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Daily Market Dispatch – October 2, 2025 Crypto market tops $4 trillion as soft jobs data ignites Uptober for BTC and ETH The total crypto market cap has pushed toward $4.09 trillion as October begins on a strong note. Bitcoin started its “Uptober” rally above $119,000, with macro clouds fueling demand for hedges. A U.S. government shutdown, weak private payrolls, and softer real yields left the dollar on the back foot, pushing gold to record highs and crypto into breakout mode. Ethereum and major altcoins followed with gains, while ETF demand and fresh tax clarity reinforced digital assets’ place on corporate balance sheets. Traditional markets echoed the theme: gold hovered near records, U.S. equity futures firmed despite political gridlock, and the dollar slipped for a fourth straight day. Markets now balance a softer Fed path with political risk in Washington. Bitcoin BTC traded near $119,500, just shy of record highs.Spot ETFs amplified the move, with a $645 million net inflow on Wednesday. ETF demand has become Bitcoin’s transmission belt: when real yields ease and the dollar weakens, the flows translate those macro impulses directly into price. Bitcoin’s sharpest rallies tend to come when three forces align: falling real yields, a weaker dollar, and strong ETF inflows. That’s the setup now. Gold is at fresh records as inflation-protected Treasury yields slipped to 1.77%, while the dollar index fell to 97.6. On-chain, $111,000 is the key support level; holding it keeps momentum intact, while a break risks a pullback toward $106,000–$108,000. Options also loom large, with $8 billion in open interest clustered at $120,000–$125,000. Sustained inflows could push BTC through that ceiling, while softer demand may leave prices pinned near $120,000 into expiry. Ethereum & Altcoins Ethereum gained 4% to $4,390, extending a quarter that delivered its strongest performance since early 2021. The rally was underpinned by steady ETF demand, with Wednesday alone bringing $81 million in net inflows. Q3 brought heavy ETH ETF inflows and a surge in corporate treasury adoption, pushing daily transactions to record highs near 1.7 million. ETH now trades more like an index of decentralized finance than a single token. Solana surged 8%, XRP gained 4.6%, Cardano advanced 7%, and Dogecoin climbed 10%. The rally is being reinforced by growing institutional depth, with CME’s Solana and XRP futures topping $1 billion in open interest faster than any prior crypto contract. Macro & Institutional Expectations for more Fed rate cuts are rising as signs of a softer labor market build, reinforcing the bid in risk assets. Private payrolls fell by 32,000 in September — the weakest reading in over two years — and with the government shutdown blocking official releases, markets are leaning on proxies that point to further weakness.. That shift has pushed up expectations for more Fed rate cuts, reinforcing the bid in risk assets. On the institutional side, Treasury and IRS guidance eased tax concerns by excluding unrealized crypto gains from corporate minimum tax calculations. The update removes a major overhang for Bitcoin-heavy treasuries and strengthens BTC’s case as a reserve asset heading into year-end. Looking Ahead The week’s focus is U.S. labor data. Jobless claims on Thursday and Friday’s nonfarm payrolls and unemployment rate will be decisive for risk sentiment, alongside ISM services later that day. With official releases already disrupted by the shutdown, these reports carry outsized weight. Softer labor numbers would cement expectations for further Fed cuts and keep Uptober’s momentum alive; stronger prints could stall Bitcoin near $120,000 unless ETF inflows remain robust. — Iliya Kalchev, Nexo Dispatch analyst For informational purposes only; not financial or investment advice

Daily Market Dispatch – October 1, 2025 Crypto market flirts with $4 trillion as Uptober begins Crypto markets entered October with momentum, as the total market cap edged toward the $4 trillion milestone, standing at $3.99 trillion. The long-anticipated “Uptober” lived up to its name on day one, with Bitcoin breaking above $116,000 and gold surging to fresh records. The mood was more cautious elsewhere — U.S. equities retreated on the back of a government shutdown, while investors braced for delays in key economic data. The split is telling: while traditional markets hit pause, Bitcoin and gold accelerated into safe-haven territory. Bitcoin Bitcoin pushed through $116,000, briefly touching $116,600 before consolidating near $114,500. Futures open interest remains robust at over $45 billion, just shy of record highs, signaling strong participation even as macro uncertainty clouds the near-term path. Options markets highlight the divergence ahead: while Bitcoin may be caged in the short term, mid-October expiries are stacked at $125,000, setting the stage for potential volatility. Whale accumulation earlier in the week helped propel the rally, reinforcing the seasonal optimism around October. Yet the shutdown backdrop adds complexity. If Friday’s jobs report is delayed, markets lose a key signal for Fed policy, and Bitcoin could remain range-bound until clarity returns. Ethereum & Altcoins Ethereum is holding just above $4,100, with derivatives markets painting a bullish tilt. Options positioning is heavily skewed toward mid-October expiries at $4,600, reinforcing a market leaning toward upside. Futures open interest sits just under $30 billion, pointing to a highly engaged and active market. Ethereum’s derivatives setup suggests momentum is building, while Solana’s battlefield looks more contested, split between seasoned sellers and maturing newcomers. Price action for SOL has stabilized above $209, with $206 as key support. Beyond ETH and SOL, the broader altcoin space was more subdued. XRP slipped 1.7% to $2.85, Cardano and Polygon traded largely flat. This consolidation highlights a rotation dynamic: with Bitcoin dominating headlines, most alts remain range-bound, waiting for either fresh catalysts or spillover flows from the majors. Macro & Institutional The U.S. government has officially shut down after a failed Senate vote, grounding federal operations, threatening to delay payroll data, and reviving fiscal risk narratives. Historically, markets have often shrugged off shutdowns, but this one coincides with a softening labor market and persistent Fed caution. Futures markets dropped around 0.5 -- 0.6%, while gold surged to record highs above $3,900, with silver and platinum also extending multi-year highs. On the institutional front, Japanese Bitcoin treasury firm Metaplanet made headlines with another bold acquisition: 5,268 BTC worth $623 million, pushing its total to over 30,800 BTC. This makes it the fourth-largest publicly traded Bitcoin treasury. In Washington, developments around regulatory leadership resurfaced after the Trump administration withdrew Brian Quintenz’s CFTC chair nomination, raising fresh questions about the agency’s role in crypto oversight. Looking Ahead Markets now face a dense stretch of U.S. data that could define Uptober’s early momentum. Wednesday brings the ADP nonfarm employment change and the ISM manufacturing PMI, while Thursday delivers the weekly jobless claims. The spotlight then shifts to Friday, with the September nonfarm payrolls and unemployment rate in focus, followed by the ISM non-manufacturing PMI. These labor market reports carry the greatest weight, given their direct bearing on Federal Reserve policy, and could prove decisive for both traditional markets and crypto risk appetite. — Iliya Kalchev, Nexo Dispatch analyst For informational purposes only; not financial or investment advice

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The spotlight this week is still on the U.S. – with labor, manufacturing, and services readings shaping risk appetite: 🇺🇸 Chicago PMI (Sep) – Sep 30, 13:45 GMT 🇺🇸 CB Consumer Confidence (Sep) – Sep 30, 14:00 GMT 🇺🇸 JOLTS Job Openings (Aug) – Sep 30, 14:00 GMT 🇺🇸 ADP Nonfarm Employment Change (Sep) – Oct 1, 12:15 GMT 🇺🇸 ISM Manufacturing PMI (Sep) – Oct 1, 14:00 GMT 🇺🇸 Initial Jobless Claims – Oct 2, 12:30 GMT 🇺🇸 Nonfarm Payrolls (Sep) – Oct 3, 12:30 GMT 🇺🇸 Unemployment Rate (Sep) – Oct 3, 12:30 GMT 🇺🇸 ISM Non-Manufacturing PMI (Sep) – Oct 3, 14:00 GMT

Daily Market Dispatch – September 26, 2025 Bitcoin steadies above $109K as Core PCE matches expectations Markets are heading into the end of the week on steadier ground after U.S. inflation data landed right on target. Core PCE, the Fed’s preferred gauge, held at 2.9% year-on-year and 0.2% month-on-month, while the headline index printed 2.7% YoY and 0.3% MoM. The in-line reading eased concerns of a policy surprise and reinforced the Fed’s cautious stance heading into its final meetings of the year. U.S. equity futures rose on the news, showing gains across the major indices, while investors also weighed new tariffs on pharmaceuticals and semiconductors and an upward revision to second-quarter GDP. Crypto had largely anticipated the benign inflation print, but Bitcoin found some relief, climbing back toward $109,500 after testing support just above $109,000 earlier in the day. Ethereum remained below $4,000, and altcoins extended weekly losses. Volatility remains the defining feature of crypto markets, where rallies and corrections often arrive in quick succession. Bitcoin Bitcoin is trading softer into the week’s close, down around 5% and hovering near $109K. The pullback was shaped by ETF outflows, option expiries, and a slip below the short-term holder cost basis of about $111,000, a level that had held since spring. While the ~10% drawdown from the $124,000 peak is modest compared with past cycles, it underscores a market balancing long-term profit-taking against more measured institutional demand. Derivatives activity added to the move, with futures open interest easing and options positioning leaning defensive. Excess leverage has been pared back, leaving conditions more orderly but also more dependent on fresh inflows to support higher levels. Bitcoin’s outlook now depends on whether renewed demand can offset ongoing supply from long-term holders. Ethereum & Altcoins Ethereum followed Bitcoin lower, slipping under $4,000 for the first time since early August. Solana fell below $200, while XRP, Cardano, and Polygon each lost 2–4%. Meme tokens also declined, with Dogecoin down 3%. In total, crypto market capitalization shed around $170 billion during the week to $3.73 trillion. The adjustment has tempered earlier speculative excess. Leveraged altcoin positions have been reduced, leaving the market in a healthier state to rebuild. The latest correction has left altcoin markets less stretched, providing a more stable base for the next phase. Macro & Institutional In traditional markets, U.S. stock index futures rose on Friday after the PCE inflation report came in exactly as expected. The data followed a week of mixed signals: GDP growth and lower jobless claims pointed to resilience, while Fed Chair Powell reiterated concerns over inflation and labor markets. On the institutional side, crypto ETFs remain in their early stages of adoption, with most wealth managers still cautious about direct allocations. Stablecoins are also moving into the spotlight. Total supply has climbed past $300 billion, reflecting accelerating adoption across networks, while forecasts now stretch toward $2 trillion by 2030. Stablecoins are shifting from niche instruments to core settlement infrastructure in digital finance. Looking Ahead Crypto enters Q4 with both challenges and opportunities. With PCE confirming consensus expectations, focus now shifts to next week’s macro calendar: China’s Manufacturing PMI, U.S. Chicago PMI, CB Consumer Confidence, and JOLTS Job Openings on Tuesday; ADP employment, ISM Manufacturing PMI, and ISM Prices Paid on Wednesday; and weekly jobless claims on Thursday. These updates will shape expectations for growth, inflation, and Fed policy as crypto navigates into its historically stronger quarter. Seasonality favors crypto in Q4, but follow-through will require steadier inflows and broader risk appetite. — Iliya Kalchev, Nexo Dispatch analyst For informational purposes only; not financial or investment advice

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Daily Market Dispatch – September 25, 2025 Core PCE takes center stage: can Bitcoin break out? The total crypto market cap has retraced to $3.82 trillion as investors position cautiously ahead of Friday’s Core PCE report — the Fed’s preferred inflation gauge and the key data point for policy expectations. Bitcoin is consolidating just below $113,000 after a volatile stretch, while Ethereum saw pressure from ETF outflows. In traditional markets, U.S. equities have paused after record highs and Treasury yields are holding steady, reflecting a measured tone across risk assets. For crypto, the implications are sharper: a softer Core PCE reading would validate the Fed’s September “risk-management” cut and could provide the backdrop for renewed year-end momentum. Bitcoin Bitcoin pulled back toward $112,000 on Thursday. The underlying trend, however, remains resilient as U.S. spot Bitcoin ETFs recorded $241 million in net inflows on Wednesday, reversing earlier redemptions and showing institutions continue to treat weakness as an entry point rather than an exit. The next move now depends on Friday’s Core PCE release, forecast at 0.2% MoM and 2.9% YoY. A hotter reading could keep BTC capped near $113.500 resistance, while a softer print may ease the inflation risk premium and provide the catalyst for a breakout. Until then, Bitcoin remains tightly coiled, with Core PCE set to determine the next directional move. Ethereum & Altcoins Ethereum told the opposite story on ETF flows, with $79 million in outflows Wednesday marking a third consecutive day of redemptions and pushing ETH briefly below the $4,000 level. Short-term sentiment has weakened, but structural dynamics remain constructive: exchange balances are at nine-year lows, and more than 420,000 ETH have been withdrawn from centralized platforms this week, suggesting accumulation beneath the surface. On the protocol side, preparations continue for December’s Fusaka upgrade, with PeerDAS expected to expand scaling capacity. Ethereum has also regained its lead in USDT supply at $80 billion, reinforcing its role as the primary settlement layer for stablecoin activity. Altcoins broadly tracked the risk-off tone, with SOL, ADA, and MATIC each down more than 2%. Macro & Institutional The Fed’s September rate cut has not eliminated uncertainty. Powell emphasized that there is “no risk-free path” — cutting too quickly could reignite inflation, while waiting too long risks further labor market deterioration. This leaves Core PCE as the decisive gauge for policy direction. A reading above 3% would constrain the Fed’s ability to ease further, while a softer print would support the case for additional cuts before year-end. For crypto markets, the implications are immediate. Persistent inflation could pressure liquidity-sensitive assets, while a cooler PCE would reinforce institutional participation through ETFs and expand the case for digital assets as part of broader portfolio allocation. In effect, Core PCE serves as the policy map for the Fed and the near-term catalyst for Bitcoin. Looking Ahead Core PCE will dominate Friday’s agenda and set the near-term tone for Bitcoin and broader risk sentiment. Alongside this, investors will monitor a slate of U.S. indicators: the Chicago PMI, CB Consumer Confidence, and JOLTS job openings will provide insights on business activity and labor demand, followed midweek by ADP nonfarm employment and Friday’s unemployment rate. Together, these data points will refine the Fed’s balancing act between inflation and employment, but Core PCE remains the pivotal release for crypto markets. — Iliya Kalchev, Nexo Dispatch analyst For informational purposes only; not financial or investment advice

Daily Market Dispatch – September 24, 2025 Crypto steadies in search of the next catalyst The cryptocurrency market has steadied with total capitalization anchored around $3.9 trillion, consolidating after a volatile start to the week. Bitcoin and Ethereum are holding ground as traders look ahead to a record derivatives expiry, while new ETF dynamics and sovereign adoption continue to reshape flows. Traditional markets are also navigating a delicate balance. S&P 500 and Nasdaq futures edged higher after Tuesday’s pullback broke a streak of record highs, with Fed Chair Jerome Powell warning there is “no risk-free path” as the central bank balances sticky inflation against a cooling labor market. Meanwhile, gold steadied near record levels. Together, macro and crypto markets appear suspended — steady at the surface, yet primed for sharp moves ahead. Bitcoin Bitcoin traded near $112,800, weighed by this week’s pullback. Liquidity maps suggest a gravitational pull toward the $107,000 level, where buy orders cluster most heavily. On-chain data confirm that holders across all wallet sizes are distributing, with even long-term investors reducing exposure as profits are realized. ETF flows added to the cautious tone, with Bitcoin products seeing $103 million in outflows on Tuesday, reversing part of last week’s inflows. Still, optimism is building into October. Data shows a 34% probability that BTC breaks $120,000 by month-end, with heavy call positioning around the $145,000–$170,000 range. The decisive trigger may be the upcoming Bitcoin options expiry on September 26, a date set to concentrate both risk and opportunity. Ethereum & Altcoins Ethereum stabilized above $4,100, underpinned by ETF flows that now represent 15% of spot ETH trading volume, up sharply from just 3% less than a year ago. But here, too, near-term sentiment was pressured: ETH ETFs saw $140 million in outflows on Tuesday, a sign that some investors are locking in profits after a strong run. The rise of regulated ETH exposure has reshaped flows, but like Bitcoin, outflows are a reminder of how quickly positioning can turn. Altcoin performance was mixed. XRP slipped toward $2.85, Solana dropped more than 4%, and Cardano, Polygon, and Dogecoin also traded lower, mirroring the broader market consolidation. Macro & Institutional Powell’s warning that stocks appear “fairly highly valued” added to the profit-taking tone in equities this week, as investors recalibrate ahead of Thursday’s GDP revision and Friday’s PCE inflation release. These prints will shape expectations for further Fed action, with markets still pricing at least two additional cuts this year despite Powell’s cautious stance. On the institutional front, Tether is reportedly seeking up to $20 billion in fresh funding at a valuation near $500 billion, which would place it among the world’s most valuable private companies. The move underscores how stablecoins have become the cash engines of the crypto economy, with Tether alone posting nearly $5 billion in net profit last quarter. Sovereigns are also stepping in: a Bitcoin Policy Institute report confirms 32 nations are now pursuing exposure, with 16 actively developing Strategic Bitcoin Reserves. Looking Ahead Markets now pivot to key catalysts. The September 26 Bitcoin options expiry could release pent-up volatility across derivatives markets, while Friday’s PCE inflation print will help determine how far the Fed can extend its easing cycle. With sovereign adoption, ETF innovation, and institutional capital all reshaping the landscape, the next leg of crypto’s evolution will not just be about prices but about structure. Both Wall Street and crypto now await their next catalyst — steady on the surface, with powerful cross-currents building beneath. — Iliya Kalchev, Nexo Dispatch analyst For informational purposes only; not financial or investment advice

Daily Market Dispatch – September 23, 2025 Bitcoin stabilizes ahead of a key macro week Markets are in a holding pattern ahead of a key week for policy and data. Bitcoin steadied near $112,800 after a sizable reset, while equities extended gains on tech strength, with the S&P 500 closing at another record high. Gold surged to fresh records above $3,770/oz, underscoring the market’s push into defensive hedges even as AI optimism continues to drive equity inflows. The mix of decreased leverage, buoyant risk assets, and safe-haven demand highlights the tension investors face as they await Powell’s speech and Friday’s core PCE inflation print. Bitcoin Bitcoin remains trapped between key technical zones after sliding below the $115,200 support that had anchored 95% of supply cost basis. The $105,500–$115,200 range is now the battleground for near-term positioning. Futures open interest fell by $2 billion to $42.8 billion, reducing some selling pressure and restoring liquidity balance. Options activity is clustered around $120,000–$125,000 October calls, with more than $23 billion in BTC and ETH contracts expiring this Friday — one of the largest expiries ever. Flows paint a mixed picture. U.S. spot ETFs saw $363 million in outflows Monday, but whales accumulated over 56,000 BTC in the past month. This divergence suggests institutional dip-buying even as short-term traders trimmed exposure. Bitcoin’s next directional move will hinge on whether Powell signals an acceleration of the Fed’s easing path and if Friday’s core PCE data ease inflation fears. As conditions reset, the market has space for a breakout — but only if liquidity returns to fill it. Ethereum & Altcoins Ethereum traded near $4,190, steadying after dropping as much as 9% Monday. Broader altcoins also held on to recent declines, with sentiment subdued. Leveraged positioning has exaggerated price moves, leaving the complex sensitive to catalysts like Friday’s record options expiry. While ETH’s resilience suggests investors are still active in the sector, the market tone remains cautious, with recovery depending on both macro signals and a return of confidence in higher-beta tokens. Most altcoins held losses from the decline, with Solana down 3.8%, Cardano off 2.2%, and Polygon slipping 3%. XRP was a relative outlier, edging 0.4% higher to $2.87 after touching a three-week low. Macro & Institutional U.S. equities continue to ride AI enthusiasm. The S&P 500 climbed to 6,692.59, a fresh record, driven by Nvidia’s $100 billion investment into OpenAI and renewed optimism for Apple’s iPhone cycle. Goldman Sachs lifted its year-end S&P target to 6,800, citing earnings strength. Yet Fed officials offered a chorus of caution. Atlanta Fed’s Bostic and others stressed inflation remains above target, countering expectations for aggressive easing. Newly appointed Governor Miran reiterated his push for deeper cuts, leaving Powell’s Tuesday remarks as the key signal for the months ahead. Safe-haven flows tell their own story. Gold spiked 1.4% to a record $3,771/oz, as lower rates reduced the opportunity cost of holding non-yielding assets. The contrast between equity euphoria, bond market caution, and bullion’s breakout encapsulates the crosscurrents facing investors as Q4 approaches. Looking Ahead This week’s calendar is dense: Powell’s speech later today will set the tone, followed by U.S. new home sales on Wednesday. Thursday brings the final Q2 GDP reading alongside weekly jobless claims, before attention shifts to Friday’s core PCE inflation report — the Fed’s preferred gauge. Together, these events will decide whether markets lean into the Fed’s cutting path or stay cautious, with Bitcoin and gold likely to be the first to reflect the verdict. — Iliya Kalchev, Nexo Dispatch analyst For informational purposes only; not financial or investment advice

Daily Market Dispatch – September 19, 2025 Crypto holds steady on trader activity, as Core PCE looms next Markets entered Friday on a cautious footing after Wall Street’s record-breaking streak paused. U.S. futures edge lower as investors digest the Fed’s first rate cut since December, while the Bank of Japan’s signal of asset sales struck a hawkish note. Crypto sentiment also steadied, with total market cap at $4.06 trillion, stabilizing after recent moves. The tone is one of resilience tempered by fragility: fiscal and monetary stimulus are in play, but geopolitics and policy crosscurrents keep conviction muted. Bitcoin Bitcoin (BTC) remains poised after reclaiming ground in September. Currently showing some volatility, it trades around $116,500, still above the critical $115,200 cost basis level — a threshold that supports 95% of supply. Holding this line is pivotal: a breakdown risks a drift back toward $105,500–115,200, while sustained strength above could open the door to new highs. Derivatives markets point to a fragile but stabilizing backdrop, with positioning balanced between $112,700 on the downside and $121,600 on the upside. Bitcoin futures open interest is edging toward $50 billion, close to record highs, while ETF inflows added $163 million on Thursday — together showing that robust investor activity is helping to underpin the market. Bitcoin’s ability to hold $115,200 will define the next leg of its post-Fed trajectory. Ethereum & Altcoins Ethereum developers confirmed a Dec. 3 mainnet launch target for the Fusaka upgrade, following testnet rollouts through October. Fusaka doubles blob capacity within two weeks of activation and introduces Peer Data Availability Sampling to strengthen scalability. In market terms, ETH drifted 0.8% lower to $4,532 and remained flat on the week, reflecting the broader pause in crypto momentum. Still, Ethereum futures open interest is around $35 billion, near peak levels, while ETF inflows totaled $213 million on Thursday — both signaling that trading and institutional demand are providing strong support. Ethereum’s Fusaka upgrade underscores that scalability, not speculation, will anchor its long-term trajectory. Elsewhere, XRP slipped near 2%, while BNB held just under $1,000 after briefly touching four digits. Solana and Cardano eked out small gains, while DOGE lost ground. Macro & Institutional Wall Street’s rally paused as futures slipped following record highs for the Dow, S&P 500, and Nasdaq. The Fed’s 25 bp cut signaled support for a softening labor market, though Powell’s tone stopped short of promising deeper easing. Markets, however, are already pricing 2–3 more cuts this year. U.S. data showed unemployment claims easing but job creation slowing — underscoring a labor market cooling under tariff uncertainty. Japan surprised with hawkish signals, keeping rates steady but announcing plans to unwind ETF and REIT holdings. The move spooked equity markets and reinforced October hike speculation. Meanwhile, the Bank of England held rates at 4% as it balances inflation control with growth risks. On the institutional crypto side, Grayscale secured SEC approval to uplist its Digital Large Cap Fund (GDLC) as an ETF, giving regulated exposure to BTC, ETH, XRP, SOL, and ADA. Separately, the launch of XRP and DOGE ETFs delivered blockbuster debut volumes, pointing to retail and speculative appetite extending beyond Bitcoin and Ethereum. Looking Ahead Next week brings the Core PCE inflation report (YoY and MoM) — the Fed’s preferred gauge of price pressures. With markets already leaning on further rate cuts, the data will carry outsized weight in shaping expectations. A softer print would reinforce easing momentum; an upside surprise risks undermining the post-Fed rally and spilling directly into crypto market sentiment. All eyes turn to Core PCE — the inflation gauge that could make or break the Fed’s soft-landing narrative. — Iliya Kalchev, Nexo Dispatch analyst For informational purposes only; not financial or investment advice

Daily Market Dispatch – September 18, 2025 Fed’s first cut sparks crypto momentum The total crypto market cap rose above a one-month high at $4.1 trillion, as the Federal Reserve’s first rate cut of 2025 raises the prospect of a full easing cycle. The 25 basis-point trim to 4.00–4.25% was framed as a “risk management” move against softening labor conditions; markets see it as the opening chapter of broader policy loosening. For crypto, easier liquidity conditions could reignite bull market momentum, with Bitcoin, Ethereum, and altcoins already edging higher. The era of restrictive monetary policy is ending — and digital assets are positioned to lead the next leg up. Bitcoin Bitcoin swung around the Fed decision, surging above $116,000 before retracing, then settling near $117,000. The whipsaw underscored crypto’s ties to U.S dollar liquidity. Spot ETFs broke a week-long inflow streak with $51.28 million in outflows, as Powell’s cautious press conference shifted sentiment. Even so, assets under management across Bitcoin ETFs remain above $150 billion. The dynamic is clear: every tweak to the Fed’s path is magnified in Bitcoin’s intraday chart. The next 100 basis points of cuts will matter far more than the last — liquidity acceleration is what drives the cycle, not just the cut itself. Ethereum & Altcoins Ether rose 1.7% to $4,590, while Solana and Cardano led gains with 4% and 3.6% moves, respectively. XRP was mixed, trading around $3.02, but the token is increasingly in the spotlight as new financial products roll out. This week brings the first U.S.-listed ETFs tied to XRP and Dogecoin, offering brokerage account access beyond BTC and ETH for the first time. Less than a month later, CME will launch XRP and Solana options, building on surging liquidity in both tokens’ futures markets. With over $22.3 billion notional traded in SOL futures since March and nearly $16.2 billion in XRP futures since May, institutional hedging tools are catching up to investor demand. The expansion of derivatives beyond Bitcoin and Ethereum signals that altcoins are maturing into investable, hedgeable assets. Macro & Institutional The Fed’s 25 basis-point cut was largely priced in, but Powell’s emphasis on employment risks and inflation “still somewhat elevated” left markets cautious. Futures are betting heavily on another cut in October, but the dot plot reveals division among policymakers, with Trump-backed Fed governor Stephen Miran voting for a deeper 50 basis-point move. The dollar’s rebound and gold’s retreat show investors are recalibrating after the Fed signaled a slower easing cycle. Institutionally, momentum is accelerating. On the institutional side, the SEC approved new generic listing standards for commodity-based trust shares, streamlining the approval process for crypto ETPs on major exchanges. The change shortens launch timelines for eligible funds, signaling a shift from regulatory friction to regulatory throughput. Hours later, the SEC also cleared Grayscale’s Digital Large Cap Fund to list as the first multi-crypto ETP, offering exposure to BTC, ETH, XRP, SOL, and ADA. Crypto’s institutional toolkit is no longer just about Bitcoin — it is broadening into a full asset class. Looking Ahead Next week brings a dense macro calendar: the Core PCE and PCE inflation readings, new and existing home sales data, as well as initial and continuing jobless claims that will shed light on consumer activity. These releases could confirm whether the Fed has room to deepen its easing cycle. This first cut may be modest, but it could mark the turning point. If the easing cycle gains pace, crypto stands to benefit more than any other asset class — with the bull market regaining momentum and the entire sector poised to push ahead. — Iliya Kalchev, Nexo Dispatch analyst For informational purposes only; not financial or investment advice

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