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

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

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

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

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

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

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

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

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

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

For digital assets, the near-term remains macro-driven, but the medium-term outlook is supported by deepening institutional engagement and regulatory progress. — Iliya Kalchev, Nexo Dispatch analyst For informational purposes only; not financial or investment advice

Daily Market Dispatch – August 22, 2025 From momentum to maturity: Crypto steadies ahead of Jackson Hole Global markets are focused on the Fed’s annual symposium today, where Jerome Powell’s remarks could shape near-term sentiment and policy outlook. Crypto markets are easing back this week, with Bitcoin trading just under $113,000 and Ethereum hovering around $4,280 as investors take stock of recent gains and prepare for Powell’s speech at Jackson Hole today at 10:00 am ET. ETF flows turned negative after August’s high, reflecting a more cautious stance. Broader altcoins also edged lower. The total crypto market cap now sits near $3.83 trillion, a reminder that the pullback is more a consolidation of strong summer gains than a structural shift. The overall recalibration comes as markets reassess expectations for a September Fed cut. Probabilities, once near 100%, are now closer to 70%, setting the stage for volatility around Powell’s remarks. Beyond crypto, corporate news kept AI and tech in focus: Meta signed a $10 billion partnership with Google Cloud to scale its infrastructure. Gold has also softened, trading near $3,328/oz and heading for a second straight week of mild losses as the stronger dollar weighs. Bitcoin Bitcoin is consolidating after a strong summer run, trading around $112,900 on Friday and easing back nearly 4% this week as traders adjusted expectations for Fed policy. ETF flows have seen three consecutive sessions of outflows, suggesting some investors are locking in profits and adopting a wait-and-see approach ahead of Jackson Hole. Derivatives markets show greater demand for protective hedges, but the overall pattern aligns with Bitcoin’s familiar post-halving seasonality, where September often brings softer price action before renewed momentum into year-end. For now, high-for-longer rates are keeping liquidity contained, yet Bitcoin’s long-term positioning as a portfolio diversifier remains undiminished. Ethereum & Altcoins Ethereum has shown relative resilience. JPMorgan analysts highlight four key drivers behind Ethereum’s strength: the expectation that staking may be approved for ETFs, growing treasury adoption, SEC clarity easing concerns over liquid staking tokens, and in-kind redemptions improving ETF liquidity. Together, these factors suggest Ethereum could have more room to grow compared to Bitcoin. Other altcoins largely tracked Bitcoin’s consolidation. XRP, Solana, and Cardano saw weekly declines of 6–7%. The moves suggest a market taking a pause rather than signaling deeper stress. Macro & Markets All eyes are on Powell’s Jackson Hole address, with markets balancing recent softer CPI against hotter PPI data and hawkish Fed commentary. So far Powell has resisted President Donald Trump’s demands for rapid cuts and calls to resign, keeping rates unchanged at five consecutive meetings. While rate-cut hopes have moderated, expectations still lean toward an adjustment later this year if inflation continues to ease. Asian equities were steady, with Japan’s inflation data staying above the BOJ’s 2% target and keeping rate hike expectations alive On the institutional front, Allianz made headlines with its first formal endorsement of Bitcoin, calling it a “credible store of value” and noting its diversification benefits in modern portfolios. In South Korea, major banks are exploring partnerships with Tether and Circle, reinforcing stablecoins’ growing role in traditional finance. Looking Ahead Powell’s remarks at Jackson Hole will set the tone for September, with even subtle hints on policy likely to move markets. A steadier hand from the Fed could provide reassurance, while a hawkish lean may extend this period of consolidation. Beyond today, investors will quickly turn to next week’s U.S. data releases, including July new home sales on Monday, CB consumer confidence on Tuesday, and Thursday’s dual update of initial jobless claims and second-quarter GDP projections.

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Daily Market Dispatch – August 21, 2025 Bitcoin teaches patience while the market waits for Powell’s verdict Markets entered Thursday in a holding pattern as investors anticipate the Federal Reserve’s Jackson Hole symposium. Futures drifted while attention turned to Jerome Powell’s address on Friday, which could set the tone for September’s policy move. Crypto reflected the cautious mood: Bitcoin steadied near $114,000 while total market capitalization slipped to $3.5 trillion, its lowest in weeks. The pullback underlines how closely digital assets remain tethered to macro signals, with traders unwilling to commit until Powell’s tone becomes clear. Bitcoin Bitcoin hovered near $114,000 as markets braced for Powell’s Jackson Hole remarks. Wednesday’s $342.3 million in ETF outflows signaled a pause in institutional conviction, even as on-chain data pointed to a market environment still shaped by short-term positioning. Glassnode observed profit-taking by long-term holders, though it’s inconclusive and interpretations of Bitcoin’s cycle remain divided. Sentiment, too, has been unsettled. The Fear & Greed Index briefly dipped into “fear” when BTC tested $112,000, before returning to neutral as prices stabilized. Santiment described this shift as “flickering.” Futures positioning echoed this caution, with traders leaning short and prediction markets assigning meaningful odds to further downside. Adding a splash of optimism, Eric Trump, son of President Donald Trump and Executive Vice President of the Trump Organization, used the SALT conference in Jackson Hole to double‑down on his Bitcoin outlook, calling himself a “maxi” and forecasting $175,000 by year‑end and “over $1 million” long term. For now, the asset seems stuck in what might be called the awkward pause of its cycle, testing the patience of traders. Bitcoin doesn’t break cycles – it teaches investors whether they have one. Ethereum & Altcoins Ethereum rebounded, surging 7% to $4,350 and erasing Tuesday’s losses, with speculation that treasury accumulation helped fuel the bounce. That adds to ETH’s growing role in treasuries, with 4.1 million ETH held by 69 entities plus 6.7 million in ETFs. Altcoins outpaced Bitcoin’s modest +1.4% move. BNB hit a fresh all-time high at $875 (+6%), while Solana gained 6.1%. Even meme assets like Dogecoin (+5%) saw inflows. Ethereum’s growing treasury and ETF presence, combined with bursts of altcoin strength, highlight that capital is searching for opportunities outside Bitcoin’s current holding pattern. Meanwhile, Fed minutes revealed an unusual focus on stablecoins, citing their potential to reshape payment systems under the new GENIUS Act. Macro & Markets The macro spotlight is squarely on Jackson Hole. Futures wobbled as traders positioned for Powell’s remarks — with markets pricing an 80% chance of a September rate cut, though odds have softened. Minutes from July showed the Fed prioritizing inflation over job weakness, a stance that may frustrate both markets and the Trump administration. Walmart is expected to post its 12th straight earnings beat, highlighting consumer resilience, while Target’s stumble and Meta’s AI pause raised doubts about the durability of U.S. corporate momentum. Looking Ahead The near-term focus is packed with key events. Today, markets will parse U.S. Initial Jobless Claims, the Philadelphia Fed Manufacturing Index, and Existing Home Sales. The Jackson Hole Symposium runs from today through Saturday, with Powell’s keynote on Friday the defining moment. A dovish tilt could spark relief across equities and crypto, while hawkish caution may reinforce the grind lower. In crypto, whether short-term holder SOPR holds above 1 will be key for gauging if Bitcoin stabilizes or drifts deeper. Markets, in many ways, are in suspended animation — waiting for a voice from Wyoming to tell traders whether to breathe in or brace for impact. — Iliya Kalchev, Nexo Dispatch analyst For informational purposes only; not financial or investment advice

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Daily Market Dispatch – August 20, 2025 Overview Markets are treading carefully midweek, with the total crypto market cap slipping just below $3.9 trillion as traders reduced positions ahead of a pivotal week for global markets. Bitcoin is consolidating near $113,000 and Ethereum around $4,200, with both influenced by nearly $1 billion in combined ETF outflows. Traditional markets are also cautious, with equities drifting lower, the dollar firming, and gold modestly higher as attention turns to the Fed’s Jackson Hole symposium later this week. Bitcoin Bitcoin eased back to around $113,000. The moderation comes as traders locked in some profits and ETF flows softened, with spot funds posting over $500 million in withdrawals. Key technical support is seen around $112,000–$113,000. At the same time, larger holders and companies using Bitcoin for treasury purposes continue to provide steady underlying demand. The near-term picture is cautious, but the broader trend shows Bitcoin increasingly treated as a portfolio building block. Ethereum & Altcoins Ethereum mirrored the broader consolidation, easing by $4,200. Spot ETFs saw over $420 million in outflows, making Ether more sensitive to institutional positioning than some peers. Market participants are watching the $4,200 level as a pivot point — stability above could bring steadier flows, while a dip lower may invite further rotation toward $3,900. Altcoins followed a similar pattern. Cardano fell 8% and Polygon 6%, while Solana held steady and XRP slipped 4% to $2.89. The picture suggests that while the sector is moving in step with Bitcoin, coins without significant ETF exposure are showing more resilience. Macro & Markets Attention is firmly on the Federal Reserve. Minutes from the July meeting, due later today, will shed light on how divided the central bank is after a rare dual dissent from Governors Waller and Bowman. Rates have been steady at 4.25–4.50% all year, but markets continue to expect a cut in September, with Powell’s Jackson Hole speech on Friday seen as the key signal for the months ahead. Equities reflect the same wait-and-see tone. Futures point lower, with technology leading the pullback as investors rebalance toward small-cap and value stocks. Gold has edged back to about $3,326/oz, but the stronger dollar at 98.2 suggests investors are prioritizing liquidity. This measured positioning highlights how crypto, equities, gold, and FX are all moving in lockstep with Fed expectations. Institutional activity continues to provide support. Brazil is debating a Bitcoin Strategic Reserve of up to $18.6 billion, underscoring the asset’s growing sovereign appeal. In the U.S., Fed Vice Chair Michelle Bowman signaled a more constructive approach to crypto banking, saying innovation and regulation can work together. Corporate adoption is also gathering pace, with digital asset treasuries raising $15 billion this year, including a record $6.2 billion in July alone. These moves point to a structural integration of crypto into both public and private balance sheets, a trend that looks set to outlast short-term volatility. Looking Ahead The rest of the week brings a series of important U.S. economic indicators and central bank signals. On Thursday, markets will digest initial jobless claims and the Philadelphia Fed manufacturing index, followed later in the day by existing home sales data. From Thursday through Saturday, the Jackson Hole Symposium will dominate attention, culminating in Fed Chair Powell’s keynote speech on Friday afternoon. For crypto, the key question is whether these events collectively provide the reassurance needed to steady ETF flows and support consolidation, or if cautious positioning will continue until clearer policy signals emerge. — Iliya Kalchev, Nexo Dispatch analyst For informational purposes only; not financial or investment advice

Daily Market Dispatch – August 19, 2025 Overview Markets are treading water ahead of the Federal Reserve’s Jackson Hole symposium, with investors weighing hotter U.S. inflation data, shifting rate-cut expectations, and renewed geopolitical uncertainty. Bitcoin’s retreat from record highs reflects consolidation rather than structural weakness, while flows into Ethereum and corporate treasury buying highlight the depth of institutional demand. Altcoins remain under pressure in a cautious risk environment. Traditional markets are equally cautious, with U.S. equities holding steady ahead of retail earnings and central bank signals. Bitcoin Bitcoin pulled back from last week’s record $124,000 to trade near $115,000, a decline driven by stronger-than-expected inflation readings and softer Fed easing bets. The move represents consolidation within its range, with traders digesting prior gains rather than capitulating. Support lies at $114,000–$112,000, while resistance remains at $117,000 and $120,000. Investor positioning suggests a wait-and-watch mode until policy clarity emerges. A Fed-driven shift could act as a catalyst, with rate cuts later this year offering a supportive backdrop. Bitcoin’s setback looks more like digestion than decline. Geopolitical uncertainty around U.S.-led Ukraine peace efforts has added another layer of caution, reinforcing the impact of hotter inflation data on risk sentiment. Ethereum & Altcoins Ethereum has been a bright spot, climbing to within 2% of its all-time high before easing to around $4,230. Institutional inflows into Ethereum products surged to $2.87 billion last week, accounting for more than three-quarters of total crypto inflows. Spot Ethereum ETFs now account for over 5% of supply, underscoring just how quickly institutional vehicles are shaping market structure. Ethereum has also outpaced Bitcoin in recent weeks, with ETH products attracting nearly six times the inflows of BTC funds. Altcoins remain in a holding pattern, with liquidity concentrated in majors as Solana, Cardano, and XRP trade in tight ranges. Until majors break higher, altcoins will continue to shadow the market rather than lead it. Macro & Markets The institutional landscape is shifting quickly. The SEC delayed decisions on nine crypto ETF applications, signaling progress toward a generic framework that could streamline approvals and broaden access beyond Bitcoin and Ethereum. Meanwhile, corporate balance sheets continue to absorb supply: Strategy and Metaplanet now control over 3.1% of Bitcoin’s circulating supply after new acquisitions, underscoring the role of listed firms in tightening liquidity. Japan and South Korea also advanced stablecoin frameworks, with Tokyo preparing the launch of a yen-pegged token and Seoul pushing legislation by October. These efforts point to a rapidly institutionalizing ecosystem. Equities linked to digital assets are also drawing attention. Bernstein reiterated its “long, exhausting” bull run thesis, lifting targets for Coinbase, Robinhood, and Circle, and forecasting a crypto cycle extending to 2027. The new cycle is defined not just by Bitcoin’s highs but by the deepening institutional rails beneath it. U.S. equities have been subdued ahead of big-box retail earnings from Home Depot, Lowe’s, Walmart, and Target, reports that will offer a key read on the American consumer just as Fed policy dominates the agenda. Looking Ahead A packed macro calendar lies ahead. U.K. and eurozone inflation prints, along with remarks from ECB President Lagarde on Tuesday, set the tone early in Europe. The Fed’s July meeting minutes follow later that day, before U.S. jobless claims, the Philadelphia Fed index, and existing home sales on Thursday. All eyes then shift to Jackson Hole, where Fed Chair Powell’s Friday speech is poised to be the week’s defining moment. The next move in crypto may hinge more on central bank signals than on charts. — Iliya Kalchev, Nexo Dispatch analyst For informational purposes only; not financial or investment advice