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Daily Market Dispatch – March 23, 2026 Crypto outperforms amid fragile risk sentiment Bitcoin is trading above $71,000 on Monday, in the green over the past 24 hours and outperforming most traditional assets, as gold extends its losing streak to nine days and US stock futures point lower across the board. Markets are increasingly pricing the possibility that sustained energy inflation forces central banks to hike rather than cut, with Brent crude above $114 and the IEA describing the Hormuz disruption as an oil shock worse than anything seen in the 1970s. Risk sentiment is likely to remain volatile as a Trump ultimatum to reopen the strait expires this evening with Iran showing no sign of compliance. Bitcoin Bitcoin's resilience is notable as investors reduce exposure to most other assets, with gold and equities feeling the pinch in tandem. In contrast, total crypto market capitalisation has inched up 1.3% in March despite volatile risk sentiment. Derivatives markets have held up comparatively well. Funding rates remain contained, leverage has not rebuilt aggressively, and there is no sign of the crowded long positioning that typically precedes a disorderly unwind. The underlying demand picture has remained more resilient than price action alone would suggest. Bitcoin spot ETFs recorded net inflows of $95.18 million last week, marking the fourth consecutive week of positive flows, indicating that institutional demand has continued to absorb selling pressure even as the macro backdrop deteriorated. Spot cumulative volume delta, a measure of net buying and selling, has been essentially flat since early March relative to February's sharp deterioration, suggesting distribution has slowed and sellers are largely exhausted. Ethereum & Altcoins Altcoins followed Bitcoin higher across the board on Monday. Ether rose more than 5% to $2,157 over the past 24 hours but remains down on the week. XRP gained 3% to $1.42 and Solana is up around 5%, nearing $90. ETF flows reflect a more nuanced picture. SOL and XRP spot ETFs added $21.10 million and $0.64 million respectively, while Ethereum spot ETFs bucked the trend with net outflows of $59.94 million, continuing a pattern of institutional selectivity that has consistently favoured Bitcoin and select layer-one assets over Ethereum in periods of macro stress. Funding rates are slightly negative but open interest has remained relatively stable, suggesting limited deleveraging. Macro & Institutional The sell-everything dynamic that has dominated since the Iran conflict began is intensifying. Gold has fallen roughly 18% from its recent highs — its worst sustained run in years, as markets pivot from geopolitical hedging to pricing in a higher-for-longer rate environment. Sustained energy inflation raises the probability that central banks tighten rather than ease, and non-yielding assets are repricing accordingly. Equities are in their fourth consecutive week of losses. The Russell 2000 has entered correction territory, and both the Nasdaq and the Dow touched correction levels intraday on Friday before closing fractionally above them. Bond markets are now pricing more than 50 basis points of additional tightening in the US and eurozone relative to pre-war levels, with curves under pressure on both ends. Looking Ahead Fed speakers dominate the week's calendar — Barr, Cook, Jefferson, and Daly are all scheduled, with markets watching for any dovish lean relative to rate-hike pricing that has moved well beyond the Fed's own dot plot. Tuesday's flash PMIs for the US, eurozone, and UK will provide the first hard activity read since the energy shock deepened, and any softening in growth data would add complexity to the central bank calculus rather than resolve it. The Strait of Hormuz deadline is the immediate wildcard: a surprise move toward de-escalation would likely be the single most powerful catalyst for a risk recovery this week. — Dessislava Ianeva, Nexo Dispatch analyst For informational purposes only; not financial or investment advice.

Daily Market Dispatch – March 20, 2026 Crypto steadies as energy markets show first signs of cooling Bitcoin has clawed back to $70,800 after overnight lows under $68,900, with total crypto market cap stabilizing near $2.4 trillion, riding a nearly 2% drop in WTI crude to $93.80 following a joint G7 statement pledging coordinated steps to stabilize energy markets and restore shipping through the Strait of Hormuz. It is a constructive end to a bruising week – but with the S&P 500 closing below its 200-day moving average for the first time since May last year, and oil still far above pre-conflict levels, the bounce looks more like stabilization than reversal. How durable it proves will depend almost entirely on developments that have nothing to do with crypto. Bitcoin Bitcoin is trading around $70,800, recovering from a dip to $68,814 on Thursday and still well off the $76,000 high seen earlier this week. The $70,000 level remains the one that matters – a convincing hold invites a stabilization trade and takes some pressure off leveraged positioning; a failure reopens the path toward the next support cluster. The onchain picture offers a cautious reason for optimism: VanEck's mid-March ChainCheck shows long-term holder selling has slowed across every age cohort, a sign that experienced participants are reducing distribution rather than accelerating it. Miners are a more fragile piece of the picture. Broader onchain activity remains thin, with transfer volume down 31% and fees down 27%, as trading continues to migrate toward derivatives and ETF venues – a structural shift that makes price discovery increasingly driven by macro flows rather than native demand. Ethereum & Altcoins ETH is trading near $2,174, with XRP and SOL each up less than 1% on the day, all lagging Bitcoin in the bounce and reflecting a risk appetite that remains selective rather than broad. The ETH/BTC ratio continues to compress, and the ETF flow data underlines the gap: spot ETH ETFs recorded a total net outflow of $136 million on March 19, bringing total net assets to $12.46 billion – representing 4.81% of Ethereum's total market value. Until macro sentiment shifts more durably, altcoins are unlikely to lead. Macro & Institutional Energy market disruptions remain the dominant variable. Brent is near $108, still significantly above pre-disruption levels, with supply constraints carrying a structural dimension that a Hormuz reopening alone may not fully resolve. Gold's 8% weekly loss – its worst since early 2020, captures the bind: safe-haven demand overwhelmed by dollar strength and rising yields, a dynamic more consistent with an inflationary shock than a flight to safety. The rates picture is where the real risk for crypto is building. The 2-year Treasury yield has risen 50 basis points in under three weeks; overnight index swaps now price a 10% chance of a Fed hike by April, up from 0% on Wednesday. The ECB held at 2% but Morgan Stanley, Deutsche Bank, and JPMorgan all now expect tightening ahead. Against that backdrop, the institutional build-out in crypto is continuing on its own timeline. Morgan Stanley is advancing its spot Bitcoin ETF application – the first major US bank moving from distribution to direct issuance. A Ripple survey of 1,000+ finance leaders finds 70% view digital assets as a competitive necessity, with stablecoins the leading use case for treasury and working capital management. Looking Ahead The immediate question is whether $70,000 holds through the weekend and whether the G7 energy statement marks a turning point or simply buys time. Next week is a lighter one on the data front – UK CPI, US initial jobless claims, BOJ core CPI, and a speech from ECB President Lagarde are the main waypoints. Each carries enough weight to move rate expectations further in either direction, and with the hike probability now a live conversation, none of them are routine reads. – Iliya Kalchev, Nexo Dispatch analyst For informational purposes only; not financial or investment advice.

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Daily Market Dispatch – March 19, 2026 Crypto pulls back as rates and energy concerns compound Bitcoin has tested the $70,000 level as a hawkish Federal Reserve and a rise in oil prices converged into a broad risk-off move across global markets. Total crypto market capitalization has retreated towards $2.4 trillion, with Bitcoin down almost 5% in 24 hours and Ethereum shedding nearly 7%. Brent crude has spiked above $114, while European gas prices have soared 25%. Central banks from Washington to Tokyo are holding rates while bracing for an environment where inflation stays elevated and growth softens. Bitcoin Bitcoin fell from above $74,000 to briefly touch $69,000 before recovering to around $70,800, extending the retreat from the $76,000 high earlier this week. The $70,000 mark has now become a key price level, where a further break below it could signal more deleveraging ahead. The move is driven by positioning and rates rather than anything crypto-specific. The Fed held at 3.5%–3.75% but revised its 2026 inflation forecast up to 2.7% from 2.4%, while Powell warned markets to treat the dot plot with "even more skepticism than usual." When the FOMC outcome collided with surging oil prices, tightening liquidity and rising yields did the rest: leveraged positions unwound, turning what might have been an orderly pullback into a sharper correction. One nuance worth noting: Bitcoin is outperforming gold over the past 24 hours, losing roughly half as much as the precious metal. Gold entered this period of volatility technically overextended after a 90% annual run and is now 17% below its January peak. Bitcoin, having already absorbed a 43% drawdown from its October 2025 all-time high, carries less froth to unwind, though a recovery catalyst remains to be found. Confirming the shift in sentiment, the seven-day spot ETF inflow streak has snapped, with Wednesday recording $163 million in outflows. Ethereum & Altcoins Ethereum dropped 6–7% to around $2,160, with altcoins following broadly. XRP fell 3.5% to $1.47, Solana and Polygon each declined 4%, Cardano plunged 6%, and Dogecoin slipped 5%. Spot ETH ETF flows have also reversed: after a positive start to the week with $55 million in inflows, the risk-off turn has snapped that momentum. The altcoin complex broadly remains influenced by the wider market sentiment and in search of a near-term catalyst to reverse it. Macro & Institutional Escalating disruptions to Middle East energy infrastructure sent Brent as high as $119 before settling around $114–$117, with European gas prices surging 25% on supply concerns around key LNG facilities. WTI trades at its widest discount to Brent in over a decade, reflecting U.S. strategic reserve releases. The bind for central banks is a familiar one from 2022, and no less difficult for it: monetary policy can cool demand-driven inflation, but it cannot repair a supply shock that simultaneously raises prices and weighs on growth. The BOJ held at 0.75% and flagged energy costs as a direct risk to Japan's inflation path. The ECB, Bank of England, and SNB are all expected to hold later today. On the institutional side, the SEC approved a rule change allowing Nasdaq to support trading of tokenized shares, with settlement via a DTCC pilot program. Tokenized shares will share the same order book and execution priority as traditional equities. Looking Ahead The ECB and Bank of England decisions are the next waypoints today, alongside U.S. weekly jobless claims – the first labor market read since the inflation data raised the stakes considerably. Any softening in employment would add complexity to the Fed's calculus rather than resolve it. For crypto, the $70,000 level remains the immediate focus: a hold opens the door to stabilization, but the rates and energy backdrop offers little cover for a durable recovery until one or both show signs of turning. – Iliya Kalchev, Nexo Dispatch analyst For informational purposes only; not financial or investment advice.

Daily Market Dispatch – March 18, 2026 Fed day arrives as crypto consolidates Total crypto market capitalization stands at $2.49 trillion as Bitcoin trades around $72,000, consolidating gains from the prior session's rally toward $76,000. Institutional inflows remain firmly positive, and a landmark SEC–CFTC regulatory ruling has removed a longstanding barrier to broader crypto participation. But the macro backdrop is tightening: oil is above $100, gold has slipped below $5,000, and all eyes are on the Federal Reserve's rate decision and Powell's press conference for signals on how long restrictive conditions will persist. Bitcoin Bitcoin slightly retreated below $72,000, yet still supported by seven consecutive days of spot ETF inflows totaling approximately $1.17 billion, the longest uninterrupted streak since October 2025, with a daily inflow on Tuesday of $199.4 million. This is broadly read as structural demand from long-mandate institutions that absorb supply on dips and lend price stability even when broader sentiment is fragile. On-chain positioning confirms the shift in market tone. Data shows new long positions have been opened above $73,000, funding rates have flipped from deeply negative to broadly positive since March 15, and the taker buy/sell ratio for both Bitcoin and Ether has stayed above 1 since mid-March with buy orders dominating. The near-term ceiling, however, is clear: CryptoQuant identifies $75,000 as the first meaningful resistance, followed by $85,000, a level that capped the rally in both January and October 2025. A hawkish Fed today would likely keep Bitcoin pinned below $75,000 and extend consolidation; a more balanced tone could set up a retest. Ethereum & Altcoins Ethereum edged up towards $2,300, before settling around $2200, with spot ETH ETFs recording $138.3 million in inflows on Tuesday – their sixth consecutive positive day, reinforcing the rotation narrative. XRP rose 1% towards $1.50, Solana gained 0.7%, and Cardano jumped 2.5%. Solana and XRP ETFs also saw inflows of $17.8 million and $4.6 million respectively. However, some of these gains have been partially reversed intraday on Wednesday, as pre-Fed caution keeps a lid on momentum across the complex. The broader altcoin market remains rangebound alongside Bitcoin. Macro & Institutional The week's most significant regulatory development arrived on Tuesday: the SEC and CFTC jointly released a 68-page guidance formally classifying most cryptocurrencies as non-securities, introducing a token taxonomy that distinguishes digital commodities, stablecoins, and digital tools from assets subject to securities law. The move marks a decisive break from the Gensler era and is widely expected to accelerate institutional allocations that have been held back by compliance uncertainty – the primary blocker for asset managers and banks just became significantly harder to sustain. Gold has retreated to $4,987 as higher-for-longer rate expectations weigh on non-yielding assets, and the dollar holds steady at 99.57. The Fed is expected to hold at 3.5%–3.75%, but the dot plot carries the real weight today – any shift toward zero cuts in 2026 would represent a meaningful hawkish tilt. Looking Ahead Powell's press conference is the main event today, with markets focused squarely on the updated dot plot and any signal on the pace of cuts or the absence of them. Thursday brings a sweep of central bank decisions – the Bank of Japan, ECB, SNB, and Bank of England are all navigating the same oil shock from different positions of vulnerability. The BOJ faces its own pressure, with the yen already strained by high crude import costs. U.S. jobless claims round out what is shaping up to be one of the most consequential 48-hour stretches for global monetary policy this year. – Iliya Kalchev, Nexo Dispatch analyst For informational purposes only; not financial or investment advice.

Daily Market Dispatch – March 17, 2026 Crypto recovery gains traction as flows return and momentum builds Crypto markets extended their recovery, with total market capitalization climbing to $2.53 trillion, as Bitcoin holds above $74,000 and Ethereum outperforms amid improving flows and positioning. The move is increasingly underpinned by spot demand and institutional participation rather than purely technical factors. Traditional markets remain more cautious. U.S. futures are pointing lower while oil holds above $100 amid escalating tensions in the Middle East and disruptions around the Strait of Hormuz. Gold continues to trade rangebound near $5,000, while the U.S. dollar firms slightly as markets reassess inflation risks ahead of a dense week of central bank decisions. Bitcoin Bitcoin’s move back above $74,000 marks a shift from a short-term rebound to a more structurally supported recovery, reinforced by multiple drivers: spot ETF inflows, renewed on-chain buyer activity, and continued corporate accumulation. U.S. spot Bitcoin ETFs have recorded over $1.3 billion in inflows so far in March, with consistent daily demand pointing to renewed institutional participation. On-chain data shows a return of buyer activity following February’s sell-off, with CryptoQuant noting that “buyer activity has returned after an aggressive selling period in February”. This is a meaningful shift, as a market supported by spot demand rather than leverage tends to exhibit more durability through volatility. Bitcoin’s behavior during the recent geopolitical escalation has also stood out. While not a traditional safe haven, it has shown relative resilience compared to equities, hinting at a gradual shift in how it is positioned within portfolios. Flows, macro positioning, and institutional demand are beginning to align in a combination that typically signals a more stable phase of recovery. Ethereum & Altcoins Ethereum is beginning to lead the current move, climbing above $2,300 and outperforming Bitcoin – a potential early signal of rotation into altcoins. U.S. spot Ether ETFs recorded their strongest weekly inflows since mid-January at $160 million, while new product structures, including yield-bearing vehicles, are expanding institutional access. Structurally, Ethereum is moving out of a prolonged period of underperformance. A sustained breakout versus Bitcoin would likely signal a broader shift in market leadership toward higher-beta assets, reinforcing the idea that capital is beginning to rotate beyond Bitcoin into more growth-sensitive segments of the market. Elsewhere, XRP has surged above $1.50, supported by rising open interest. Macro & Institutional Macro remains the key driver. Oil continues to trade above $100 as disruptions around the Strait of Hormuz persist, raising concerns over renewed inflation pressures. Central banks are responding cautiously. The Reserve Bank of Australia has already raised rates, while the Federal Reserve and others are expected to hold, but the focus is on forward guidance. Markets are increasingly reassessing how long restrictive conditions may persist. The U.S. dollar has edged higher, while gold remains rangebound, reflecting the tension between safe-haven demand and higher rate expectations. Looking Ahead Attention turns to a dense midweek macro calendar, with Eurozone CPI and U.S. PPI on Wednesday shaping inflation expectations ahead of the Bank of Canada and Federal Reserve rate decisions. On Thursday, focus shifts to the Bank of Japan, Swiss National Bank, and Bank of England, followed by U.S. jobless claims and the ECB’s decision – offering a broad read on how policymakers are responding to rising energy-driven inflation risks, with direct implications for liquidity across risk assets. – Iliya Kalchev, Nexo Dispatch analyst For informational purposes only; not financial or investment advice.

Daily Market Dispatch – March 13, 2026 Bitcoin breaks $72,000 as Iran war reshapes macro landscape and PCE lands in line Total crypto market capitalization has edged to $2.47 trillion, with Bitcoin pushing through $72,000 during European hours on Friday and outpacing gold, silver, and major stock indexes on a week-to-date basis. Industry-wide open interest climbed 5% to $107.6 billion – a signal of renewed capital deployment. The backdrop would ordinarily weigh heavily on risk assets: oil near $100, the Dollar Index above 100, and inflation expectations shifting higher. That crypto is advancing through it marks a meaningful divergence. January PCE landed in line on Friday – core at 3.1% year-on-year, headline at 2.8%, confirming inflation was already drifting from the Fed's 2% target before the Iran war began. The data captures none of the energy-driven pressures accumulating since late February, making it a baseline the coming months are likely to revise higher. Markets are pricing no Fed cuts until at least September. Bitcoin Bitcoin's recovery from the mid-$60,000s to above $72,000 reflects a market that consolidated quickly and rebuilt on firmer ground. An initial period of deleveraging gave way to measured repositioning, with open interest returning to 687,200 BTC – the highest since late February, and funding rates and volume deltas both positive. Implied volatility fell to a two-week low of 55%. Weekly spot ETF inflows totaled $586.99 million, the third-strongest week of the year, with Thursday adding $53 million for a fourth consecutive positive day. Institutional demand providing a steady bid during macro uncertainty is precisely what the post-ETF market structure was built to enable. A clean break above $74,000 on volume opens the path toward $80,000; below that, the current range likely holds. Ethereum & Altcoins Ethereum traded near $2,100 with spot ETFs adding $115 million in inflows on Thursday, the strongest daily flow among crypto ETF categories, while open interest is at its highest since January 30. The asset received a further structural boost from BlackRock's launch of its iShares Staked Ethereum Trust ETF (ETHB), the firm's first staking-integrated crypto product, which debuted with over $100 million in assets and $15.5 million in first-day volume. The fund stakes 70%–95% of its ETH and distributes 82% of staking rewards monthly, embedding yield directly into a regulated wrapper. XRP broke above a months-long descending trendline at $1.39–$1.40 on elevated volume, with futures open interest surging nearly 10% to $1.86 billion and positive funding rates signaling fresh long-side conviction. Macro & Institutional Global equities sit only 4% below recent highs despite what the IEA has called the largest oil market disruption on record. Gold is heading for a second consecutive weekly loss near $5,109, as rising inflation expectations pricing out rate cuts are offsetting safe-haven demand. On the regulatory front, Hong Kong is expected to issue its first stablecoin licenses around March 24, with HSBC and Standard Chartered among anticipated early recipients – a further step in institutional crypto infrastructure development. Looking Ahead Next week delivers one of the densest central bank calendars of the year. The RBA decides Tuesday. Wednesday brings eurozone CPI, U.S. PPI, the Bank of Canada, and critically, the Fed decision, FOMC projections, and statement, with rates expected to hold at 3.75%. Thursday follows with the BoJ, BoE, and ECB in quick succession alongside U.S. jobless claims, before Powell speaks again Saturday. A Fed that signals comfort holding rates while oil stays elevated would support continued crypto accumulation; any hawkish shift in the projections could prompt a reassessment of the composure risk assets have maintained through the conflict's first two weeks. Iliya Kalchev, Nexo Dispatch analyst For informational purposes only; not financial or investment advice.

Daily Market Dispatch – March 12, 2026 Bitcoin consolidates as inflation comes in line and oil climbs Crypto markets are stabilizing as macro crosscurrents intensify. Total market capitalization is holding near $2.4 trillion, with Bitcoin consolidating around $70,000 even as oil trades back toward the $100 per barrel level and U.S. equity futures point modestly lower. The dollar remains firm near recent highs, while 10-year Treasury yields hover around five-week peaks as investors reassess rate expectations. U.S. inflation data released on Wednesday showed February CPI in line with forecasts, with headline inflation at 2.4% year-on-year and core at 2.5%, signaling moderating price pressures prior to the recent energy rebound. Because the report predates the latest move in crude, markets are now watching whether sustained oil strength filters into forward inflation expectations. Energy remains the key macro variable. Shipping disruptions have tightened supply conditions, though strategic reserve releases are limiting extremes. So far, cross-asset moves reflect recalibration rather than stress and crypto is trading with similar composure. Bitcoin Bitcoin continues to consolidate within a $69,000–$71,700 range, trading near $70,100. Holding this structure while yields firm and equities soften reflects balanced positioning rather than extended risk-taking. Derivatives activity is gradually picking up, with total Bitcoin futures open interest approaching $30 billion, based on Glassnode data. The increase appears incremental rather than aggressive, and funding rates remain subdued, a sign that leverage is building cautiously. U.S. spot Bitcoin ETFs recorded $117 million in net inflows, extending the positive streak since the start of the week. Continued ETF demand amid a macro-heavy backdrop reinforces the idea that institutional allocation flows remain steady. Contained volatility alongside inflows suggests accumulation is structured rather than speculative. Ethereum & Altcoins Ethereum edged higher toward $2,100, with open interest rising 4% but without a sharp increase in leveraged exposure. U.S. spot Ethereum ETFs added $57 million in net inflows, maintaining positive momentum and supporting price stability near recent levels. Among major altcoins, XRP slipped around 1% toward $1.37, while Solana eased modestly and Cardano and Polygon traded largely flat. In contrast, select tokens such as HYPE and TAO posted gains, showing pockets of relative strength. Macro & Institutional With CPI meeting expectations, attention now shifts to whether elevated energy prices persist long enough to shape inflation expectations. The firmer dollar and higher yields reflect shifting timelines for potential rate cuts rather than renewed tightening expectations. Gold-linked crypto exposure has cooled, even as bullion fluctuates near recent highs, indicating that inflation hedging via tokenized assets is not accelerating. Selective altcoin outperformance points to internal rotation rather than broad risk reduction. According to UBS scenario analysis, energy market outcomes hinge on how shipping flows through the Strait of Hormuz evolve, with projections ranging from a normalization toward $70–$80 oil to scenarios that could keep prices above $100 if disruptions persist. On the regulatory front, the SEC and CFTC formalized a memorandum of understanding to coordinate more closely on digital asset oversight. Improved inter-agency alignment reduces structural uncertainty and supports the longer-term development of crypto market infrastructure. Looking Ahead The market now looks to jobless claims and Friday’s PCE release for confirmation on the inflation trajectory. A contained reading could reinforce ongoing institutional accumulation and keep Bitcoin supported near range highs, while firmer inflation – particularly alongside elevated oil, may extend consolidation as liquidity expectations are recalibrated. Iliya Kalchev, Nexo Dispatch analyst For informational purposes only; not financial or investment advice.

Daily Market Dispatch – March 11, 2026 Bitcoin tests $70,000 as geopolitics weigh on risk appetite Crypto markets softened over the past 24 hours as fading optimism around U.S.–Israel–Iran de-escalation pressured sentiment. Bitcoin fell back below $70,000, Ethereum declined around 2%, and Dogecoin underperformed following a brief spike tied to renewed attention around Elon Musk’s X Money initiative. In traditional markets, U.S. equity futures edged lower while Brent crude stabilized near $90 per barrel amid reports the International Energy Agency may consider a record reserve release. February CPI came broadly in line with expectations, with headline inflation at 2.4% year-over-year and core at 2.5%, reinforcing a cautious but stable policy outlook. Cross-asset positioning remains measured, with oil dynamics and inflation expectations continuing to drive near-term volatility. Bitcoin Bitcoin is trading around $70,000, while total crypto market capitalization holds near $2.38 trillion. Derivatives positioning appears contained. Funding rates are neutral to slightly positive across major assets and softer in higher-beta altcoins, suggesting restrained leverage demand. BTC perpetual open interest stands around $28 billion, materially below the October 2025 peak, indicating active yet uncrowded participation. Implied volatility has moderated from weekend highs to mid-cycle levels, reflecting moderate near-term uncertainty being priced. On the flow front, U.S. spot Bitcoin ETFs recorded $250.9 million in net inflows on March 10, led by IBIT and FBTC. Aggregate ETF assets are approaching $90 billion—approximately 6.4% of Bitcoin’s market capitalization—with cumulative net inflows reaching $55.8 billion, underscoring ongoing structural allocation. Ethereum & Altcoins Ether and major altcoins followed Bitcoin down, declining between 1% and 3%. Leverage remains below 2025 expansion levels, with open interest in ETH, SOL, and XRP materially under last year’s averages. Funding rates remain neutral to slightly soft, suggesting limited directional conviction. Spot ETF flows are mixed and losing momentum at the margin. Ethereum continues to post modest inflows, supporting a relatively stable institutional bid. In contrast, Solana and XRP have recently recorded net outflows, pointing to softer incremental demand. Although cumulative inflows and assets under management remain elevated, the recent flow profile suggests stabilization rather than renewed expansion. Capital remains present, but conviction appears selective and measured. Macro & Institutional Oil remains the primary cross-asset driver. Reports of a potential record IEA reserve release pushed Brent back below $90, though markets view stockpile measures as temporary relative to geopolitical risks around the Strait of Hormuz. The U.S. dollar and Treasury yields continue to track energy-driven inflation expectations. February CPI print came benign relative to expectations. It does not materially shift the Fed trajectory and slightly reduces near-term hawkish risks. Markets are likely to treat the report as supportive for risk assets — but oil and geopolitical developments remain the dominant macro catalyst. Looking Ahead With U.S. CPI out of the picture, focus turns to U.S. jobless claims, housing data, trade figures, and the thirty-year bond auction on Thursday, offering further signals on labor market resilience, housing activity, and investor appetite for duration. Friday closes with final fourth-quarter GDP, durable goods, income and spending, and core PCE (3.1 % year-over-year consensus), plus Michigan consumer sentiment. U.K., Eurozone, and China credit data round out the global growth picture. Inflation and issuance dynamics remain central to cross-asset volatility into the weekend. — Dessislava Ianeva, Nexo Dispatch analyst For informational purposes only; not financial or investment advice.

Daily Market Dispatch – March 10, 2026 Bitcoin reclaims $70,000 as oil pullback calms markets The total crypto market capitalization stands at $2.39 trillion following a measured recovery, with Bitcoin trading in the $69,000 to $71,000 range and ether holding above $2,000 as oil prices retraced from recent geopolitical-driven highs. Brent crude, which briefly approached $120 amid concerns over Strait of Hormuz disruptions, has declined toward $91, while West Texas Intermediate trades near $88. U.S. equity futures are mixed, the U.S. dollar index has eased toward 98.5, and gold remains near $5,175 per ounce as markets continue to balance geopolitical risk against inflation implications. Energy remains the dominant cross-asset variable. The trajectory of oil will likely dictate near-term rate expectations, influencing yields, the dollar, and risk appetite across asset classes. Bitcoin Bitcoin’s rebound appears aligned with improving macro conditions rather than renewed speculative excess. As crude moderated and the dollar softened, Bitcoin advanced more than 4%, with the upside move reinforced by over 100 million US dollars in short liquidations. . Perpetual futures open interest edged slightly higher, indicating incremental capital deployment following the squeeze. On-chain distribution during the correction created a significant ownership cluster between $60,000 and $70,000, where nearly 600,000 Bitcoin changed hands. This range may function as structural support if macro conditions stabilize. A sustained consolidation above $70,000 would likely reduce resistance until the $80,000 region. Institutional positioning remains constructive. U.S. spot Bitcoin exchange-traded funds recorded $167 million in net inflows on Monday, with recent weekly totals reaching approximately $934 million. While spot volumes and network activity remain moderate, steady ETF demand indicates that institutional capital continues to engage on pullbacks. Bitcoin’s near-term trajectory remains closely tied to liquidity conditions and the direction of yields. Ethereum & Altcoins Altcoins moved higher alongside Bitcoin’s recovery, though gains remain contained. Ether traded near $2,046, XRP approached $1.38, and Solana advanced modestly, while broader participation remained range-bound. The move reflects improving macro sentiment following the pullback in oil rather than an independent expansion in crypto-specific demand. Flows, however, remain selective. U.S. spot ether exchange-traded funds recorded $51 million in net outflows at the start of the week, highlighting uneven institutional engagement relative to Bitcoin. Altcoin performance remains conditional on Bitcoin maintaining stability above $70,000 and on continued moderation in yields. Macro & Institutional The Strait of Hormuz remains a key macro risk variable. Although oil prices have retraced from recent peaks, the geopolitical premium persists. Markets continue to assess inflation risk against de-escalation expectations, contributing to volatility in equities and bond yields. While crude would likely need to rise materially further to trigger meaningful demand destruction, markets typically adjust rate expectations well before economic data reflects strain. At a structural level, continued progress in tokenized settlement infrastructure reflects gradual modernization within capital markets. While not an immediate catalyst, these developments support longer-term institutional integration across digital asset markets. Looking Ahead The week’s key catalysts are concentrated midweek: U.S. CPI, crude oil inventories, and the 10-year note auction on Wednesday; initial jobless claims on Thursday; and U.K. GDP alongside U.S. GDP, Core PCE, and JOLTS data on Friday. These releases will directly influence rate expectations and dollar direction. If inflation prints moderate and yields stabilize, recent recovery attempts in risk assets may extend. Iliya Kalchev Nexo Dispatch analyst For informational purposes only; not financial or investment advice.

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Daily Market Dispatch – March 5, 2026 ​​Flows return as Bitcoin eyes structural hold above $70,000 Crypto markets are stabilizing, with total capitalization rebounding to $2.45 trillion as Bitcoin trades near $72,000. The advance is unfolding against geopolitical tensions, yet price action suggests capital rotation and institutional flows are outweighing headline-driven fear. Traditional markets remain more restrained. U.S. equity futures have softened after Wednesday’s rebound, while oil continues climbing on disruption fears around the Strait of Hormuz, reinforcing inflation risks. Gold is supported by geopolitical stress but capped by dollar strength and liquidity dynamics. The cross-asset signal is nuanced: energy is repricing inflation expectations, equities are stabilizing tentatively, and crypto is testing whether renewed demand can offset macro uncertainty. Bitcoin Bitcoin trades near $72,900 after rebounding sharply from $63,000, though the broader structure remains transitional. That makes sustained acceptance above $70,000 pivotal. The cost basis of short-term holders sits near this level, defining a distribution zone that must convert into support for the recovery to mature. Institutional flows are now reinforcing stabilization. U.S. spot Bitcoin ETFs recorded $462 million in net inflows on Wednesday, marking a third consecutive positive session and lifting weekly inflows to roughly $1.1 billion. Futures open interest has rebounded from $27 billion to $32 billion, reflecting renewed participation. Above current levels, $75,000 stands out as a key gamma magnet. On-chain data also show a thin supply zone between $72,000 and $80,000, suggesting that if demand persists, resistance may prove limited. The market is shifting from stress-driven selling toward balance; durability now hinges on sustained spot absorption. Ethereum & Altcoins Ethereum trades near $2,180 after reclaiming $2,000 with authority. U.S. spot Ethereum ETFs attracted $169 million in inflows, reversing prior minor outflows and signaling renewed appetite for higher-beta exposure. Altcoins moved broadly higher, reflecting improving risk tolerance across the digital asset complex. Capital is cautiously extending beyond Bitcoin, though sustainability remains tied to the persistence of ETF inflows and macro stability. With Ethereum still well below prior cycle highs, this remains a recovery phase rather than a late-cycle expansion. Rotation is returning, but durability will depend on continued capital commitment Macro & Institutional Geopolitical escalation remains the dominant macro variable. Oil has climbed for multiple consecutive sessions, with Brent hovering near its highest levels since mid-2024 as supply disruption fears intensify. A prolonged energy rally risks embedding inflation pressure and narrowing the Federal Reserve’s flexibility. Recent U.S. data complicate the outlook further. Private payrolls surprised to the upside, ISM services activity reached a multi-year high, and the Fed’s Beige Book pointed to moderate expansion across several districts. Resilient services and labor conditions have reduced expectations for near-term rate cuts, pushing easing further out. Looking Ahead Attention now turns to Friday’s Producer Price Index and Chicago PMI releases, which will shape near-term rate expectations and determine whether energy-driven inflation pressures begin feeding more directly into policy pricing. If labor data remain firm and inflation prints show moderation, Bitcoin’s acceptance above $70,000 could solidify and open a path toward the $75,000 liquidity cluster. An upside surprise in price pressures, however, would likely temper momentum and extend consolidation as markets reassess the trajectory of monetary policy. Iliya Kalchev Nexo Dispatch analyst For informational purposes only; not financial or investment advice.

Nexo launches in Argentina, expanding access to digital dollar savings and crypto-backed credit Today we officially launch in Argentina following our acquisition of Buenbit, expanding access to our global digital asset wealth platform. Argentina has long had a deeply rooted culture of saving in U.S. dollars. Now, the conversation is shifting from preserving capital to putting it to work. Argentinians can now earn up to 13% annually on USD-based stablecoins, with daily interest and flexible access to their capital – offering a modern alternative to traditional fixed-term deposits and mutual funds. We are also introducing crypto-backed credit, enabling liquidity in both ARS and USD without requiring users to sell their Bitcoin or Ethereum. Local ARS on-ramps connect fiat and digital assets within a single platform. As the world’s second-largest crypto lender, we are entering the market at a defining moment – expanding how Argentinians earn, borrow, and utilize their wealth. Read the full announcement here: The 21st-century time deposit: Nexo redefines digital dollar savings in Argentina

Daily Market Dispatch – March 4, 2026 Bitcoin reclaims $70k as markets reprice uncertainty Crypto markets are rebounding decisively, with Bitcoin reclaiming the low-$70,000s and leading gains across digital assets, even as geopolitical tensions in the Middle East continue to reverberate through traditional markets. The resilience is notable against a macro backdrop still shaped by elevated energy prices and shifting rate expectations. U.S. equity futures are modestly higher following a volatile session, supported by reports that Iran may be exploring ceasefire discussions. Oil remains elevated despite retreating from intraday extremes, Treasury yields have firmed, and the dollar is consolidating near recent highs. Gold is attempting to stabilize after a sharp correction, reflecting the ongoing tug-of-war between safe-haven demand and tighter financial conditions. Bitcoin Bitcoin is up more than 7% over the past 24 hours, trading near $71,000 after once again testing the $69,400–$70,000 zone that has repeatedly triggered profit-taking. The move aligns with a renewed wave of ETF demand: U.S. spot Bitcoin ETFs recorded approximately $458 million in net inflows, followed by another $225 million the next session, with no funds posting outflows. At the same time, derivatives positioning has expanded aggressively, with perpetual open interest registering its largest daily percentage increase in months. This suggests the rebound is not purely spot-driven. When leverage builds as price presses into prior rejection zones, the rally shifts from a straightforward momentum extension into a broader conviction test. Ethereum & Altcoins Ether has climbed back above $2,050, supported by the broader market advance, although ETF flows remain more uneven than Bitcoin’s. Spot ether ETFs saw inflows of roughly $38.7 million before flipping to modest outflows the following session — steady participation, but not yet decisive accumulation. Large-cap altcoins are participating as beta returns to the market. Historically, once Bitcoin stabilizes above former resistance, capital tends to rotate outward into higher-volatility segments — but only when liquidity conditions allow. Sustained upside in ETH and major altcoins will likely depend on Bitcoin maintaining recent gains without triggering another leverage reset. Macro & Institutional Higher crude prices have lifted Treasury yields and prompted traders to further scale back expectations for near-term Federal Reserve rate cuts, with markets now largely pricing policy to remain unchanged until at least July. The dollar index is holding near recent highs as haven demand and repriced rate expectations reinforce each other. On the institutional front, integration continues to advance. Indiana has enacted legislation enabling certain state retirement programs to offer crypto exposure through self-directed brokerage options. At the federal level, debate around stablecoin yield and broader market structure reform underscores that regulatory clarity remains an active catalyst. Looking Ahead Crypto’s next directional move will likely hinge less on geopolitical headlines and more on incoming data. Wednesday brings China’s Manufacturing PMI overnight, followed by U.S. ADP employment and a dense services read through S&P Global and ISM — a combination capable of rapidly repricing yields and the dollar. Thursday’s Initial Jobless Claims will serve as a labor-market checkpoint ahead of Friday’s heavy slate: Retail Sales and the full employment report, including Nonfarm Payrolls, the Unemployment Rate, and Average Hourly Earnings. If wages and services inflation reaccelerate, the “higher-for-longer” narrative strengthens and could test crypto’s resilience. A softer but stable print, however, would ease rate pressure and allow Bitcoin’s breakout attempt to evolve from a conviction test into a more sustained trend. Iliya Kalchev Nexo Dispatch analyst For informational purposes only; not financial or investment advice.

Daily Market Dispatch – March 2, 2026 Bitcoin climbs as markets weigh geopolitics and inflation Bitcoin traded near $66,000 in early Monday hours, broadly flat week-over-week, before rising above $68,000. Elevated geopolitical tensions, firmer inflation data, and higher energy prices pressured traditional markets. Ether reclaimed $2,000, as major altcoins followed the uptick. In traditional markets, risk appetite weakened after a hotter U.S. core PPI print (0.8% month-over-month; 3.6% year-over-year), while gold advanced on safe-haven demand and oil briefly moved above $74 per barrel amid geopolitical escalation. The 10-year Treasury yield dipped below 4%, highlighting cross-asset sensitivity to inflation and energy dynamics. Bitcoin Bitcoin remained stable over the weekend as markets assessed developments surrounding the U.S.–Iran conflict. While prediction markets are divided on the probability of further escalation, the muted price reaction suggests investors currently view the situation as a contained, near-term risk rather than the start of a prolonged downturn. Trading activity was subdued. Weekend volumes were near to slightly below the 30-day average, indicating contained participation. A brief spike in BTC hourly spot volume occurred around 06:00–07:00 UTC on February 28 amid short-term selling pressure. The move was quickly absorbed, with price stabilizing and volumes normalizing, consistent with a temporary liquidity event rather than sustained distribution or broader market stress. In derivatives, positioning remains cautious but orderly. Open interest is near $25 billion, funding rates are neutral to slightly positive. BTC at-the-money implied volatility is mildly elevated and slightly inverted, signaling near-term uncertainty, though below early February levels. Ethereum & Altcoins Ether is modestly higher over the past seven days, stabilizing near $1,950. Altcoins remain mixed but broadly steady alongside Bitcoin. Derivatives open interest has declined moderately versus last week, though most of the reduction occurred mid-week, ahead of weekend events. Funding rates remain neutral to slightly negative, indicating limited directional conviction and subdued leverage demand. Institutional flows were modestly constructive during the February 23–27 week, with spot Bitcoin ETFs attracting $787 million in net inflows, including $503 million into BlackRock’s IBIT. Ethereum, Solana, and XRP ETFs also posted positive allocations. Whether this momentum persists may hinge on how geopolitical tensions develop in the days ahead. Macro & Institutional The upside surprise in core U.S. PPI reinforced concerns about persistent price pressures. U.S. equities closed mixed to lower on Friday, with defensives outperforming, while Treasury yields eased. Over the weekend, geopolitical developments supported gold and lifted oil prices despite confirmation of a modest OPEC+ output increase, and the U.S. dollar initially strengthened before retracing. Markets are weighing whether the conflict remains contained or evolves into a more prolonged disruption, particularly given the Strait of Hormuz accounts for roughly 20% of global oil supply. Looking Ahead The week ahead is data-heavy, with geopolitics shaping sentiment alongside key macro releases. In the U.S., ISM Manufacturing — especially the Prices Paid component — along with Retail Sales and Nonfarm Payrolls will inform the balance between demand resilience and inflation persistence. In Europe, CPI and GDP will test the durability of disinflation and growth momentum. Should energy prices remain elevated, the policy backdrop could become more complex, particularly if inflation pressures re-accelerate while growth softens. Dessislava Ianeva, Nexo Dispatch analyst For informational purposes only; not financial or investment advice.

Daily Market Dispatch – February 27, 2026 Bitcoin ETF flows build as crypto awaits a macro catalyst Crypto began Friday on a softer footing, with Bitcoin trading just above $66,000 and Ethereum battling to sustain the $2,000 level. The broader complex is struggling to extend this week’s rebound, leaving total crypto market capitalization hovering just below $2.3 trillion. The market tone is cautious rather than disorderly, but conviction remains to recover. When macro uncertainty lingers, crypto tends to reflect it with higher sensitivity. In traditional markets, U.S. equity futures pointed lower into the key inflation print, with tech shares continuing to weigh on broader indices after recent weakness in the Nasdaq. Gold held near elevated levels on safe-haven demand, while oil prices remained firm amid ongoing geopolitical negotiations. The near-term setup is data-dependent: inflation will either reopen the door to selective risk-taking or reinforce the defensive bias into month-end. Bitcoin BTC is consolidating just above $66,000, extending a difficult month and leaving February losses in the mid-teens percentage range. The broader message is structural: price is compressing within a liquidity-constrained environment where leverage appetite remains subdued. A market that struggles to rally on modest optimism is one still recalibrating risk. Importantly, ETF flows have turned constructive beneath the surface. On Thursday alone, U.S. spot Bitcoin ETFs recorded $254 million in net inflows, contributing to one of the strongest weekly flow recoveries since mid-January. Ethereum & Altcoins Мomentum remains fragile. February has been challenging across large-cap tokens, with XRP, Solana, and others still navigating meaningful drawdowns. The absence of sustained rotation suggests speculative appetite for higher beta assets has not fully returned. ETH ETF flows remain modest but positive. Thursday saw $6 million in net inflows, signaling that institutional participation has not withdrawn entirely even as price action remains restrained. In risk-sensitive environments, incremental flows can matter more than dramatic spikes. Macro & Institutional U.S. index futures traded lower ahead of January’s Producer Price Index, with consensus centered on a 0.3% month-on-month increase for both headline and core readings. Investors are likely to scrutinize the underlying components closely, as several PPI inputs feed directly into the Federal Reserve’s preferred inflation gauge, the PCE deflator. Policymakers continue to emphasize that rate cuts are plausible but should not be front-loaded without clear evidence of sustained disinflation. Even marginal inflation surprises could reshape rate-path expectations. On the digital infrastructure front, Japan advanced its regulated finance framework with the unveiling of a trust bank-backed yen stablecoin (JPYSC), designed for institutional and cross-border use cases and expected to launch in Q2 pending approvals. In the U.S., debate around stablecoin rewards has resurfaced, with lawmakers scrutinizing deposit-flight risks while regulators move to clarify implementation under existing legislation. Stablecoins are increasingly being treated as regulated financial instruments rather than peripheral crypto products. Looking Ahead The week ahead is macro-heavy. Monday brings U.S. manufacturing surveys. Wednesday follows with China’s manufacturing data and U.S. private employment figures. Thursday shifts focus to jobless claims, while Friday culminates with Nonfarm Payrolls, the unemployment rate, wage growth, and U.S. retail sales. If labor and activity data confirm gradual cooling without deterioration, crypto could begin translating steady ETF accumulation into firmer price structure. If the data surprise to the upside on inflation or wages, markets may remain range-bound, extending the current phase where flows improve before momentum fully returns. Iliya Kalchev, Nexo Dispatch analyst For informational purposes only; not financial or investment advice.

Daily Market Dispatch – February 26, 2026 ETF inflows and Nvidia earnings reinforce Bitcoin’s climb Digital assets regained ground after Wednesday’s rebound added more than $170 billion in market value, lifting total crypto market cap to nearly $2.5 trillion. Intraday, Bitcoin has reclaimed $68,000, while Ethereum is holding above $2,000 near $2,060 — key psychological thresholds as the market tests whether this move evolves into structural stabilization rather than tactical relief. Momentum has improved, but continuation will depend on whether institutional demand compounds. In traditional markets, equity futures are modestly softer as investors digest Nvidia’s stronger-than-expected earnings. Oil remains sensitive ahead of United States–Iran talks, while gold trades near $5,190 per ounce as geopolitical hedging persists. Risk appetite is rebuilding – but it remains conditional. Bitcoin Bitcoin’s rebound is increasingly defined by renewed institutional allocation. United States spot Bitcoin ETFs recorded $506.5 million in net inflows on Wednesday, following more than $250 million the day prior – the strongest two-day stretch in weeks after an extended period of outflows. That breadth of demand signals absorption rather than speculation. On-chain data reinforces the shift: wallets holding more than 10,000 Bitcoin have accumulated through the recent pullback from the $70,000 region, suggesting long-term holders are stepping in as supply thins. ETF absorption is the difference between a bounce and a bottom. If flows persist, consolidation above $68,000 becomes a base-building exercise rather than resistance. Ethereum & Altcoins Ethereum has reclaimed $2,000 and is trading near $2,060, reinforcing renewed buyer engagement at a critical psychological level. United States spot Ethereum ETFs added $157.1 million in inflows, while Solana ETFs brought in $30.9 million – signaling that institutional appetite is beginning to broaden. If Bitcoin stabilizes, rotation dynamics typically follow. Early rebounds are driven by liquidity; sustained ones are driven by expansion in beta participation. Holding above $2,000 keeps Ethereum positioned for continuation rather than retracement. Macro & Institutional The macro backdrop remains balanced rather than restrictive. Nvidia delivered revenue and earnings above expectations and guided higher for the current quarter, reinforcing the durability of artificial intelligence-driven capital expenditure. However, the muted equity reaction signals that markets now demand tangible monetization, not just growth narratives. United States equity futures are modestly softer following prior session gains, while the United States dollar has stabilized after earlier weakness. Oil is hovering near recent highs ahead of United States–Iran negotiations, and geopolitical positioning continues to support gold near $5,190 per ounce. Looking Ahead Today’s focus shifts to incoming United States data, starting with Initial Jobless Claims, followed by January Producer Price Index figures and the February Chicago PMI on Friday. Together, these releases will help shape expectations around inflation momentum, labor market resilience, and broader growth conditions – key variables for rate path assumptions and near-term risk appetite across crypto and traditional markets. Iliya Kalchev, Nexo Dispatch analyst For informational purposes only; not financial or investment advice.

Daily Market Dispatch – February 25, 2026 Crypto stabilizes as ETF inflows return and macro tests loom Crypto markets firmed into Wednesday, with Bitcoin rebounding above $67,000 and Ethereum climbing back near $1,890 as dip buyers stepped in after weeks of heavy pressure. The move reads less like a full reversal and more like stabilization following an extended unwind. Still, the tone improved as risk assets stopped falling in tandem. In traditional markets, U.S. equity futures edged higher ahead of heavyweight earnings, with Nvidia once again positioned as the bellwether for the broader AI trade. Gold rebounded toward $5,190 per ounce after the previous session’s pullback, while oil hovered near seven-month highs around $70–$71 into upcoming U.S.–Iran talks. The cross-asset picture suggests a market attempting to reset risk appetite while navigating tariffs, geopolitics, and earnings uncertainty simultaneously. Bitcoin Bitcoin’s recovery from sub-$63,000 levels appears driven by positioning repair rather than renewed conviction. Buyers stepped in as Wall Street’s tone improved – U.S. spot Bitcoin ETFs recorded $257 million in net inflows, indicating that institutional participation has not fully stepped away despite the recent correction. That flow backdrop provides a more constructive undercurrent beneath price action. The broader structure remains fragile. After a sharp drawdown and subdued participation, further upside likely depends on equity stability, making Nvidia’s earnings a key near-term test. With downside risks from a miss appearing larger than the upside from a beat, crypto remains highly sensitive to equity volatility. At this stage, Bitcoin is not demanding optimism, it is demanding stability in the broader risk environment. If equities hold post-earnings and volatility remains contained, the path of least resistance can tilt higher. Ethereum & Altcoins Ethereum advanced toward $1,890, while Solana, XRP, BNB, and other majors participated in the rebound. The move reflects renewed risk appetite following heavy liquidations rather than a structural shift in leadership. U.S. spot Ethereum ETFs reversed recent negative flows with $9 million in net inflows, signaling early signs of stabilization after sustained pressure. The key test now is breadth and durability. Short-term rallies after deep selloffs are common; sustained continuation is less so. Liquidity returning to the space typically lifts higher-beta assets first, but real strength will only become evident if gains persist through the next macro and earnings catalysts without fading at the first volatility spike. Macro & Institutional Macro conditions remain defined by tariff uncertainty and a higher-for-longer policy tone. Federal Reserve officials signaled little appetite to shift policy in the near term, reinforcing elevated rate expectations. Gold’s rebound reflects this tension: supported by geopolitical and trade uncertainty, yet capped by firm rate expectations. Industrial metals also strengthened, with copper pushing back above $13,000 per ton as Chinese participation resumed, though high inventories may limit near-term tightening. On the institutional front, Hong Kong is advancing its regulatory framework, with the first batch of stablecoin issuer licenses expected next month and new legislation planned to cover digital asset dealers and custodians. Looking Ahead Attention now turns to U.S. data, beginning with Initial Jobless Claims on Thursday, followed by January Producer Price Index figures and the Chicago PMI on Friday. Labor market resilience combined with firm producer inflation would reinforce the higher-for-longer narrative and potentially cap risk appetite, while softer prints could reopen room for a broader relief rally. In the near term, macro data will determine whether crypto’s rebound evolves into continuation or stalls back into consolidation. Iliya Kalchev, Nexo Dispatch analyst For informational purposes only; not financial or investment advice.

Daily Market Dispatch – February 23, 2026 Bitcoin and crypto held in check by policy uncertainty and tariffs Crypto began the week under pressure, with Bitcoin briefly slipping below $65,000 in Asian trading before stabilizing near $65,300, while Ether retested the $1,900 area. The tone remains cautious. When policy becomes harder to price, crypto typically absorbs the volatility first. Traditional markets echoed the uncertainty. U.S. equity futures pointed lower, led by weakness in technology shares, while gold extended its safe-haven advance and oil steadied near recent highs as traders balanced renewed tariff uncertainty with upcoming U.S.–Iran nuclear talks. This remains a market trading within defined ranges until a clearer macro signal forces repricing. Bitcoin Bitcoin’s move back toward the mid-$64,000 region reflects sensitivity to marginal supply rather than a structural breakdown. On-chain data shows elevated flows from large holders toward exchanges, increasing near-term supply visibility at a time when spot demand remains measured. Still, price behavior resembles absorption rather than disorder. The corporate bid continues to provide structural support. Strategy acquired an additional 592 Bitcoin for approximately $39.8 million at an average price of $67,286, bringing total holdings to 717,722 Bitcoin valued at roughly $47.5 billion. That represents more than 3.4% of total supply. Long-duration accumulation persists, but in the short term Bitcoin remains tied to macro clarity rather than balance sheet conviction alone. Ethereum & Altcoins ETH declined nearly 5% to around $1,879, drifting back toward early-February levels. Weekend headlines around high-profile selling added pressure, but the broader dynamic remains positioning-driven. In cautious macro conditions, higher-beta assets tend to adjust first. Across major tokens, XRP, Solana, Cardano, and BNB traded lower, reflecting broad-based risk sensitivity. The key question for Ether is whether it can stabilize near recent support without triggering deeper positioning resets. Liquidity discipline, rather than narrative momentum, is likely to determine the next directional move. Macro & Institutional Tariffs have returned to the center of the macro narrative. After the Supreme Court struck down the previous emergency tariff regime, the administration pivoted to a temporary 15% global tariff framework for up to 150 days. The shift reintroduces a familiar tension: slower growth alongside still-elevated inflation. At the structural level, stablecoins continue to expand their macro footprint. Estimates projecting market capitalization toward $2 trillion by 2028 imply potential incremental demand of $800 billion to $1 trillion for short-dated U.S. Treasury bills. Stablecoins are increasingly a front-end rates story as much as a crypto liquidity one. Meanwhile, Missouri advanced legislation to establish a state Bitcoin reserve fund with a minimum five-year holding framework. While still early in the legislative process, such proposals underscore a steady normalization of digital assets within public finance discussions. Looking Ahead Tuesday brings U.S. ADP employment data and February Consumer Confidence, offering early signals on labor momentum and household sentiment. On Wednesday, President Trump’s remarks and Germany’s fourth-quarter gross domestic product reading add political and European growth dimensions to the macro mix. Thursday’s Initial Jobless Claims will provide another real-time check on U.S. labor resilience. The week concludes on Friday with January’s Producer Price Index and Chicago PMI, key inputs for inflation expectations and business activity. If yields and the U.S. dollar firm on hawkish repricing, rebound attempts in crypto may remain fragile. If volatility cools and macro expectations stabilize, defined support levels could begin to hold more convincingly. Iliya Kalchev, Nexo Dispatch analyst For informational purposes only; not financial or investment advice.

Daily Market Dispatch – February 20, 2026 Crypto steadies as inflation and geopolitics frame the week Crypto markets are stabilizing into the end of the week, though conviction remains limited ahead of key U.S. inflation and growth data. Bitcoin is trading near $67,750, while Ethereum sits around $1,950, with the broader altcoin complex subdued and risk appetite selective rather than expanding. The dominant macro driver remains uncertainty around the policy path. The Federal Reserve’s January meeting minutes reinforced a more hawkish tone, underscoring that rate cuts will depend on sustained progress in disinflation. That recalibration is colliding with renewed geopolitical tensions between the U.S. and Iran, supporting safe-haven flows into the dollar and gold while tempering enthusiasm for liquidity-sensitive assets such as crypto. U.S. stock futures are edging higher, but positioning remains cautious. The U.S. dollar is on track for its strongest weekly gain since October, hovering near a one-month high, while gold trades near record levels above $5,030 per ounce. Across asset classes, participation remains active, yet capital appears reluctant to extend risk meaningfully ahead of GDP data that could redefine rate expectations. Bitcoin Bitcoin remains in consolidation following its early February correction. On-chain fundamentals continue to strengthen despite price pressure. Mining difficulty rose to 144.4T, a 15% increase and the largest percentage adjustment since 2021, while hashrate has recovered to 1 ZH/s. Spot ETF flows, however, reflect near-term caution. U.S. Bitcoin ETFs recorded $165 million in net outflows, reinforcing the idea that institutions are trimming exposure rather than aggressively accumulating dips. The derivatives backdrop suggests equilibrium is rebuilding, but macro validation will likely determine the next decisive move. Ethereum & Altcoins Ethereum rebounded intraday but remains capped below the $2,000 threshold, limiting broader momentum. U.S. Ethereum ETFs logged $130 million in net outflows, mirroring the cautious tone seen in Bitcoin products. XRP and Solana ETFs, however, managed to register modest inflows, signaling selective positioning rather than wholesale exit from the asset class. In spot markets, XRP and Solana remain under weekly pressure, though the divergence in flows suggests investors are increasingly targeting specific narratives rather than broad beta exposure. Across the altcoin complex, performance remains uneven, reinforcing that risk appetite is narrow and conditional. Macro & Institutional The dollar’s strength this week reflects both solid labor data and geopolitical hedging. U.S. jobless claims have underscored labor market stability. Japan’s inflation slowed to 1.5%, reinforcing doubts about further near-term tightening from the Bank of Japan. In Washington, stablecoin yield negotiations continue, with lawmakers working toward broader market structure legislation that could clarify jurisdictional boundaries and reshape the regulatory environment. Policy clarity remains the medium-term structural catalyst for digital assets. Looking Ahead Attention next week will turn to U.S. consumer confidence on Tuesday and a series of FOMC member speeches that could further shape rate expectations, followed later by Germany’s Q4 GDP, U.S. initial jobless claims, and U.S. Producer Price Index (PPI) data. With markets recalibrating the inflation trajectory, PPI and Fed commentary will be closely watched for confirmation on pricing pressures; easing readings could help stabilize risk appetite, while renewed upside surprises may extend the current consolidation phase. Iliya Kalchev, Nexo Dispatch analyst For informational purposes only; not financial or investment advice.