforced by $88.2 million of net inflows into spot Bitcoin ETFs on Tuesday, after Monday’s $219 million. This comes after $1.2B in redemptions between Aug. 15–22. Futures positioning remains robust, with Bitcoin open interest above $45 billion, according to Glassnode, a signal that traders remain engaged even as spot prices consolidate. Still, Bitcoin is over 10% below its August peak of $124,000, leaving Friday’s inflation data pivotal in determining whether $110,000 holds as a base. If Morgan Stanley’s call for a September Fed rate cut materializes, it could provide an important macro tailwind for Bitcoin. Ethereum & Altcoins Ethereum rose 4% to $4,600, buoyed by Tuesday’s $455 million of ETF inflows — more than double Bitcoin’s total. Glassnode data shows ETH futures open interest hovers around $33 billion, near all-time highs, highlighting strong institutional engagement. At the same time, treasuries and ETFs have absorbed nearly 5% of ETH supply since June, creating one of the fastest accumulation cycles in crypto history. Standard Chartered reiterated that ETH and ETH-treasury firms remain undervalued even at these levels, projecting a $7,500 year-end target. Combined with Polymarket odds now pricing a 26% chance of ETH reaching $5,000 this month, Ethereum’s role as the market’s liquidity magnet is hard to ignore. Altcoins also joined the recovery with Solana (+8.5%), Cardano (3.3%), and XRP (+3.5%) posting gains. The rotation suggests capital is moving back into higher-beta assets, but ETH remains the anchor of institutional flows. Macro & Markets The spotlight now shifts to Friday’s U.S. PCE and Core PCE inflation data — the Fed’s preferred gauge, which will guide expectations for the September meeting. Futures markets are pricing an 87% chance of a 25bp cut, while Morgan Stanley advanced its forecast to September but cautioned that strong payrolls or tariff-driven inflation could delay easing. The dollar gained modestly against the euro and sterling, while gold eased to $3,378/oz. U.S. equity futures edged higher with Nvidia earnings in focus. Institutional adoption headlines continued: Google Cloud unveiled its Universal Ledger for financial institutions and healthcare firm KindlyMD filed for a $5 billion equity program to expand its Bitcoin treasury. Each highlights how crypto is embedding deeper into both corporate balance sheets and financial infrastructure. Looking Ahead The back half of the week is packed with data catalysts. On Thursday, U.S. initial jobless claims and the latest Q2 GDP projections will shape expectations around labor-market resilience and growth momentum. Friday then brings the Fed’s preferred inflation gauges — PCE and Core PCE, alongside August’s Chicago PMI. For Bitcoin, defending $110,000 amid heavy futures positioning will be key, while Ethereum looks primed to test $5,000 if flows and open interest momentum persist. The broader market dynamic is that liquidity is redistributing across majors, with ETH supply absorption and futures engagement suggesting deeper institutional conviction. — Iliya Kalchev, Nexo Dispatch analyst For informational purposes only; not financial or investment advice

Daily Market Dispatch – August 26, 2025 Crypto markets adjust to new signals Markets shifted into risk-off mode on Tuesday with U.S. stock futures edging lower, gold advancing to two-week highs, as last week’s optimism from Jerome Powell’s dovish tone faded. Crypto adjusted, with total market capitalization easing to $3.79 trillion. Bitcoin slipped below $110,000 for the first time in six weeks, Ethereum dropped more than 7% after briefly setting new highs earlier this week, and Solana led altcoin losses with a nearly 10% decline. The sharper moves in digital assets highlight their sensitivity to changes in rate expectations and political uncertainty. At the same time, continued inflows into Ethereum ETFs and steady accumulation by corporate treasuries show that institutional confidence in the asset class remains intact. Bitcoin Bitcoin fell to its lowest level since early July, trading near $109,800 — about 12% below its August high above $124,000. The decline reflects a mix of profit-taking and renewed uncertainty around rate cuts. Key technical levels are now in focus: $105,000 represents June’s breakout zone, while $100,000K stands as both a psychological threshold and a major options strike. A sustained move below six figures would test investor resilience at a time when upside appears capped near $118,000–120,000 until policy clarity improves. ETF dynamics added to the softening trend, with Bitcoin funds posting $1.18 billion in outflows last week. The pace of realized cap growth has also slowed compared to past breakouts, suggesting more measured institutional positioning. Ethereum & Altcoins Ethereum mirrored the broader pullback, falling over 7% to $4,370 after briefly setting new highs above $4,950 earlier this week. Yet spot ETH ETFs told a different story: net inflows topped $443.9 million on Monday, led by BlackRock and Fidelity, and more than doubled those seen in Bitcoin products. The divergence highlights a gradual rotation of institutional interest, with Ethereum increasingly viewed as a yield-bearing balance-sheet asset that attracts flows even during market corrections. Altcoins saw broader declines, with Solana down nearly 10%, XRP at $2.87, and BNB off 4.25%. Still, longer-term positioning continues to expand, as nearly $1.75 billion in new allocations have been announced across Ethereum, Solana, and BNB treasuries, underscoring the steady build-up of institutional appetite even in periods of market stress. Macro & Markets Global markets absorbed the shock after U.S. President Donald Trump announced late Monday that he was removing Federal Reserve Governor Lisa Cook. Asian equities pulled back in step with Wall Street futures, while gold rose above $3,375 an ounce as investors favored safe havens. On the institutional side, digital asset treasuries continue to expand. Pantera Capital is raising $1.25 billion to establish a U.S.-listed Solana treasury, while Sharps Technology and ETHZilla disclosed substantial token positions and financing programs. These initiatives highlight a shift toward corporate structures designed to hold and manage digital assets. Treasuries are using periods of volatility to scale long-term positions, signaling that despite near-term turbulence, balance-sheet adoption is becoming more entrenched. Looking Ahead Attention now turns to a series of U.S. economic releases later this week that could reset expectations heading into the September FOMC meeting. On Thursday, investors will receive the second-quarter GDP estimate along with initial jobless claims. Friday brings the July PCE price index and the Chicago PMI survey. Together, these data points will help clarify the economic backdrop against which the Fed must operate, with markets now more attuned than ever to the balance between political pressure and policy independence. — Iliya Kalchev, Nexo Dispatch analyst For informational purposes only; not financial or investment advice