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Daily Market Dispatch – October 9, 2025 Markets hold highs amid rate-cut optimism Markets are holding their breath ahead of Fed Chair Jerome Powell’s speech today, with equities and crypto alike pausing near record highs. The mood is one of cautious confidence as investors await clues on how far monetary easing might extend. Crypto markets mirror that calm. The total market cap has steadied around $4.15 trillion, while Bitcoin trades just above $122,000, only a few percent below its record high. The pause feels more like balance than hesitation, a moment of stability as investors gauge how far this cycle can stretch. In traditional markets, U.S. stock futures were mixed ahead of Fed Chair Jerome Powell’s remarks later today, as investors weighed the dual forces of AI-driven optimism and a prolonged government shutdown. The S&P 500 and Nasdaq remain near record peaks, powered by the same technology names that have carried equity sentiment for much of the year. Market tone remains constructive, underpinned by expectations of further rate cuts and resilient corporate earnings. Bitcoin Bitcoin consolidated near $122,000, easing from Monday’s all-time high above $126,000 as profit-taking met broader macro caution. Yet beneath the surface, structural demand continues to deepen. Spot Bitcoin ETFs drew in $440 million on Wednesday, extending an eight-session streak of inflows that has now surpassed $5.7 billion. BlackRock’s IBIT alone holds over 800,000 BTC, or nearly 3.8% of total supply, underscoring how institutional accumulation now outpaces new issuance roughly seven to one. With real yields softening and gold still near record highs, Bitcoin remains anchored by the hard-asset narrative — an instrument of programmed scarcity in an age of policy uncertainty. The consolidation at current levels reflects not exhaustion but absorption, with capital flows and limited supply reinforcing one another. Ethereum and Altcoins Ethereum hovered near $4,400, supported by the Ethereum Foundation’s new Privacy Cluster, a 47-member initiative designed to make privacy a core property of the network. The move advances Ethereum’s vision of digital trust at scale, aligning confidentiality with usability. Institutional signals were equally notable. Ethereum ETFs attracted $69 million in fresh inflows on Wednesday. Solana climbed 4%, XRP 2%, and Dogecoin 5%, reflecting steady risk appetite across majors. Together, privacy and yield now represent the two pillars shaping the next phase of crypto utility. Macro & Institutional Global markets are oscillating between optimism and restraint. The Fed’s September minutes showed most members leaning toward further rate cuts this year, though persistent inflation concerns remain. Gold eased slightly after news of a Middle East ceasefire but remains close to its record above $4,000 per ounce. Demand for the metal stays firm amid concerns over U.S. fiscal stability, Japanese debt levels, and expectations that real rates will remain subdued through year-end. Nasdaq closed above 23,000 for the first time. Against this backdrop, monetary policy, technology, and confidence remain the market’s main anchors. Looking Ahead Markets will parse U.S. Initial Jobless Claims, followed by a crucial Friday data set featuring Average Hourly Earnings, Nonfarm Payrolls, and the Unemployment Rate for September. These indicators will test whether the Fed’s recent dovish tone aligns with labor market realities. For now, crypto and equities both stand at pivotal levels — buoyed by liquidity and belief, but awaiting confirmation that the macro tide will keep flowing in their favor. In a world suspended between easing policy and persistent inflation, conviction, not complacency, is becoming the new market currency. — Iliya Kalchev, Nexo Dispatch Analyst For informational purposes only; not financial or investment advice.

Daily Market Dispatch – October 8, 2025 Bitcoin holds the high ground as markets await macro signals The crypto market eased on Tuesday, with total capitalization slipping to $4.2 trillion as investors took profits after last week’s record highs. Bitcoin has slightly retreated to around $123,000, just below its recent peak above $126,000, while Ethereum is battling to hold the $4,500 level. The pause came as U.S. stocks also pulled back, with bond yields edging higher after a weak 10-year Treasury note auction rattled risk sentiment. Still, the retreat looks more like a cooling phase than a trend reversal — both crypto and equities remain near record territory, and momentum could quickly reignite once fresh data or policy signals arrive. Bitcoin Bitcoin’s rally paused just shy of $126,000, retreating to $121,950 as profit-taking met a wave of cautious sentiment. The drop erased some of the gains since Sunday but left BTC comfortably above the $122K threshold — now emerging as the battleground between renewed upside and a deeper reset. Despite the dip, Bitcoin remains up nearly 10% in October, historically one of its most bullish months. ETF inflows continue to anchor the move: on Tuesday alone, spot Bitcoin ETFs attracted $875 million, extending total inflows to over $60 billion since launch. That momentum underscores persistent institutional appetite even amid short-term volatility. Ethereum Ethereum slipped 3.8% to $4,510, tracking the broader market. Yet behind the price move, institutional interest continues to surge. According to the Strategic ETH Reserve, spot ETFs and Digital Asset Treasury Companies now hold over 12.5 million ETH, or roughly 10% of the total supply — up from just 3% in April. ETF inflows remain robust: Ethereum ETFs drew $420 million on Tuesday, pushing cumulative net inflows since launch past $15 billion. BlackRock leads ETH ETF holdings with around 4 million ETH, followed by Grayscale and Fidelity. The growth highlights Ethereum’s expanding dual role — powering over $365 billion in tokenized assets while becoming a go-to treasury reserve for institutions. Macro & Institutional The 10-year Treasury auction’s weak demand nudged yields higher, tightening financial conditions and sparking the day’s risk-off tone. Even so, futures showed tentative recovery overnight, with S&P 500 and Nasdaq contracts up 0.2%, hinting at cautious dip-buying. Meanwhile, gold broke above $4,000 per ounce for the first time ever, gaining over 50% this year as investors seek refuge from political gridlock and fading confidence in U.S. bonds. Central banks, led by China’s PBOC, have been steady buyers, while ETF inflows show private investors are following suit. Attention now turns to the FOMC minutes from the September meeting, which could clarify how far the Fed intends to go after last month’s rate cut. With key data delayed by the shutdown, policymakers’ tone will carry extra weight. In traditional finance, S&P Global launched the Digital Markets 50 Index, blending 15 cryptocurrencies and 35 crypto-linked equities. Tokenized on Dinari’s dShares platform, it bridges both sides of the digital-asset economy, signaling a deeper integration between traditional benchmarks and blockchain infrastructure. Looking Ahead The rest of the week is loaded with potential market catalysts. On Wednesday, the U.S. 10-year note auction and FOMC meeting minutes will shape expectations around interest rates. Thursday brings Fed Chair Powell’s speech and the latest jobless claims, while Friday’s labor data — covering average hourly earnings, nonfarm payrolls, and the unemployment rate — will reveal how the Fed’s recent rate cut is filtering through the economy. For crypto, the backdrop remains finely balanced: Bitcoin’s $125,000 level is still the line to defend, supported by ETF inflows and tightening supply, though any hawkish signal from policymakers could quickly turn “Uptober” enthusiasm into caution. — Iliya Kalchev, Nexo Dispatch Analyst For informational purposes only; not financial or investment advice.

Daily Market Dispatch – October 7, 2025 Bitcoin extends rally to new highs amid macro turbulence Crypto entered the week at full throttle as total market capitalization surged to a record $4.28 trillion, underscoring the scale of institutional and retail inflows even as political risk rattled traditional markets. Bitcoin remains the anchor of this expansion, holding above $124,000 on Tuesday, with futures open interest nearing $50 billion — a sign of deepening institutional positioning. Traditional markets, by contrast, were muted as the U.S. government shutdown entered its second week, delaying critical data and leaving the Fed’s policy path uncertain. Stocks hovered near record highs after AMD’s landmark deal with OpenAI, while gold briefly touched $4,000/oz as investors sought safety in scarcity. Bitcoin Bitcoin climbed to a record $126,228, powered by surging ETF inflows that confirm a growing structural bid. U.S.-listed spot Bitcoin funds absorbed $1.2 billion in a single day, the second-largest total since launch, while weekly inflows reached $3.55 billion, adding to nearly $6 billion across crypto ETFs and tightening the supply pipeline. Capital is clustering around hard assets — and this time, Bitcoin leads the charge. Bitcoin’s supply is tightening through real repricing. The network’s realized price climbed from $41,000 to $54,000 this year, while short-term holders’ cost basis jumped to $113,000K — evidence that dormant coins are moving into ETF and custodial demand. BTC has since consolidated around $124,500, with its prior high now acting as support. The move aligns with the so-called “debasement trade,” as investors rotate away from fiscal risk into hard assets. Ethereum & Altcoins Ethereum extended its advance, briefly topping $4,700 before easing to $4,643, up 11% on the week. Institutional and corporate treasuries now hold over 10% of ETH’s total supply, while October ETF inflows have already exceeded $620 million. The data reflect Ethereum’s evolution into a yield-bearing, institutionally recognized asset — increasingly treated as both collateral and infrastructure. Altcoins echoed Bitcoin’s momentum, extending the rally across the market. BNB rose 4.1% to $1,243, Cardano gained 5.2% to $0.88, Solana advanced 3.7% to $236, and Dogecoin jumped 6.1% to $0.27. The broad participation highlights renewed confidence and the return of cyclical optimism — the kind of synchronized strength traders call “Uptober.” Macro & Institutional Macroeconomic sentiment remains split between dysfunction and momentum. The shutdown has delayed major releases, forcing markets to navigate by partial data. Even so, futures continue to price in a 25-bp cut at the October 28–29 Fed meeting, keeping real yields under pressure and extending support for hard assets. Gold’s 48% YTD rally mirrors Bitcoin’s 30% rise, making them 2025’s standout performers. In a year defined by policy paralysis, they’ve become the twin barometers of confidence erosion. Goldman Sachs raised its 2026 gold forecast to $4,900, citing durable central-bank demand and renewed ETF buying. For Bitcoin, the message is clear: as legacy stores of value reprice, the digital one inherits both narrative and flow. When fiscal uncertainty becomes the base case, scarcity becomes strategy. Looking Ahead Attention now turns to a heavy U.S. data calendar. Wednesday’s 10-year Treasury auction and FOMC minutes will test appetite for government debt, but all eyes are on Chair Jerome Powell’s speech on Thursday. With the shutdown limiting visibility, Powell’s tone could prove decisive — a dovish pivot would reinforce risk appetite, while a firmer stance could pause momentum across markets. The week ends with jobless claims and the September labor report — payrolls, earnings, and unemployment, key signals of whether the Fed can ease without reviving inflation pressures. — Iliya Kalchev, Nexo Dispatch analyst For informational purposes only; not financial or investment advice

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Daily Market Dispatch – October 6, 2025 Bitcoin breaks $125K as investors turn to store-of-value assets Bitcoin has set a new all-time high at $125,593, propelling the total crypto market capitalization to a record $4.27 trillion. The move cements Bitcoin’s lead as the defining asset of 2025 as investors seek safety in scarce assets. The rally has unfolded in parallel with gold’s climb to fresh record highs near $3,950 per ounce. Futures are pointing higher across major equity indices, with markets still betting on another Fed rate cut later this month. Sentiment is gradually tilting toward greed with risk appetite intact, and Bitcoin once again setting the tone for global markets. Bitcoin Bitcoin’s ascent past $125,500 on Sunday for the new all-time high redefined the tone of this market cycle. Unlike the euphoric surges of the past, this rally has unfolded with calm discipline and institutional leadership. The world’s largest cryptocurrency now trades like a macro barometer. The backdrop of a government shutdown and expectations of further liquidity support have revived the so-called “debasement trade,” in which investors turn to assets that stand outside the traditional system. Selling pressure from long-term holders has eased, speculative activity has cooled, and Bitcoin’s steadiness near record highs underlines how maturity has replaced mania. U.S. spot Bitcoin ETFs recorded $3.24 billion in inflows last week, their second-highest total since launch. These flows show how Bitcoin has become integrated into the mainstream investment structure, with investors favoring regulated exposure over direct token purchases. Ethereum & Altcoins Ethereum mirrored Bitcoin’s advance, climbing more than 10% week-on-week to reclaim the $4,500 level. Spot ETH ETFs drew $1.3 billion in new inflows, reversing earlier outflows and reaffirming institutional demand. Solana set a fresh weekly record with $706 million, and XRP funds added $219 million, signaling selective rotation into altcoins while the overall market structure remains Bitcoin-led. Altcoin strength is broad but measured, reflecting a market that’s expanding through credibility rather than speculation. Bitcoin’s dominance continues to anchor sentiment and direction. Macro & Institutional Institutional players are accelerating at a record pace. Digital asset investment products drew $5.95 billion in inflows last week, lifting the respective total assets under management to an unprecedented $254 billion. The U.S. accounted for $5 billion of that figure, underscoring renewed investor appetite. At the same time, more than two dozen new crypto ETF filings, covering assets from Solana to Dogecoin, remain frozen as the SEC slows operations during the shutdown. Bitcoin’s role within global portfolios is deepening, not waiting for policy clearance. Looking Ahead The week ahead brings a series of key U.S. events likely to steer sentiment across asset classes. On Wednesday, the 10-Year Note Auction and FOMC Meeting Minutes, both key barometers for monetary sentiment, will offer insight into demand for Treasuries and the Fed’s tone. Thursday features remarks from Fed Chair Powell and the latest Initial Jobless Claims, followed by Friday’s critical labor data – Average Hourly Earnings, Nonfarm Payrolls, and the Unemployment Rate for September. Some releases may be delayed, but markets are pressing on regardless. Bitcoin and gold are emerging as twin pillars of conviction. — Iliya Kalchev, Nexo Dispatch analyst For informational purposes only; not financial or investment advice

The week is packed with key events markets have been waiting for – from labor market readings to Fed signals: 🇺🇸 FOMC Meeting Minutes – Oct 8, 19:00 GMT 🇺🇸 Fed Chair Powell Speaks – Oct 9, 12:30 GMT 🇺🇸 Initial Jobless Claims – Oct 9, 12:30 GMT 🇺🇸 Average Hourly Earnings (MoM) – Oct 10, 12:30 GMT 🇺🇸 Nonfarm Payrolls (Sep) – Oct 10, 12:30 GMT 🇺🇸 Unemployment Rate (Sep) – Oct 10, 12:30 GMT

Daily Market Dispatch – October 3, 2025 Uptober in motion: BTC tops $120,000 with crypto market near record cap Uptober has crypto markets powering higher into Q4, with the total market cap hovering at $4.14 trillion, just shy of all-time highs. Bitcoin is steadily rising toward record levels, Ethereum and altcoins are climbing, and stablecoins have surpassed $300 billion in circulation — clear signs of renewed capital inflows. U.S. equities are also pressing to fresh record highs despite the government shutdown, adding to the risk-on momentum spilling into digital assets. Behind the rally, the U.S. dollar is heading for its worst week since July, gold is at record highs, and Treasury yields are sliding, creating a decisively risk-on backdrop. Bitcoin Bitcoin reached above $120,400 on Friday, within striking distance of its August peak at $124,000. Thursday brought another $627 million of net inflows into U.S. spot Bitcoin ETFs, extending a run of nine positive weeks in the last twelve. ETF absorption is accelerating while long-term holder distribution eases, helping BTC build a stronger base as it works through resistance between $114,000 and $118,000. On-chain dynamics support the constructive tone. Glassnode data show Bitcoin holding above the short-term holder cost basis, while derivatives positioning has reset cleanly after last week’s record expiry. Implied volatility has cooled, skew has normalized, and the curve remains in contango — a setup consistent with consolidation ahead of further upside. Seasonality adds to the optimism: since 2013, BTC has averaged 14% gains in October, and early trading suggests this “Uptober” could once again deliver. Ethereum & Altcoins Ethereum gained more than 3% to $4,477, supported by Thursday’s $327 million in ETF inflows. Citi’s year-end forecast of $4,500 underscores steady allocator demand, while ETH’s positioning benefits from staking and DeFi-linked yield narratives. Altcoins followed with broad-based gains. BNB surged more than 5% to $1,084 and Solana advanced to $231, while XRP regained the $3 level, buoyed by speculation around U.S. ETF approvals. The breadth of this move suggests capital is rotating selectively into names with clear institutional or structural catalysts, keeping overall sentiment constructive. Macro & Institutional The macro backdrop is providing consistent support. CME FedWatch now shows a 98% probability of another quarter-point cut in October, with odds of a second move in December nearing 90%. Gold’s momentum, however, is showing signs of easing with spot prices back to $3,847 after touching record highs earlier in the week, as appetite for risk assets tempered haven demand. While gold remains elevated, the shift highlights how risk-on sentiment is dominating across markets. Spot Bitcoin ETFs have absorbed the shift in sentiment, taking in $1.63 billion last week and bringing four-week inflows to nearly $4 billion. At current run-rates, Q4 flows could retire over 100,000 BTC from circulation — more than double new issuance. Institutional outlooks diverge slightly but remain constructive. Citi projects BTC at $133,000 by year-end, with upside as high as $156,000 if equity markets rally. JPMorgan sees room to $165,000 on relative valuation versus gold. Meanwhile, stablecoins crossing $300 billion in supply marks a milestone for market depth. Looking Ahead Uptober is showing clear signs of an early-Q4 breakout in the crypto market, powered by ETF inflows, seasonal strength, and dovish macro conditions. Today’s focus is the ISM services print, but next week will bring a heavier calendar: Fed Chair Powell’s speech, a 10-year Treasury auction, FOMC meeting minutes with member commentary, and potentially the delayed jobs data reports depending on the shutdown timeline. With ETFs now the clearest sentiment barometer, these events will set the tone for whether ‘Uptober’ extends with conviction. — Iliya Kalchev, Nexo Dispatch analyst For informational purposes only; not financial or investment advice

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

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

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

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

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

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

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

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

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