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Daily Market Dispatch – April 3, 2025 For informational purposes only; not financial or investment advice. Overview Yesterday, the market reacted like a hiker who ran into a bear in the forest – no rash movements! It must have worked – the bear seems to have mostly backed off for the day. Crypto markets retreated only slightly following President Trump’s formal signing of a reciprocal tariffs executive order. Risk sentiment rose, going 5 points deeper into Fear territory to 24, but the stabilization of BTC and ETH prices relatively close to key support levels – $82,000 and $1,800 respectively – indicates investors are still weighing the inflationary and geopolitical implications of the new trade stance. The macro calendar remains dense, with Friday’s Nonfarm Payrolls expected to shape expectations for the Fed’s next move. Bitcoin BTC continues to hover at $81,700. Trading volumes reflected increased derivatives activity and a wave of position adjustments as traders responded to the tariff announcement: Volumes surged to $53 billion – the highest since early Q1 and up sharply from $35 billion yesterday. Nearly $230 million in liquidations were recorded across both long and short positions and VanEck’s BTC ETF led another day of net outflows, signaling short-term risk trimming by institutions. Despite all this, BTC shows its worth, staying near its $82,000 key support level – a sign that structural demand remains intact even amid forced selling and elevated volatility. Altcoin Action Ethereum’s subdued performance continues, with the asset admirably staying at $1,700 even upon the tariff news. Meanwhile, SOL took a rather unprecedented dip to $113. Despite the fragile near-term sentiment, rumors of new highs for some altcoins like AVAX are permeating the space, in this particular example with regards to the Etna upgrade. Regulatory & Institutional Developments The U.S. House Financial Services Committee advanced stablecoin legislation on Wednesday, a potential milestone for regulatory clarity. In the States, Alabama and Minnesota are pushing forward bills to promote Bitcoin adoption. Meanwhile, institutional and TradFi engagement continues to deepen: PayPal, Solana, and Chainlink are reportedly collaborating on U.S.-based blockchain integrations. Unlike risk sentiment in the market, regulators and institutions continue to appear optimistic. Looking Ahead Tariffs have reintroduced macro-driven volatility into crypto markets, but nevertheless regulators and institutions continue to give crypto positive signals. All eyes now turn to Friday’s jobs report, which may clarify the Fed’s policy path and set the tone for Q2. — Iliya Kalchev, Nexo Dispatch analyst

Daily Market Dispatch – April 2, 2025 For informational purposes only; not financial or investment advice. Overview: “Liberation Day” Unleashed Markets are anticipating President Trump’s “Liberation Day” announcement at 16:00 ET, expected to introduce a tariff package. A broad tariff rollout may contribute to higher consumer prices and slower economic growth—conditions that have historically increased interest in Bitcoin as a sovereign, supply-limited hedge. However, the impact is not one-directional. If the tariffs trigger equity market weakness or a stronger dollar, crypto may initially follow broader risk-off flows. Market participants appear to be positioning cautiously: U.S. stock futures are slightly lower, and Bitcoin continues to consolidate above $84,000. Gold, which briefly touched a record high of $3,149 on Tuesday, has since eased back to $3,116 as traders wait for more clarity. Bitcoin Outlook Bitcoin is trading above $84,000, holding its range as markets await today’s tariff announcement and Friday’s jobs data. BTC 24-hour trading volume remained above $35 billion throughout March—revisiting levels last seen at the start of the late 2024 rally. On-chain data shows that 79.5% of Bitcoin supply is in profit, pointing to firm structural support. Technical support remains near $82,000, with resistance levels in focus at $86,500 and $90,000. Volatility could pick up if macro signals shift meaningfully in the coming days. Bitcoin ETFs have seen two consecutive days of net outflows, totaling approximately $218 million—$60.6 million on Monday and $157.8 million on Tuesday. Outflows were led by products from Bitwise and Ark Invest, while Ethereum-linked ETFs recorded a further $3.6 million in redemptions. These moves suggest institutions are trimming risk exposure ahead of today’s policy event. Ethereum & Altcoins Ethereum has stabilized above $1,800 following four consecutive months of declines and is slowly approaching $1,880. The ETH/BTC ratio remains at a five-year low (0.021), reflecting continued underperformance relative to Bitcoin. Reduced fee activity points to softer network demand, and any renewed momentum may depend on L2 usage or broader altcoin rotation. Among other majors, Solana is holding around $131, Cardano near $0.68, and BNB just under $600. Altcoin flows remain light but may pick up if broader direction improves. Regulatory & Institutional Developments Meanwhile, corporate accumulation continues. Tether added 8,888 BTC in Q1—bringing its total to over 92,000 BTC. In Japan, Tokyo-listed Metaplanet made back-to-back purchases this week, acquiring 696 BTC on Tuesday and an additional 160 BTC on Wednesday for $13.3 million. The firm now holds 4,206 BTC, valued at approximately $356 million. Together, these developments reflect a continued divergence between short-term caution and longer-term conviction among institutional players. Separately, Grayscale has filed to convert its Digital Large Cap Fund (GDLC) into an ETF, with the SEC review window now active. Looking Ahead Today’s tariff announcement may prove pivotal. A sweeping package could heighten recession concerns and weigh on risk sentiment, while a more moderate rollout might reduce uncertainty and support broader markets. Focus will then shift to macro data. Wednesday’s ADP Employment Report, Thursday’s Initial Jobless Claims, and Friday’s Nonfarm Payrolls will be closely watched to assess labor market strength and the Federal Reserve’s flexibility. These trends suggest the U.S. economy may be cooling, complicating the Fed’s policy path just as inflation risks from tariffs come into view. Commodities may continue to react to global policy and demand signals. For crypto, the setup remains event-driven. Structural support is in place, but a clearer macro or regulatory signal may be needed to break out of the current range and define direction for the new quarter. Iliya Kalchev, Nexo Dispatch analyst

Daily Market Dispatch – April 1, 2025 For informational purposes only; not financial or investment advice. Overview: Tariff Tremors Set the Tone On the first day of Q2, investor attention is locked onto “Liberation Day,” with President Trump’s anticipated trade policy announcement due Wednesday and new tariffs set to take effect Thursday. These evolving dynamics have influenced risk appetite across asset classes, prompting renewed focus on macro positioning. U.S. equities have experienced notable recalibration in recent weeks, while recession expectations have begun to surface more prominently. Bitcoin dominance has edged up to 62%—a signal that traders are favoring defensive allocation within the crypto complex. Long-term positioning remains intact, but near-term momentum appears tethered to unfolding macro headlines. Bitcoin & Crypto Outlook The Crypto Fear & Greed Index remained above 30 for a third consecutive session, suggesting that while caution persists, sentiment has not tipped into extreme fear. This reinforces the view that markets are in a wait-and-see mode. Bitcoin continues to consolidate within the $82K–$85K range after experiencing a period of directional recalibration in Q1. The asset is navigating this zone with key support at $82,000 and upside potential toward $86,500 and $90,000 if broader sentiment stabilizes. Both the Stochastic oscillator and MACD – two indicators that help track market momentum – are nearing oversold levels. This typically suggests that downward pressure may be losing steam, and a potential shift in direction could be approaching. Despite closing Q1 with a pullback, Bitcoin has led key benchmarks since Election Day, up 22% versus a 3% decline in the S&P 500. With stablecoin reserves on exchanges remaining high and ETF flows steady, long-term structural support appears resilient. Traders continue to monitor the $78K–$88K range for signs of breakout or renewed accumulation, with Friday’s Nonfarm Payrolls seen as the next directional catalyst. Ethereum & Altcoins ETH is adjusting around the $1,830–$1,870 range, with Q1 performance reflecting broader recalibration in high-beta assets. Ethereum has reclaimed its position as the top smart contract platform by DEX volume, overtaking Solana for the first time since September. This shift reflects evolving usage patterns rather than capital flight, particularly as Ethereum’s L2 ecosystem matures. Altcoins showed modest gains over the past 24 hours, reflecting cautious market participation. Solana rose 3.1% to $128, BNB climbed 1.2% to $613, and Cardano increased 2.4% to $0.677. XRP led the group with a 3.1% gain to $2.155. Regulatory & Institutional Developments Circle, the issuer of USDC, has engaged JPMorgan and Citi to underwrite its planned IPO with a target valuation between $4–$5 billion. This marks a renewed effort following its shelved 2021 SPAC merger, signaling fresh momentum for stablecoin infrastructure. A new proposal from the Bitcoin Policy Institute calls on the U.S. Treasury to issue $2 trillion in “Bitcoin-Enhanced Bonds,” allocating $200 billion to BTC to build a strategic reserve. The structure offers investors Bitcoin-linked upside with reduced fixed yields, aiming to integrate Bitcoin into debt management and institutional portfolios. Looking Ahead U.S. markets are moving cautiously ahead of Wednesday’s expected trade announcement. While investor opinion is mixed on the longer-term implications, current market adjustments reflect a desire for clarity on new tariffs. The week is packed with key data and policy events: the ADP employment report and February factory orders on Wednesday could provide further insight into economic resilience and help shape investor positioning. Meanwhile, Friday’s U.S. Nonfarm Payrolls release will offer fresh insight into labor market health, shaping expectations for the Fed’s next move. Stella Zlatareva, Nexo Dispatch editor

Daily Market Dispatch – March 31, 2025 For informational purposes only; not financial or investment advice. Overview The cryptocurrency market is navigating a period of elevated volatility as global trade tensions intensify and a wave of economic data approaches. Bitcoin (BTC) is trading around $82,100, slightly lower than recent highs, while Ethereum (ETH) holds steady near $1,804. Altcoins are showing mixed performance, with XRP at $2.07 and Cardano (ADA) at $0.64. While uncertainty is driving short-term price action, investor focus remains on key macro developments that could help clarify the broader direction of the markets in the weeks ahead. Bitcoin & Market Sentiment Bitcoin has eased to around $82,100 as traders take a more cautious stance ahead of President Trump’s anticipated “Liberation Day” tariff announcement on April 2. These upcoming trade measures have added a layer of short-term uncertainty, prompting some capital rotation and profit-taking. The bigger picture remains constructive: institutional demand continues to build, highlighted by Marathon Digital’s $2 billion capital plan to expand its Bitcoin holdings. This sustained interest from major players reinforces Bitcoin’s role as a long-term strategic asset, even as near-term volatility plays out. Ethereum & Altcoins Ethereum is trading at approximately $1,804 amid broader market fluctuations. Ethereum ETFs saw their first net inflow after 17 days of outflows, with Grayscale’s ETHE pulling in $4.68 million. The reversal comes as Ethereum looks ahead to its Pectra upgrade later this quarter. XRP is currently priced at $2.07, marking a 4.17% decline from the previous close. Cardano (ADA) is trading at $0.64, down 5.11%. Solana (SOL) is priced at $123.79, reflecting a 1.19% decrease, while Dogecoin (DOGE) sits at $0.1637 after dropping 3.44%. These movements underscore the sensitivity of altcoins to macroeconomic developments and shifts in investor sentiment. Macroeconomic Drivers The anticipation of new U.S. tariffs has cast a shadow over financial markets. President Trump's "Liberation Day" announcement on April 2 is expected to introduce significant trade measures, potentially including a 25% duty on imported vehicles. This uncertainty has led to a flight to safe-haven assets, with gold reaching a record high of $3,112.14 per ounce and the Japanese yen strengthening against the U.S. dollar. Additionally, the upcoming release of the March jobs report on April 4 is anticipated to show a deceleration in employment growth. While this may alleviate some recession concerns, it remains a critical indicator of economic health and could influence Federal Reserve policy decisions. Institutional & Regulatory Developments In a significant policy shift, the Federal Deposit Insurance Corporation (FDIC) has announced that banks can engage in cryptocurrency activities without prior approval. This move is anticipated to encourage greater institutional participation in the crypto space, potentially enhancing market liquidity and stability. Furthermore, Terraform Labs has opened a claims portal for investors affected by previous disruptions, allowing creditors to file claims by April 30, 2025, to seek potential recovery. This development aims to address investor concerns and restore confidence in the platform. Looking Ahead This week brings high-impact catalysts that could shape market direction across the board. President Trump’s “Liberation Day” tariffs, along with U.S. data on trade, employment, and services, will offer critical insight into economic momentum and inflation risks. While near-term volatility may persist, these events also present opportunities for those attuned to macro shifts. Crypto markets continue to show resilience—supported by growing institutional interest, clearer regulation, and Bitcoin’s emerging role as a strategic asset. With a long-term view, the digital asset space remains well-positioned for what lies ahead. Stella Zlatareva, Dispatch Editor

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U.S. labor market strength takes center stage this week, with a flurry of jobs data poised to steer market sentiment: 🇺🇸 JOLTS Job Openings – April 1, 14:00 UTC 🇺🇸 ADP Nonfarm Employment Change (Mar) – April 2, 12:15 UTC 🇺🇸 Initial Jobless Claims – April 3, 12:30 UTC 🇺🇸 Unemployment Rate (Mar) – April 4, 12:30 UTC 🇺🇸 Nonfarm Payrolls (Mar) – April 4, 12:30 UTC 🇺🇸 Fed Chair Powell Speaks – April 4, 15:20 UTC

Daily Market Dispatch – March 28, 2025 For informational purposes only; not financial or investment advice. Overview Markets are focused on today’s U.S. Personal Consumption Expenditures (PCE) Index, with traders watching closely for clues on the Federal Reserve’s next move. Sentiment across digital assets appears stable, suggesting a wait-and-see phase rather than a directional shift. Bitcoin (BTC) trades near $85,000, down 2.5% over the past 24 hours, while Ethereum (ETH) is lower at $1,929, shedding nearly 5%. Risk appetite remains muted amid tariff threats from President Trump and ongoing macro uncertainty. Still, BTC accumulation by whales and a 10-day ETF inflow streak point to steady institutional demand. If inflation data shows price pressures are under control, caution could give way to a renewed move higher. But hawkish surprises — from inflation or trade — may keep crypto rangebound into April. Bitcoin BTC has reclaimed ground since dipping below $78K two weeks ago, supported by large-holder accumulation. Glassnode data shows wallets with over 10,000 BTC have added more than 129,000 BTC since March 11 — the strongest buying since August 2024. Spot Bitcoin ETFs brought in a net $89 million on Thursday, led by Fidelity’s FBTC. While inflows remain modest, they mark 10 straight days of positive flows. Futures open interest holds near $35 billion, and trading volumes have hovered around $30 billion — pointing to sustained market engagement. This mix of steady flows, whale buying, and firm derivatives interest suggests underlying bullishness. If macro conditions ease, BTC could push toward $90K. But renewed Fed hawkishness or trade tensions may drag it back toward $80K support. Ethereum & Altcoins ETH has followed BTC’s consolidation path but remains under greater pressure. Down 4.7% overnight, Ethereum continues to see exchange balances decline — a sign of accumulation but also investor caution. The upcoming Pectra upgrade, set for April 30, aims to improve network efficiency and developer tools, and could be a catalyst if executed smoothly. Altcoins faced sharper losses, with DOGE, XRP, and others down over 5% amid profit-taking and broader market stress. Over $12.2 billion in BTC options expire today, with max pain at $85,000 — a potential source of near-term volatility. Regulatory & Institutional Developments SEC Chair nominee Paul Atkins signaled a more cooperative regulatory approach, pledging a “rational, coherent, and principled” framework for digital assets — a shift from Gary Gensler’s enforcement-led strategy. If realized, this pivot could improve sentiment, especially among altcoins. Meanwhile, France’s Bpifrance launched a €25 million fund to support local blockchain projects and confirmed $54 million in BTC holdings as part of its reserve strategy — a move seen as countering the U.S.’s pro-Bitcoin push under Trump. The policy divergence could impact capital flows and innovation across regions. Looking Ahead The PCE Index — the Fed’s preferred inflation gauge — is the key focus today. A higher print could reinforce fears that Trump’s tariffs will drive inflation and prompt tighter policy, weighing on risk assets. A softer reading may lift sentiment heading into the weekend. Next week shifts focus to the labor market, with key reports including U.S. Manufacturing PMI, JOLTS Job Openings, ADP Employment, Jobless Claims, and the Unemployment Rate. These will help shape expectations for the Fed’s next steps. Speeches from Jerome Powell and ECB President Christine Lagarde could reinforce or challenge market assumptions. Should labor remain strong while inflation cools, central banks may lean dovish — potentially boosting crypto. But signs of overheating could keep volatility elevated and risk appetite subdued. In this data-driven environment, markets are watching for signals — not stories. Iliya Kalchev, Nexo Dispatch analyst

Daily Market Dispatch – March 27, 2025 For informational purposes only; not financial or investment advice. Crypto markets have shown stability on Thursday, with Bitcoin trading around $87,260. The slight pullback from Wednesday’s highs above $88,000 could be attributed to market reactions following the introduction of 25% tariffs from the US administration on foreign automakers. The overarching macroeconomic uncertainty and shifting regulatory dynamics could also be attributing to the sideways price action. The Crypto Fear & Greed Index, while still in the “Fear” zone with a reading of 33, is edging towards neutrality, reflecting a potential shift in the risk-averse mood among investors. While not extreme, this sentiment suggests that market participants remain attentive for clearer signals before committing to larger positions in digital assets. Bitcoin The broader trend remains bullish compared to late 2024 levels, with long-term holders maintaining confidence. Institutional interest continues to build — most notably with GameStop moving to raise $1.3B via convertible debt to accumulate BTC for its balance sheet, echoing MicroStrategy-style treasury strategy. With BTC futures trading at slight discounts and spot volumes holding steady, traders appear to be in wait-and-see mode, awaiting greater clarity from upcoming regulatory developments in the U.S. and abroad. Ethereum, Altcoins & Broader Asset Landscape Ethereum (ETH) is trading at $2020, holding firm as the network moves closer to its next major upgrade. The final Pectra testnet — “Hoodi” — was successfully launched yesterday. If all runs smoothly, Ethereum developers are expected to schedule the mainnet rollout within 30 days, unlocking improvements in account abstraction, validator operations, and smart contract UX. This highly anticipated upgrade could position Ethereum as more competitive infrastructure, thus attracting investor interest. Across altcoins, performance is mixed. Solana (SOL) rose over 2% to $140.20, driven by ecosystem buzz and active memecoin trading, fueled in part by a viral Studio Ghibli-style AI art trend. Dogecoin (DOGE) dropped 8% to $0.428 after recent gains, while XRP fell 4.6% to $2.34 amid ongoing regulatory concerns. Macroeconomic & Institutional Developments Global trade dynamics are back in focus following remarks from former President Donald Trump, who suggested the possibility of increased tariffs on the EU and Canada should their policies adversely impact the U.S. economy. The announcement raised concerns over trade friction, weighing on auto stocks and broader sentiment. U.S. Q4 GDP was revised up to 2.4%, showing strong consumer spending despite tighter conditions. The modest upgrade, paired with signs of easing inflation, sends a mixed signal to markets. Growth remains sturdy enough to keep the Fed cautious on early rate cuts, yet the downward shift in inflation may support expectations for a policy pivot later this year. Today, all eyes are on Paul Atkins’ Senate testimony, expected to be a pivotal momenta in shaping the future of U.S. crypto regulation. Atkins, a former SEC commissioner known for his market-friendly approach, could influence bipartisan efforts around stablecoin clarity, tax treatment, and market infrastructure. On the global regulatory front, the UK’s FCA acknowledged that while it’s concerned about young investor behavior, it is “not anti-innovation,” signaling a potentially more accommodating tone in one of Europe’s key financial jurisdictions. Looking Ahead Markets await Atkins’s testimony and the upcoming Core PCE inflation data (forecast at 2.8% y/y). While sentiment leans cautious, momentum from Ethereum’s Pectra upgrade and growing institutional adoption continue to support a positive long-term outlook. Persistent price pressures in services and housing may keep policymakers cautious, even as growth moderates and investment appetite softens amid ongoing uncertainty. Stella Zlatareva, Nexo Dispatch editor

Daily Market Dispatch – March 27, 2025 For informational purposes only; not financial or investment advice. Crypto markets have shown stability on Thursday, with Bitcoin trading around $87,260. The slight pullback from Wednesday’s highs above $88,000 could be attributed to market reactions following the introduction of 25% tariffs from the US administration on foreign automakers. The overarching macroeconomic uncertainty and shifting regulatory dynamics could also be attributing to the sideways price action. The Crypto Fear & Greed Index, while still in the “Fear” zone with a reading of 33, is edging towards neutrality, reflecting a potential shift in the risk-averse mood among investors. While not extreme, this sentiment suggests that market participants remain attentive for clearer signals before committing to larger positions in digital assets. Bitcoin The broader trend remains bullish compared to late 2024 levels, with long-term holders maintaining confidence. Institutional interest continues to build — most notably with GameStop moving to raise $1.3B via convertible debt to accumulate BTC for its balance sheet, echoing MicroStrategy-style treasury strategy. With BTC futures trading at slight discounts and spot volumes holding steady, traders appear to be in wait-and-see mode, awaiting greater clarity from upcoming regulatory developments in the U.S. and abroad. Ethereum, Altcoins & Broader Asset Landscape Ethereum (ETH) is trading at $2020, holding firm as the network moves closer to its next major upgrade. The final Pectra testnet — “Hoodi” — was successfully launched yesterday. If all runs smoothly, Ethereum developers are expected to schedule the mainnet rollout within 30 days, unlocking improvements in account abstraction, validator operations, and smart contract UX. This highly anticipated upgrade could position Ethereum as more competitive infrastructure, thus attracting investor interest. Across altcoins, performance is mixed. Solana (SOL) rose over 2% to $140.20, driven by ecosystem buzz and active memecoin trading, fueled in part by a viral Studio Ghibli-style AI art trend. Dogecoin (DOGE) dropped 8% to $0.428 after recent gains, while XRP fell 4.6% to $2.34 amid ongoing regulatory concerns. Macroeconomic & Institutional Developments Global trade dynamics are back in focus following remarks from former President Donald Trump, who suggested the possibility of increased tariffs on the EU and Canada should their policies adversely impact the U.S. economy. The announcement raised concerns over trade friction, weighing on auto stocks and broader sentiment. U.S. Q4 GDP was revised up to 2.4%, showing strong consumer spending despite tighter conditions. The modest upgrade, paired with signs of easing inflation, sends a mixed signal to markets. Growth remains sturdy enough to keep the Fed cautious on early rate cuts, yet the downward shift in inflation may support expectations for a policy pivot later this year. Today, all eyes are on Paul Atkins’ Senate testimony, expected to be a pivotal momenta in shaping the future of U.S. crypto regulation. Atkins, a former SEC commissioner known for his market-friendly approach, could influence bipartisan efforts around stablecoin clarity, tax treatment, and market infrastructure. On the global regulatory front, the UK’s FCA acknowledged that while it’s concerned about young investor behavior, it is “not anti-innovation,” signaling a potentially more accommodating tone in one of Europe’s key financial jurisdictions. Looking Ahead Markets await Atkins’s testimony and the upcoming Core PCE inflation data (forecast at 2.8% y/y). While sentiment leans cautious, momentum from Ethereum’s Pectra upgrade and growing institutional adoption continue to support a positive long-term outlook. Persistent price pressures in services and housing may keep policymakers cautious, even as growth moderates and investment appetite softens amid ongoing uncertainty.

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Daily Market Dispatch – March 25, 2025 For informational purposes only; not financial or investment advice. Overview: Digital assets are trading with a firm tone to start the week, following a modest relief rally. Market sentiment has been supported by expectations of a more flexible stance from the U.S. administration on proposed foreign tariffs. Bitcoin has edged closer to $88,000, with total crypto market capitalization nearing $2.9 trillion. Volatility remains contained ahead of key macroeconomic releases later this week and continued policy developments in the U.S. While markets remain attentive to inflation data and trade policy updates, institutional activity and stable on-chain indicators continue to provide a constructive backdrop. Bitcoin: Bitcoin (BTC) remains above $87,000, consolidating gains from earlier in the month. According to Deribit, market positioning ahead of this week’s $12 billion BTC options expiry appears balanced, suggesting limited near-term directional pressure. However, the $90,000 price area may present elevated volatility. Corporate treasury disclosures have also contributed to institutional interest, most recently with GameStop signaling plans to add BTC to its balance sheet. Meanwhile, stablecoin inflows to exchanges have increased slightly, with participants now monitoring Friday’s Core PCE report for potential implications on market direction. Ethereum & Altcoins: Ethereum (ETH) is trading near $2,050, maintaining its recent range and showing signs of continued consolidation. Exchange balances remain near decade lows, which may suggest long-term accumulation. Options market data points to expectations of higher volatility in April, potentially tied to the evolving regulatory landscape for ETH-based ETFs. Altcoin performance was mixed. Memecoins such as DOGE and SHIB posted gains of over 11% in the past 24 hours, amid renewed interest in higher-beta assets. XRP rose 4.2% after Ripple retrieved $75 million from a prior SEC penalty and withdrew a related appeal, reducing the regulatory overhang associated with the token.. Solana (SOL) also gained after Fidelity filed for a spot SOL ETF on the Cboe exchange. While early in the process, the filing reflects growing institutional interest in broadening access to Layer 1 protocols. Meanwhile, USDC’s market capitalization exceeded $60 billion — a new all-time high — highlighting the increasing role of stablecoins within crypto’s liquidity ecosystem. Macro, Regulatory & Institutional Developments The U.S. regulatory environment continues to show signs of engagement. The SEC announced four additional industry roundtables to address topics including market structure, custody, and stablecoin oversight. These forums come ahead of anticipated Q2 policy reviews and suggest a continued shift toward a dialogue-oriented approach. On the macro front, global markets are monitoring a fluid set of signals. UK inflation data came in slightly below expectations, while proposed U.S. tariffs remain a key discussion point. The latest proposals suggest possible exemptions for strategic partners, which may reduce the risk of near-term disruption but still contribute to broader market uncertainty. Looking Ahead With March drawing to a close, several macroeconomic and regulatory events are expected to guide sentiment into the next quarter. Investor focus is centered on Friday’s Core PCE Price Index, the Fed’s preferred inflation measure, which may influence expectations around interest rate policy. Additional data — including the Consumer Confidence Index and revised Q4 GDP — are also set to shape broader market positioning. In April, attention will turn to the April 10 CPI release, ongoing ETF developments, and upcoming Senate hearings on digital asset oversight. Bitcoin and Ethereum continue to hold technical support levels, while altcoin activity suggests selective risk-on positioning. As Q2 approaches, the interplay of macro, regulatory, and institutional factors may shape the next phase of market direction. Iliya Kalchev, Nexo Dispatch analyst

Daily Market Dispatch – March 25, 2025 For informational purposes only; not financial or investment advice. Bitcoin is shaking off short-term volatility and reigniting bullish sentiment, breaking above $88,000. Renewed spot ETF inflows, long-term holder accumulation, and a $200 million whale buy have added fuel to the move, even as equities digest crosscurrents from mixed tech earnings and shifting tariff dynamics. Risk appetite remains intact, with the Fear & Greed index consolidating at 45 for the second consecutive day. The timing might not be coincidental – April has historically been one of the most fruitful months for risk assets. Ultimately, the week’s macro releases will determine if momentum can carry through quarter-end. Bitcoin Outlook BTC pushed toward $89,000 on Monday, reclaiming ground lost during February’s pullback. On the weekly chart, the price rebounded from the lower Bollinger Band, with $90,000 now acting as a dynamic resistance. Daily Stochastic indicators remain overbought, while the relative strength index (RSI) holds neutral—suggesting that momentum is building but not yet exhausted. A Bitcoin whale wallet that sold heavily in February reentered with a $200 million purchase on March 24, according to Arkham. The address now holds 15,000 BTC, worth $1.3 billion. This return aligns with a broader trend: long-term holders have accelerated accumulation, with 30-day growth nearing 6% and daily rates averaging 7% since late February. Stablecoin reserves on some exchanges also hit record highs, potentially signaling sidelined capital ready to deploy. Ethereum & Altcoins ETH remains steady above $2,000, but high-beta, i.e. volatile tokens are stealing the spotlight. Case in point memecoins surged 5.6% on average, with DOGE, PEPE, and FLOKI responding to rate cut optimism and broader crypto strength. AI tokens like NEAR also posted 24-hour gains of 4.5%. Regulatory & Institutional Developments BlackRock will list its first Bitcoin ETP outside the U.S. today, debuting in Europe, while its U.S. counterpart leads with $50 billion in AUM and $40 billion in net inflows—underscoring global institutional demand for BTC exposure. Another giant, Goldman Sachs, is ramping up digital asset efforts under potential future CEO John Waldron. The firm has revived BTC trading and is exploring blockchain projects and CBDCs, according to reports. State-level developments are also accelerating. Kentucky passed the “Bitcoin Rights” bill into law, protecting self-custody and mining. Oklahoma’s Strategic Bitcoin Reserve Act cleared the House with a 77–15 vote, while Arizona advanced two digital asset reserve bills to the floor. Together, they mark a shift toward state-supported crypto infrastructure. Macro Trends Bitcoin’s rally comes as the Personal Consumption Expenditures (PCE) Price Index print, known for capturing inflation, coincides with the final full trading week of March. Friday’s release could shift expectations around Q2 rate cuts. Meanwhile, global equity markets are split. European stocks opened higher, with the Stoxx 600 up 0.3% on signs of easing U.S. trade tensions. However, Asian markets fell as Chinese tech names slumped. A key Hong Kong tech index dropped 3.8%, led by a 3.5% fall in Alibaba after its chairman flagged a data center bubble. Xiaomi’s large share sale added further pressure. Brent crude edged above $73 after a 1.2% jump Monday, with markets weighing the impact of Trump’s new “secondary tariffs” targeting countries importing oil from Venezuela—potentially disrupting flows to refiners in China, India, and Spain. Looking Ahead Going forward, April 2 is drawing increased attention as a potential flashpoint for fresh U.S. tariff announcements. The Consumer Confidence Index drops on Wednesday, followed by the Core PCE on Friday—both key inputs into Fed rate expectations. Also on deck: Paul Atkins’ March 27 Senate testimony, which could shape the future of U.S. crypto regulation. Stella Zlatareva, Nexo Dispatch editor

Daily Market Dispatch – March 24, 2025 For informational purposes only; not financial or investment advice. Visiting climbing gyms seems to be all the rage these days, but this weekend, gym rats were not the only ones doing some climbing. Markets are pushing higher on Monday, driven by a wave of bullish catalysts including cooling concerns about trade tensions, and renewed institutional crypto expansion from DWF Labs, Metaplanet, and potentially Microstrategy. Sentiment has turned decisively positive following BTC’s reclaim of the $87,000 level, with altcoins like XRP, AVAX, and SOL riding the wave. Traders appear positioned for upside continuation, not risk-off rebalancing. Bitcoin Outlook Bitcoin surged past $87,000 over the weekend, buoyed by reduced tariff concerns out of Washington and a string of bullish institutional signals. After a clean breakout above the $80,000 mark, bulls are already pushing the $88,000–$90,000 resistance zone. Bitcoin’s relative strength index (RSI) is edging towards the 70s signalling things may be overheating just a bit. Key U.S. economic data releases will likely influence the market this week. The Consumer Confidence Index is coming tomorrow. A stronger-than-expected print could reinforce risk-on behavior and support equity and crypto markets. The Core PCE Price Index is also due to be published this Friday. If the number comes in lower than expected, it could fuel rate cut speculation for Q2, which would be bullish for crypto and equities. Attention remains on upcoming remarks from SEC Chair nominee Paul Atkins, whose track record of opposing regulatory overreach and advocating for principles-based frameworks has fueled optimism across the crypto sector. Ethereum & Altcoins Ethereum bumped up to just over $2,000 over the weekend. On-chain activity has dipped sharply, with ETH daily burn rates hitting an all-time low. Still, major institutions are building aggressively: Fidelity launched shares for a new Ethereum-backed treasury money market fund and filed a statutory trust for a Solana fund, potentially laying the groundwork for a Solana ETF. SOL reacted with a 6% boost upon the news, reaching $140. The XRP whales have surfaced again, with the asset, surging to approximately $2.50, marking a nearly 300% gain since late 2024. This explosive rally has been driven in part by substantial whale accumulation, with wallets holding between 10 million and 100 million XRP adding over 360 million tokens in recent weeks. Another notable gainer was Avalanche’s AVAX, up 11% intraday. According to Coinglass data, the index, which reflects futures yields weighted by open interest, shifted from -0.0065% on Friday to 0.0051% on Monday – suggesting bullish sentiment. Regulatory & Institutional Developments The OCC’s recent guidance revision continues to reverberate across U.S. banking, but the regulatory story today is all about positioning. Japan’s Metaplanet disclosed a fresh $12.6 million BTC acquisition following the appointment of Eric Trump to its advisory board, thus reinforcing the growing overlap between crypto, corporate treasuries, and geopolitics. Additionally, DWF Labs’ new $250-million fund to drive mainstream crypto adoption further underscores the institutional conviction behind this cycle. And the cherry on top? Michael Saylor hinted at another MicroStrategy buy after a successful capital raise. Traders appear to be like Pavlov’s dog, salivating at this news. Looking Ahead Key macro releases this week include the Consumer Confidence Index and the Core PCE Price Index, which will influence Fed rate expectations and risk asset positioning. All eyes are also on Paul Atkins' Senate appearance on March 27. If confirmed, his appointment could usher in the most favorable regulatory landscape the U.S. crypto sector has seen yet. — Iliya Kalchev Nexo Dispatch analyst

A busy week of U.S. macro data lies ahead, culminating in the Fed’s preferred inflation gauge – the Core PCE. These releases could set the tone for markets in the days to come. 🇺🇸 CB Consumer Confidence (Mar) – March 25, 14:00 UTC 🇺🇸 Gross Domestic Product QoQ (Q4) – March 27, 12:30 UTC 🇺🇸 Initial Jobless Claims – March 27, 12:30 UTC 🇺🇸 Core PCE Price Index MoM & YoY – March 28, 12:30 UTC

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Daily Market Dispatch – March 20, 2025 For informational purposes only; not financial or investment advice. Overview Crypto markets advanced overnight as the Federal Reserve held rates at 4.25% – 4.50% and reaffirmed plans for two cuts this year, emphasizing a data-driven approach. Markets anticipated his remarks and reacted positively to the planned slowdown in quantitative tightening. Bitcoin surged past $85,000, extending gains from Wednesday’s post-Fed bounce. Leading altcoins rallied as much as 10%, pushing the total crypto market cap to $2.82 trillion. Institutional confidence remains strong, with spot BTC ETFs extending their inflow streak, and broader altcoin markets regaining momentum. Meanwhile, gold surged to a record $3,050 per ounce, benefiting from a weaker dollar, lower bond yields, and geopolitical tension. Bitcoin Bitcoin is holding firm above $85,000, bolstered by post-Fed optimism and easing treasury yields. With global uncertainty persisting, traders may increasingly evaluate Bitcoin’s role as an alternative store of value. Spot Bitcoin ETFs extended their inflows for the fourth consecutive day, reflecting renewed institutional demand. Meanwhile, open interest in Bitcoin futures rose 5% overnight, as 24-hour trading volumes surpassed $35 billion, signaling heightened market activity. Options markets are also flashing bullish signs, with calls dominating above $85,000 and targets extending toward $88,000, while $84,000 remains the key zone. Traders will be closely watching macro data and ETF flows for signs of continued momentum. Altcoins Ethereum is trading around $2,030, gaining 3.5% in the past 24 hours. Solana climbed to $134, fueled by institutional accumulation and the launch of Solana futures ETFs, a significant step in integrating crypto with traditional markets. This could pave the way for a spot Solana ETF approval, strengthening its institutional appeal. Meanwhile, XRP led altcoin gains, surging 10% after Ripple officials claimed the company’s SEC case was settled. Whale accumulation of XRP has risen 6.5% in two months, reflecting increased confidence among large investors. Macroeconomic & Institutional Developments The Federal Reserve held rates steady at 4.25%–4.50%, reaffirming expectations for two cuts later this year. Powell reiterated that while inflation remains above target, recent price pressures – particularly from tariffs – are likely transitory, and recession risks remain low. Markets welcomed the Fed’s steady stance, with stocks rallying over 1% and bond yields dipping, signaling improved risk sentiment. Fresh data from the Labor Department showed that U.S. jobless claims rose slightly to 223,000, but layoffs remain historically low. The job market’s resilience supports the Fed’s stance to keep rates elevated until further confirmation of cooling inflation.Meanwhile, gold surged past $3,050 per ounce, benefiting from a weaker dollar and lower bond yields post-Fed. Institutional interest in crypto remains – Metaplanet expanded its Bitcoin holdings, while Ethereum ETF staking discussions remain in focus, with a potential SEC decision expected in the coming months. If approved, this could trigger the next major capital rotation into digital assets. Looking Ahead Markets may now expect upcoming economic data with greater confidence. Cooling inflation and stable economic conditions could further boost investor appetite, driving additional upside for Bitcoin and digital assets. Keep an eye on key reports, including Consumer Confidence, Q4 GDP, jobless claims, and next week’s crucial PCE inflation release, to gauge the likelihood of future rate cuts. Iliya Kalchev, Nexo Dispatch analyst

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Daily Market Dispatch – March 19, 2025 For informational purposes only; not financial or investment advice. Overview Crypto markets remain stable ahead of today’s Federal Reserve interest rate decision, with Bitcoin holding above $83,000 after dipping below $82,000 earlier in the week. The crypto market is tentatively upbeat amid a mix of caution and optimism, as total crypto market capitalization hovers around $2.73 trillion to register a slight recovery. Traders are closely watching whether the Fed will hint at ending its quantitative tightening (QT) program, a move that could boost liquidity and risk assets. Altcoins like ETH, SOL, and XRP are holding steady, while institutional interest in Bitcoin continues to rise, with spot BTC ETFs seeing their largest inflows in weeks. Bitcoin Bitcoin is holding firm above $83,000, showing resilience despite dynamic macroeconomic conditions. Spot Bitcoin ETFs recorded a positive inflow of $209 million on Tuesday for a third day of positive performance, reflecting renewed confidence. The upcoming Fed decision could be a major catalyst for further movements – if Chair Powell spreads his dovish wings, Bitcoin could take flight on renewed bullish momentum. However, persistent inflation concerns or a reaffirmation of tight financial conditions, such as elevated interest rates or continued liquidity tightening, could limit upside potential. Additionally, Bitcoin futures markets have deleveraged, with open interest dropping by $10 billion between February 20 and March 4. This could suggest that the market has reset in a healthy sign for sustaining a bullish continuation. Historically, similar deleveraging periods have created favorable conditions for price rebounds in the short to medium term. Altcoins Ethereum (ETH) is trading near $1,930, showing modest gains. Notably, spot Ethereum ETFs saw $52.8 million in outflows on Tuesday, indicating a possible shift of funds toward Bitcoin, as they extended their outflow streak to 10 days – the longest since the funds debuted last July. On-chain activity for ETH remains a concern – the network has seen declining usage, and ETH’s price is still about 44% lower than its peak earlier in 2025. XRP remains steady at $2.28, while Solana (SOL) has rebounded to $126, buoyed by institutional interest and CME’s launch of Solana futures. Meanwhile, EOS surged over 25% following a rebrand announcement. Macroeconomic & Institutional Developments The Federal Reserve is expected to hold rates steady at 4.25%-4.50%, with markets anticipating rates to remain unchanged following a cooling of inflation to 2.8%. However, Chair Powell’s comments on QT and future rate cuts will be key for risk assets. Meanwhile, U.S. lawmakers are advancing stablecoin legislation, signaling growing regulatory clarity. Bo Hines, the executive director of the President’s Council of Advisers on Digital Assets, said comprehensive stablecoin legislation is expected to be finalized in the coming months, underscoring the government’s urgency to maintain the US dollar’s dominance in onchain activity. Looking Ahead The Fed’s interest rate decision, FOMC statement, and Powell’s press conference are today’s main events and will likely shape the near-term trajectory for crypto and traditional markets. Traders will be closely monitoring signals on future rate cuts and liquidity conditions. A dovish tone could propel Bitcoin higher, while a more cautious stance may keep markets in a holding pattern. Beyond the Fed, the upcoming jobless claims report on Thursday could provide insight into labor market strength, a key metric in the Fed's soft landing target and a gauge for any recession fears. This data will be closely watched by investors and policymakers alike, as it may influence future monetary policy decisions and broader economic sentiment. Iliya Kalchev, Nexo Dispatch analyst

Looking Ahead The outcomes of the Federal Reserve's forthcoming announcements are poised to significantly impact market dynamics. The ongoing geopolitical developments and economic policy decisions underscore the importance of ongoing vigilance in navigating the current investment landscape. Despite this rather tense waiting game, some institutions appear to see the silver linings and remain firmly invested in the crypto space.​ Iliya Kalchev, Nexo Dispatch analyst