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Daily Market Dispatch – August 18, 2025 Crypto markets are starting the week in pullback mode, as traders square positions ahead of a dense macro calendar. This week features three market-moving events: FOMC Meeting Minutes, Initial Jobless Claims, and most importantly, Fed Chair Jerome Powell’s speech at the Jackson Hole Symposium. With last Thursday’s hot PPI print still in focus and the probability of a 25 bps September cut now priced at 84%, traders are recalibrating. Bitcoin is trading around $115,700, down 1.7%, and Ethereum is at $4,335, off 3%. The total crypto market cap stands at $3.89 trillion, modestly lower on the day. Despite the dip, structural conviction remains intact. Institutional inflows, regulatory shifts, and steady ETF activity are reinforcing the view that crypto’s trajectory is now shaped more by fundamentals than froth. Bitcoin Bitcoin remains in a cooling phase after last week’s spike above $124,000. While technical momentum has softened, price is holding near support at $115,000. With macro events ahead, traders appear to be tactically sidelining risk until Powell’s tone is known. Still, longer-term positioning remains constructive, supported by ETF inflows and institutional allocation. Ethereum & Altcoins Ethereum is consolidating around $4,300 after peaking above $4,700 last week. While down 3% on the day, ETH remains among the strongest institutional favorites. Traders continue to view $4,200 as a key support level, with price action above this threshold considered structurally bullish.That said, the market did register a breather: last Friday, spot Ethereum ETFs logged $84.7 million in net outflows, while Bitcoin ETFs saw $51.6 million in outflows, according to data from. The retreat comes after a record-setting volume week and appears to reflect short-term macro hedging rather than a reversal in institutional appetite. Bitcoin Cash (BCH) and Arbitrum (ARB) remain rangebound, reflecting stable capital rotation. XRP, trading just below $3.00, is seeing some profit-taking but remains supported by institutional and legal momentum. Broader altcoin sentiment is steady, though volumes are light ahead of Thursday’s macro data. Macro & Markets This week’s calendar is critical for risk assets. On Wednesday, the FOMC Meeting Minutes will offer insight into how divided the Fed remains on inflation stickiness versus labor softness. On Thursday, Initial Jobless Claims may either reinforce dovish sentiment or surprise to the upside, especially if labor data weakens further. But the main event remains Friday’s Jackson Hole keynote, where Fed Chair Powell will lay out the policy path for the fall. A cautious or hawkish tone could temporarily pressure crypto and equities. However, a dovish or balanced signal would likely trigger renewed appetite for beta assets like BTC, ETH, and high-conviction altcoins. Institutional & Structural Momentum Institutional confidence in crypto keeps building. Brevan Howard is now the largest holder of BlackRock’s IBIT ETF with $2.3B in exposure, surpassing Goldman Sachs. Wells Fargo, Harvard, and Cantor Fitzgerald also increased their crypto equity stakes, underscoring digital assets as mainstream allocations. On the regulatory side, SEC Chair Paul Atkins confirmed new custody and compliance guidance under “Project Crypto” to drive further institutional entry. Meanwhile, the Fed ended its ‘Novel Activities Supervision Program,’ signaling a shift toward integrating crypto oversight into standard banking regulation—positive news for crypto-banking ties. Looking Ahead With the three-day macro window, traders should expect directional pivots. A dovish Powell could reignite upside momentum; a cautious tone may prolong this consolidation. Either way, the foundations beneath crypto—ETF flows, regulatory progress, and institutional adoption—continue to deepen. The macro may set the pace, but the structure is firmly in place. — Stella Zlatareva, Nexo Dispatch editor For informational purposes only; not financial or investment advice.

Markets turn their eyes to Jackson Hole this week, with Powell’s speech and the Fed’s annual symposium setting the tone amid a packed calendar of U.S., U.K., and Eurozone data. 🇺🇸 Atlanta Fed GDPNow (Q3) projection – August 19, 15:30 GMT 🇬🇧 U.K. CPI YoY & MoM (Jul) – August 20, 06:00 GMT 🇪🇺 ECB President Lagarde Speaks – August 20, 07:10 GMT 🇪🇺 Eurozone CPI YoY & MoM (Jul) – August 20, 09:00 GMT 🇺🇸 FOMC Meeting Minutes – August 20, 18:00 GMT 🇺🇸 Initial Jobless Claims – August 21, 12:30 GMT 🇺🇸 Philadelphia Fed Manufacturing Index (Aug) – August 21, 12:30 GMT 🇺🇸 Existing Home Sales (Jul) – August 21, 14:00 GMT 🇺🇸 Jackson Hole Symposium – August 21-23, All Day 🇺🇸 Fed Chair Powell Speaks – August 22, 14:00 GMT

Daily Market Dispatch — Friday, August 15, 2025 Overview Crypto is digesting hotter-than-expected U.S. producer prices while holding most of this week’s gains near record territory. The core message today: this is constructive consolidation at an all-time high altitude, not a trend break. Total crypto market capitalization sits around $4.04 trillion, with sentiment in “Greed” at 59/100 – elevated but shy of euphoria, leaving room for trend continuation if macro doesn’t deteriorate. Policy signals matter: the U.S. Treasury reiterated it won’t be a price-insensitive buyer of BTC but will continue to build the Strategic Bitcoin Reserve with forfeited coins – a budget-neutral approach that underwrites the long-term scarcity thesis. Add in an SEC push of Solana ETF deadlines to October and a growing buy-side belief that crypto is entering a “new era of leadership,” and the uptrend’s broader narrative remains intact. Bitcoin BTC is trading near the low-$119,000s, after its new all-time high above $124,000. The surprise 0.9% m/m jump in U.S. PPI knocked the price briefly on Thursday, before a steady rebound. Volatility is elevated but remains under control. Options markets and realized ranges widened during the breakout phase, then narrowed again intraday. Meanwhile, spot bitcoin ETFs saw $231 million in net inflows, up from $87 million a day before. From a technical perspective, the key support lies between $118,000 and $120,000, while resistance is concentrated around the recent peak near $124,000. Macro & Markets Global equities absorbed the hot PPI with modest damage: Asian indices were mixed, the Nikkei rebounded on better-than-expected GDP, and U.S. futures steadied as Treasury yields eased off initial spikes. The hot print trimmed the probability of an outsized September cut while still leaving a 25 bp move as the base case. With Fed officials split between lingering inflation and a cooling labor market at Jackson Hole, policy remains data-dependent. For crypto, this backdrop argues for episodic macro-driven pullbacks that reset funding and sentiment, rather than trend reversals. Ethereum & Stablecoins Ethereum, Solana, and XRP are down between 1% and 3%, tracking the wider market pause. The selling pressure follows several weeks of strong momentum, and today's dip is being interpreted as a short-term reset rather than a change in trend. Institutional activity remains healthy with U.S. spot ETH ETFs attracting $640 million in net inflows on Thursday, extending to an eight-day streak. Additionally, Ethereum-based stablecoins and tokenized finance applications continue to see steady growth. Global Trends Policy-wise, the Strategic Bitcoin Reserve framework is now operational via forfeitures, removing prior overhang around government BTC sales and turning a potential source of supply into a structural sink. The SEC, meanwhile, delayed decisions on Solana spot ETFs to October 16 – a timeline extension rather than a “no”. In mining and infrastructure, Q2 updates from public miners point to mixed revenue momentum as hash economics and energy inputs whipsaw. This is another sign that equity proxies will be more volatile than the underlying assets in this phase. Looking Ahead Our take: with Greed at 59, fresh ATHs printed, and policy broadly trending toward easier financial conditions, we remain constructive. Investors will focus next on the U.S. data run-up into Jackson Hole between August 21 and 23 and the September FOMC: retail sales, jobless claims, and any tariff-linked price updates that could either validate the PPI surprise or mark it as a one-off. CME FedWatch and high-frequency flows on SoSoValue remain your best now-casting tools for policy odds and ETF demand. On the regulatory front, the October 16 Solana ETF deadlines become the next non-macro waypoint, with any interim SEC commentary capable of nudging rotation.

Daily Market Dispatch – August 14, 2025 Overview Markets are advancing as expectations for a September Fed rate cut grow stronger. The U.S. dollar weakened to multi-week lows amid dovish rhetoric, while Bitcoin topped $124,000 to shatter its previous all-time high, reflecting mounting institutional demand and crypto-friendly regulatory developments. The interplay of macro optimism and structural adoption continues to underpin bullish sentiment, reinforcing crypto’s evolving role as a mainstream financial asset and pushing the global crypto market cap to $4.13 trillion. Bitcoin is currently trading around $122,000, while Ethereum climbs to fresh highs near $4,780, as traders position ahead of today’s high-impact U.S. macro releases. Initial Jobless Claims and July PPI, both due at 12:30 GMT, are data that could influence near-term volatility across crypto and broader risk assets. Bitcoin Bitcoin has extended its summer rally, hitting an all-time high of $124,457. With its 30% gain year-to-date, it has become the fifth-largest asset by market capitalization, surpassing Google. There is room for Bitcoin to extend toward the $150,000 mark, provided it continues to hold above current breakout levels. Technical and sentiment indicators remain bullish, with Bitcoin Price Temperature (BPT) at 2.56, suggesting strong momentum without any overheating warning, while the price remains above its long-term moving averages. Ethereum & Altcoins Ethereum is riding strong tailwinds, approaching a new all-time high around $4,780, propelled by structural adoption and macro tailwinds that support broader crypto markets. A key driver of Ethereum’s surge this week has been the explosive growth in U.S. spot ETF demand: the products absorbed a record $729 million in net inflows on Wednesday. BlackRock’s ETHA and Fidelity’s FETH remain the top contributors, and total ETH ETF AUM has now crossed $12.2 billion. The flows underscore ETH’s evolving role as a capital allocation target for institutional investors. Altcoins are stirring with breakout action as well: Bitcoin Cash (BCH) hit a yearly high near $621, while Arbitrum (ARB) is gaining momentum on strong volume and renewed investor interest. Their performance reflects selective risk rotation into assets with clear historical narratives and emerging use cases. Macro & Markets Global markets are riding the tailwind of dovish Fed signals and increased risk appetite. Asian equities traded flat to modestly lower—Japan’s Nikkei slipped 0.3% as traders booked profits, while U.S. index futures are holding steady. Treasury yields remain rangebound, but a surprise uptick in PPI or jobless claims could spark short-term volatility. The yen’s unexpected strength, driven by speculation around a potential Bank of Japan rate hike, is also being watched closely by macro funds. Institutional and Structural Momentum Crypto’s integration into mainstream finance is accelerating. Notably, SpaceX’s latest financial disclosures confirmed Bitcoin holdings of over $1 billion, making it one of the largest corporate BTC treasuries globally. Public firms have already added 245,510 BTC during H1  2025, more than four times the amount acquired by ETF issuers in the same period, signaling a clear shift toward direct ownership. Looking Ahead Capital markets will watch upcoming U.S. PPI, retail sales, and consumer sentiment data for signals that will either reinforce or temper rate cut expectations, and by extension, crypto’s momentum. While the broader trend remains bullish, these macro prints may drive near-term volatility. — Stella Zlatareva, Nexo Dispatch editor For informational purposes only; not financial or investment advice.

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Daily Market Dispatch – August 13, 2025 Overview Crypto markets surged to a $4.11 trillion market cap, led by Ethereum’s rally to within striking distance of its all-time high. ETH’s 10% daily gain and record ETF inflows have cemented its role as the cycle’s standout asset, drawing substantial corporate treasury allocations and fresh retail participation. U.S. inflation data was mixed – headline CPI at 2.7% versus 2.8% expected, core at 3.1% versus 3.0% – reinforcing expectations for a 25bp Fed rate cut in September. With macro risks easing and flows building, the setup remains favorable into Jackson Hole later this month. Bitcoin BTC trades at $120,577, up 2%, holding a bullish structure with support at $117,000 and $114,000 and resistance at $123,000. ETF flows remain supportive, with spot Bitcoin products seeing steady inflows. Norway’s sovereign wealth fund increased its indirect BTC exposure by 192% year-on-year to 7,161 BTC (~$844 million), adding 3,340 BTC in the first half of 2025. BTC is consolidating just below resistance as ETH leads the broader rally. Macro & Markets S&P 500 futures rose 0.2%, Nasdaq 100 futures added 0.2%, and Dow futures climbed 107 points pre-market after Tuesday’s record closes. The S&P 500 ended up 1.1% at 6,445.76, the Nasdaq rose 1.4% to 21,681.90, and the Dow gained 483 points to 44,458.61. The Russell 2000 jumped nearly 3% on lower rate expectations. Gold rose 0.3% to $3,359.54/oz as traders priced a 96% probability of a September cut. Now attention turns to Thursday’s PPI and the Aug. 21–23 Jackson Hole meeting. Ethereum & Stablecoins ETH is at $4,692, up 10% on the day, and nearing the $4,861 ATH from November 2021. Corporate treasuries are adding ETH in size, echoing BTC accumulation strategies, while US-listed spot ETH ETFs attracted $524 million in net inflows on Tuesday, nearly eight times BTC ETF flows. Google searches for “altcoin” hit a five-year high, coinciding with BTC dominance slipping toward 60%. Standard Chartered raised its 2025 ETH target to $7,500 from $4,000, citing stronger industry demand, and now projects $25,000 by 2028. On-chain activity remains high, with daily transactions above 1.7 million. Solana jumped 15% to regain $200. Corporate Activity & Global Trends Perplexity AI made a $34.5 billion unsolicited all-cash bid for Google’s Chrome browser, aiming to leverage its user base for AI training data. The startup, valued at $14 billion, has raised $1 billion from backers including SoftBank and Nvidia. Looking Ahead With CPI behind, focus shifts to Thursday’s PPI, Friday’s retail sales and sentiment, and Jackson Hole later this month. Fed officials are likely to reinforce a September cut narrative. ETH’s leadership, coupled with BTC consolidation and strong ETF flows, points to sustained momentum – provided macro conditions remain supportive. — Stella Zlatareva, Nexo Dispatch editor For informational purposes only; not financial or investment advice.

Daily Market Dispatch – August 12, 2025 Overview July’s U.S. inflation data delivered mixed signals. Headline CPI came in slightly below expectations at +2.7% year-on-year (vs. 2.8% forecast), while core CPI rose 3.1% YoY – above the 3.0% estimate. Markets aren’t shaking their outlook: the Fed cut odds for September remain strong, near 84%. Post-release, Bitcoin edged just under $119,000, and Ethereum gained ~2.5%, signaling continued short-term momentum. Bitcoin & Ethereum Bitcoin is holding a bullish posture across both weekly and daily timeframes. Resistance sits at $120,000 and $123,000, with support at $117,000 and $114,000. On the weekly chart, trend strength remains clear: Average Directional Index (ADX) is elevated, the Moving Average Convergence Divergence (MACD) is firmly positive, and the Relative Strength Index (RSI) is climbing. Ethereum continues to outperform, trading above $4,300. Institutional appetite remains robust: ETH ETFs just crossed $1 billion in daily inflows yesterday, and total ETF inflows now exceed $10.8 billion. Open interest in ETH options has jumped to $13.75 billion, the highest in 2025. Calls dominate, particularly at $4,000, $5,000, and $6,200 strikes. Corporate participation is also climbing. Nasdaq-listed Fundamental Global deployed $200 million to acquire 47,331 ETH, intending to become one of the largest ETH treasury holders. Spot Bitcoin ETFs recorded $178 million in net inflows on Monday, with BlackRock’s IBIT contributing $138 million. Macro & Market Context Inflation’s mixed tone leaves the Fed’s September move in focus. All eyes now turn to Friday’s PPI, retail sales, and consumer sentiment reports. Equities treaded water post-CPI, with major indices holding near record levels. Gold prices reacted modestly as traders debated the inflation path and rate expectations. Corporate Activity and Adoption Japan-listed Metaplanet acquired 518 BTC for roughly $61 million, bringing its total holdings to 18,113 BTC. Ripple adoption continues to build. Renewable energy firm VivoPower confirmed plans to acquire $100 million in Ripple shares and 211 million XRP tokens, becoming the first U.S.-listed company to hold both. The company cited long-term treasury diversification as its goal. Looking Ahead With CPI delivering a slightly mixed read, the consensus for a September Fed cut remains credible. Crypto assets now hinge on earnings, upcoming macro data, and ETF flows. Should PPI and retail data stay soft, expect renewed upside in BTC and ETH. If they surprise to the upside, expect subdued volatility – even if long-term technicals stay intact. — Stella Zlatareva, Nexo Dispatch editor For informational purposes only; not financial or investment advice.

Daily Market Dispatch – August 11, 2025 Overview Markets entered the week in full rally mode after the approval of crypto in 401(k) retirement accounts unlocked fresh capital flows across digital assets. Total crypto market cap briefly crossed $4 trillion on Monday before settling at $3.99 trillion, up 1% over 24 hours. Today’s focus shifts firmly to macro: Tuesday’s U.S. CPI release is expected to show inflation ticking higher, raising questions about whether the Federal Reserve will stick to its expected rate cut in September. With stablecoin issuer Circle, AI-cloud player CoreWeave, and networking giant Cisco all set to report this week, markets will also be watching for signs of how AI infrastructure and crypto integration are reshaping tech. Bitcoin & Ethereum Bitcoin surged over the weekend, briefly touching $122,056, a critical 1.618 Fibonacci extension drawn from past bear market lows. Though it has since retraced slightly to trade around $120,154, bulls continue to eye a breakout toward $140,000, supported by over $3 billion in open call interest. Ethereum, meanwhile, broke above $4,300, hitting its highest level since 2021 and outperforming BTC in both price action and flows. Ether is now less than 12% off its all-time high, drawing comparisons to its 2020 rotation. ETF flows reflected the surge: $260 million flowed into Bitcoin funds last week, while Ethereum led with $461 million. Macro & Markets The Consumer Price Index (CPI) for July, due Tuesday, is expected to rise to 2.8% year-on-year. With volatility elevated, markets are now at an inflection point. A cooler-than-expected print could affirm expectations for a September rate cut and send crypto to new highs. A hotter CPI might stall the rally, at least temporarily, while keeping institutional flows in play. The print follows fresh warnings from Goldman Sachs that President Trump’s new tariffs could add structural inflation, especially as companies begin to pass rising costs to consumers. Elsewhere, Nvidia and AMD agreed to share 15% of their China-based AI chip revenues with the U.S. government in exchange for export licenses – a deal being viewed as an unprecedented, company-specific "chip tax." The move reflects President Trump’s broader strategy to convert trade restrictions into financial gains. Ethereum & Stablecoins Ethereum’s breakout has been aided by surging on-chain activity. Daily transaction volume hit a record 1.75 million on August 8, surpassing the previous peak from May 2021. ETH’s rise of 80% since June 5 has largely tracked the public market debut of Circle, as institutional awareness around the Ethereum stablecoin ecosystem grows. Ethereum’s dominance has triggered an “alt rally” as traders rotate into high-beta tokens. Still, ETH remains 14% off its all-time high, leaving room for catch-up plays – especially if ETF inflows continue at current pace. Corporate Activity & Global Trends The institutional pivot continues. Harvard University’s endowment disclosed a $116.7 million stake in BlackRock’s IBIT, surpassing its allocations to Nvidia and Alphabet. Meanwhile, Strategy added 155 BTC (~$18 million), bringing its total holdings to 628,946 BTC. Last but not least, Ethereum treasury firm BitMine said Monday its ETH holdings have surpassed 1.15 million tokens, valued at about $4.9 billion, reportedly making it the largest corporate ETH treasury globally. Looking Ahead Tuesday’s CPI release is the main event. A cooler print could open the door for Bitcoin to challenge its all-time highs and Ethereum to push beyond $4,500. But a hot inflation number could lead to some profit-taking and a volatility spike ahead of Thursday’s PPI and Friday’s retail sales and consumer sentiment data. — Stella Zlatareva, Nexo Dispatch editor For informational purposes only; not financial or investment advice.

Markets brace for a week of crucial economic data as fresh inflation and growth indicators take the spotlight. Here’s what to watch this week: 🇺🇸 CPI MoM & YoY (Jul) - August 12, 12:30 GMT 🇬🇧 GDP MoM (Jun) - August 14, 06:00 GMT 🇺🇸 Initial Jobless Claims - August 14, 12:30 GMT 🇺🇸 PPI MoM (Jul) - August 14, 12:30 GMT 🇪🇺 GDP YoY & QoQ (Q2) - August 14, 09:00 GMT 🇺🇸 Retail Sales MoM (Jul) - August 15, 12:30 GMT

Daily Market Dispatch – August 8, 2025 Overview The crypto market extended its rally, with the total market cap rising 1.21% to $3.87 trillion. Risk appetite firmed after President Trump signed executive orders unlocking 401(k) access to crypto and protecting firms from banking restrictions. Gold tariffs, escalating Middle East tensions, and a new Fed nomination of a known crypto and rate-cut advocate added to the macro mix. Meanwhile, OpenAI unveiled GPT-5, advancing AI's role in finance, coding, and decision-making. Bitcoin Bitcoin traded near $116,600 as U.S. spot ETFs saw $281 million in inflows on Thursday. Ether ETFs added $222 million, marking three consecutive days of net inflows. The policy backdrop has turned more decisively supportive. President Trump signed an executive order directing the Labor Department and SEC to facilitate digital asset exposure in 401(k) plans. Analysts say even a 2% crypto allocation across retirement savings plans could dwarf all ETF flows to date. Another executive order targeted the banking sector, instructing regulators to prevent discrimination against crypto-focused businesses. Separately, the SEC and Ripple dropped appeals in their long-running case, leaving the 2023 XRP decision as final. Options traders leaned bullish, with calls clustering near $118,000 for BTC. ETH treasuries topped $10 billion across tracked entities, and analysts see a possible push toward $120,000 if momentum holds. Macro & Markets While crypto rallied, traditional markets were mixed. The Nasdaq rose 0.35%, while the S&P edged lower. In commodities, unexpected tariffs on gold bars roiled bullion markets, sending New York futures to record highs. The move threatens global bullion trade flows and could reshape the structure of precious metals clearing. President Trump also nominated Stephen Miran to the Fed Board as a short-term replacement while leaving the door open to a more permanent and influential appointment ahead of the 2026 Fed Chair rotation. Miran, who aligns with Trump’s stance on tariffs and low rates, is unlikely to vote at the September meeting but is seen as an additional dovish voice when confirmed. Ethereum & Stablecoins Ethereum rose 4% to $3,910, boosted by strong ETF inflows and the SEC’s green light on certain staking models. ETH activity hit record highs, and stablecoins followed the broader uptrend. XRP jumped 11% on the Ripple ruling. Solana and DOGE each rose 4%. Glassnode data shows cooling sentiment, though hedging remains active around the $100,000 mark for BTC, reflecting a cautious but constructive outlook. Corporate Activity & Global Trends Block Inc. added 108 BTC in Q2, bringing its treasury to 8,692 BTC. Block joined the S&P 500 in July. In El Salvador, officials announced the launch of “Bitcoin Banks” – a global first integrating BTC into core banking infrastructure. In tech, OpenAI unveiled GPT-5, emphasizing improvements in coding, writing, and complex reasoning. CEO Sam Altman confirmed GPT-5 was trained with more synthetic data, signaling a shift in AI development and a step toward deeper automation across sectors. Looking Ahead Crypto is entering a new phase of policy normalization, with ETF inflows, legal clarity, and macro dovishness aligning across the board. Meanwhile, investors are watching for President Trump’s next Fed pick, any escalation in global tariffs, and Tuesday’s CPI release. If the trend of risk rebalancing holds, Bitcoin and Ethereum could remain at the center of institutional portfolios heading into late summer. — Stella Zlatareva, Nexo Dispatch editor For informational purposes only; not financial or investment advice.

Daily Market Dispatch – August 7, 2025 Overview The crypto market climbed overnight, with the total market cap rising 2.85% to $3.82 trillion as Bitcoin reclaimed ground above $116,000. The real headline, however, is policy. U.S. President Donald Trump will sign an executive order Thursday that could bring crypto into U.S. retirement plans, according to a senior White House official cited by CNBC. The directive would pave the way for private equity, real estate, and digital assets to be included in 401(k) portfolios. It instructs the Labor Department to reexamine ERISA guidance and work with the Treasury and SEC to explore rule changes. While implementation details remain unclear, the move signals a broader shift toward normalizing crypto in long-term, regulated investment products and reflects Washington’s recalibrated stance on digital assets. Bitcoin Bitcoin rose to $116,430, its highest level this month, up 1.24% in 24 hours. Renewed expectations of a September Fed rate cut, following last week’s weak labor data, continue to support risk assets broadly. The CME’s FedWatch tool now sees a 93.4% chance of a 25bp cut, with Polymarket pricing in 79%. ETF flows confirmed the rebound: spot Bitcoin ETFs saw $91.55 million in net inflows on August 6, breaking a four-day streak of redemptions. Institutional interest appears to be returning, further evidenced by the State of Michigan Retirement System disclosing Bitcoin ETF exposure in its latest quarterly update. Yet despite the rally, Bitcoin's 30-day implied volatility has dropped to 36.5%, its lowest since October 2023, when BTC traded under $30,000. The decoupling of price and volatility signals a maturing market structure, reinforced by the rise of structured yield strategies like covered calls. Macro & Markets President Trump’s new tariffs formally took effect at midnight, raising the average U.S. tariff rate to 15.2%—the highest since World War II. Major trading partners, including the EU, Japan, and South Korea, accepted 15% rates to avoid harsher terms. Others, including Switzerland and India, faced steeper penalties—India's levies were doubled to 50% over its Russian oil purchases. Markets reacted with cautious optimism. The Nasdaq closed up 1.2%, helped by exemptions for chipmakers and talk of Trump nominating dovish Fed governors. Meanwhile, the Bank of England cut rates to 4% on Thursday morning, signaling a coordinated global tilt toward easing. Ethereum & Stablecoins Ethereum outperformed BTC, gaining 4.13% to trade near $3,835. Daily on-chain transactions reached 1.87 million, just shy of their all-time high. ETF flows were supportive, with $35.12 million in net inflows across ETH spot products – only Grayscale recorded a net outflow. Stablecoin volume surged to $1.5 trillion in July, setting a new monthly record. Corporate Activity & Global Trends Corporate momentum in crypto continues to build. Ripple will acquire stablecoin platform Rail for $200 million to strengthen its position in cross-border payments. Tether is leading a €30 million round in Bit2Me, а Spanish exchange. In the U.S., Parataxis Holdings is merging with a SPAC to raise up to $640 million for a Bitcoin treasury vehicle to be listed on the NYSE. Meanwhile, SBI Holdings has filed for Japan’s first dual Bitcoin–XRP spot ETFs, signaling growing institutional demand across global markets. Looking Ahead Crypto remains relatively insulated from direct tariff effects, though analysts warn that rising infrastructure and import costs could pressure mining, while macro instability may further boost the appeal of Bitcoin as a non-sovereign asset. Bitcoin’s calm is proving more telling than its volatility. ETF inflows, regulatory clarity, and long-term adoption milestones – from pension funds to global asset managers – are aligning beneath the surface. — Stella Zlatareva, Nexo Dispatch editor For informational purposes only; not financial or investment advice.

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Daily Market Dispatch – August 6, 2025 Overview Bitcoin remains resilient in the face of mounting macro pressure, trading above $114,000 after briefly dipping to $112,700 on Tuesday evening. The total crypto market cap slipped 1.3% to $3.72 trillion, as renewed U.S. tariffs news and slowing services activity triggered broad de-risking across digital assets. Despite the recent correction, Bitcoin continues to outperform altcoins structurally, preserving its higher lows and institutional narrative. ETF flows, tariff risks, and rate expectations continue to shape positioning, but Bitcoin’s drawdown remains shallow in historical terms – down just 6.6% from its all-time high – and supply-side data signals a longer-term tightening. Bitcoin Bitcoin registered an ETF outflow on Tuesday with $196 million in redemptions, led by Fidelity’s and BlackRock’s funds. Still, corporate treasuries stepped in: publicly traded firms added nearly 4,900 BTC over the past five days, worth $552 million, led by Metaplanet and Strategy. Despite ETF pressure, Bitcoin’s structural backdrop remains strong. Since January, public companies and ETF vehicles have absorbed over 524,000 BTC, while only 98,500 BTC have been mined. With just 164,000 BTC expected to be produced in 2025, the current accumulation rate reflects a 3x supply overhang, supporting the supply shock narrative. Technically, BTC remains inside its $110,000–$120,000 consolidation band, with momentum fading but no clear breakdown. The path forward depends on macro clarity, rate trajectory, and investor response to evolving ETF dynamics. Macro & Markets U.S. President Donald Trump escalated his tariff strategy, pledging new levies on countries purchasing Russian energy, with pharma and semiconductor import tariffs to be announced “within the next week.” He also promised a “very substantial” hike against India within 24 hours, even as negotiations with China neared a breakthrough. Market reaction has been cautious: Asian equities traded mixed, and the U.S. ISM Services PMI showed signs of stagflation – contracting employment, sticky prices, and weak new orders – fueling Fed cut bets. Looking Ahead Bitcoin’s dominance continues to reflect its macro-resilient evolution. The top crypto asset is now viewed by many as a policy-sensitive, institutionally anchored asset. While volatility and positioning remain fragile, the long-term trend remains defined by constrained supply and persistent capital absorption. Key catalysts this week include the August 7 activation of new U.S. reciprocal tariffs and speeches from Fed officials, which may offer fresh signals on monetary easing. — Stella Zlatareva, Nexo Dispatch editor For informational purposes only; not financial or investment advice

DP World Tour and Nexo Launch Course Record Fund We are proud to announce the next chapter of our partnership with the DP World Tour – the launch of the Course Record presented by Nexo. Designed to recognize and acknowledge exceptional performance on the Tour, the rolling prize will kick off with the Nexo Championship, taking place 7-10 August in Aberdeen, Scotland. We are providing $50,000 worth of NEXO Tokens on top of the DP World Tour’s base prize of $10,000 for the Nexo Championship – awarded to any player shooting a course record during the tournament. The same base prize is available for the rest of the DP World Tour Championship stops of the season. If no record is set, the prize rolls over to the next eligible tournament. This is the first recurring prize of its kind in golf, combining a performance-driven incentive with the potential of digital assets. We аre proud to champion innovation, excellence, and top-tier talent. Learn more about the Course Record: Nexo and DP World Tour Launch Course Record Prize Fund, and a Crypto Award at the Nexo Championship

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Daily Market Dispatch – August 4, 2025 Crypto markets are steadying at altitude, showing resilience even as traditional risk assets wobble under fresh policy moves. Bitcoin is consolidating just above $114,00, Ethereum is holding above $3,500, and the total digital asset market cap remains well above $3.7 trillion. Despite temporary sell-offs triggered by macroeconomic uncertainties, the broader thesis remains firmly intact: institutional flows, advancing regulations, and disciplined token economics continue to underpin the upside. Bitcoin After reaching $113,000 over the weekend, BTC found its footing and retraced higher, reclaiming key technical ground. Daily volumes are light, but the bid remains firm. Notably, Japan’s publicly listed Metaplanet added another 463 BTC, raising its corporate stash to 17,595 coins, a signal that public market conviction in Bitcoin is no longer just a U.S. phenomenon. Ethereum & Altcoins Ethereum’s price action mirrored Bitcoin’s, after a brief drop below $3,500 on Friday, ETH rebounded to current levels near $3,560, where it’s now forming a new consolidation range. Despite trailing BTC since mid-July, ETH remains the strongest-performing crypto major of the past quarter, up 41% over 90 days. Institutional inflows remain positive – especially from ETH-aligned funds and corporate treasuries – while protocol development continues at pace. Altcoins have stabilized after July’s volatility, notably due to a 52 % decline in scheduled token unlocks for August. This brings the total unlock volume down to approximately $3  billion, compared to $6.3  billion in July. A leaner emission environment, combined with reduced DeFi leverage metrics, enables more constructive altcoin behavior: prices can now stabilize on fundamentals rather than be driven by forced supply dynamics. Macro & Markets The macro backdrop is turning supportive. Friday’s U.S. jobs report showed just 73,000 new payrolls – well below expectations – with downward revisions to prior months and wage growth cooling to +0.3%. The unemployment rate rose to 4.2%, reinforcing the view that the Fed has reached the end of its tightening cycle. At the same time, Core PCE inflation held at 2.8%, steady but no longer accelerating. Treasury yields dropped, the dollar pulled back, and global equities turned cautious. This environment clears space for crypto to stabilize and advance. Digital assets now sit at the intersection of policy relief and structural demand. Unlike traditional markets, crypto offers upside without interest-rate baggage, and in a soft-landing scenario, that edge becomes strategic. Regulation & Regionals The standout development out of Asia: Hong Kong officially implemented its Stablecoins Ordinance on August 1, requiring fiat‑pegged stablecoin issuers to obtain licensing, meet strict reserve and anti‑money‑laundering standards, and register publicly. However, no licenses will be issued until early 2026, and the HKMA made clear that only a handful will qualify initially. This measured entry reinforces Hong Kong’s ambition to become a leading digital assets hub and puts it on the radar of everyone in crypto. Looking Ahead Crypto is holding its ground while traditional markets search for direction. This week, key macro events include Wednesday’s ISM Services Index, Thursday’s jobless claims, and Friday’s University of Michigan inflation expectations – all critical for confirming the Fed’s next move. Traders should also track developments in global trade tensions and any updates from Hong Kong’s regulators following the new stablecoin regime. This week, while macro data and geopolitics may introduce volatility, crypto’s core upward trend is intact. The market is digesting policy clarity and entering a structural build‑out phase. The bull thesis is alive, structured, disciplined, and forward‑looking. — Stella Zlatareva, Nexo Dispatch editor For informational purposes only; not financial or investment advice

A seemingly lighter macro calendar, but with key tests for services, rates, and labor, where Thursday’s jobless claims could prove pivotal for sentiment and the path of monetary policy. Here’s what to watch this week: 🇺🇸 U.S. Services Purchasing Managers Index (Jul) – August 5, 13:45 GMT 🇺🇸 U.S. ISM Non-Manufacturing Purchasing Managers Index (Jul) – August 5, 14:00 GMT 🇬🇧 U.K. Interest Rate Decision – August 7, 11:00 GMT 🇺🇸 U.S. Initial Jobless Claims – August 7, 12:30 GMT

We аre proud to announce that we have successfully renewed our SOC 2 Type 2 and SOC 3 Type 2 attestations for the third consecutive year. These are not one-time checkboxes – they are rigorous, long-term audits that test our systems' integrity, security, and resilience over time. And year after year, we pass. SOC audits are globally respected standards that validate our approach to security, confidentiality, and data integrity. That's more than just a compliance milestone — it's an ongoing commitment to protecting client data, reaffirming our: ✔️ Resilience under sustained scrutiny ✔️ Operational transparency ✔️ Adherence to world-class data controls In an industry of shifting standards, we stay grounded in the highest. Learn more about what this means and why it matters: Nexo completes third consecutive SOC 2 & SOC 3 audits

Daily Market Dispatch – August 1, 2025 Overview “It was a cold wind in August” – that sums up investor sentiment today after President Trump’s new tariff order sent a chill through global markets. But in crypto, it's less a breakdown than a recalibration. Bitcoin retreated below $115,000, Ethereum slid beneath $3,700, and altcoins saw a similar reversal. Still, the digital asset market remains firmly above $3.7 trillion, anchored by structural flows, institutional conviction, and the promise of clear U.S. regulation. Across Asia and Europe, equities declined, the dollar strengthened, and sentiment turned cautious. In crypto terms: the rally isn’t over, it’s just catching its breath. Bitcoin Bitcoin briefly dipped to just above $114,000, approaching the bullish trendline anchored to the April and June lows, before stabilizing near $115,000 with a modest daily decline of under 1%. The move was driven by the third major wave of profit-taking in this cycle, according to CryptoQuant. Despite volatility, BTC dominance rose as altcoins underperformed majors in the wake of renewed macro pressure. With the U.S. dollar index climbing above 100 and no clear macro catalyst ahead of Friday’s jobs data, the path of least resistance remains sideways. Ethereum & Altcoins Ethereum mirrored BTC’s price action, sliding under $3,600 before rebounding. ETH ended July with a 50% monthly gain – its strongest since 2022 – driven by $5.4 billion in ETF inflows. In the world of corporate balance sheets, new entrants Ether Machine and ETHZilla joined Bitmine and SharpLink in accumulating ETH, as total corporate holdings climbed above $6.2 billion. On the protocol side, Justin Drake introduced the “Lean Ethereum” roadmap, designed to simplify the base layer while preparing for quantum threats. The narrative is turning long-term bullish. Macro & Markets President Trump’s executive order overhauled global tariffs with immediate impact. New rates range from 10% to 41%, targeting countries with trade surpluses with the U.S. Goods from Japan, the EU, and South Korea now face a uniform 15% duty. Canada (35%) and Switzerland (39%) were hit harder, while Mexico received a 90-day reprieve. Reactions varied: the EU & Japan praised clarity and stability after chaotic talks, Australia hailed its diplomacy, securing the lowest tariff at 10%, while Malaysia secured exemptions for semiconductors and drugs. Canada & Switzerland, on the other hand, expressed disappointment and pushed for new deals. South Africa announced a domestic support package, while India, Taiwan, and Brazil face steeper 20–30% levies, with no clear response yet. The Bank of Japan warned of a “large impact” on business sentiment, noting that automaker profits are already down due to a 20% drop in export prices. Meanwhile, Eurozone inflation held at 2.0%, slightly above expectations. The U.S. Core PCE climbed to 2.8% in June, reinforcing fears that tariffs are reigniting inflation just as the Fed is trying to stay on hold. Looking Ahead All eyes are on Friday’s U.S. labor market data for July – nonfarm payrolls, average hourly earnings, and unemployment all report at 12:30 GMT, a critical test for the Fed’s next move. Crypto markets remain technically intact, but upside follow-through is elusive. For now, rotation flows appear centered on de-risking rather than exit. Altcoin stability may gradually return, especially if Friday’s macro data softens rate hike expectations. On the horizon: the Nexo Championship in Scotland next week, where a crypto company headlines a major golf tournament for the first time in history. As traditional markets digest policy shocks, digital assets are preparing for a new kind of spotlight. — Stella Zlatareva, Nexo Dispatch editor For informational purposes only; not financial or investment advice