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Daily Market Dispatch – May 15, 2025 Overview After a strong early-week rally, crypto markets took a breather on Thursday. Momentum across risk assets moderated as investors digested a fresh batch of macroeconomic data and looked ahead to more definitive signals from the Federal Reserve. U.S. equity futures dipped slightly, pulling back from recent highs, though the S&P 500 remains in positive territory for the week, supported by trade optimism and easing inflation. Thursday’s Producer Price Index (PPI) report showed a 0.5% monthly decline—another disinflationary breadcrumb following this week’s CPI data. Meanwhile, retail sales ticked up 0.1%, suggesting consumer demand remains firm. Fed Chair Jerome Powell opened the central bank’s two-day policy conference by suggesting the Fed’s framework may need updating in an era of frequent supply shocks, though he remained silent on near-term rate direction. Bitcoin Bitcoin traded above $102,000 intraday, holding ground after a six-day stretch near $104,000 and maintaining a market cap above $2 trillion. The asset has been supported by soft inflation data and improved trade sentiment, though investors are seeking further confirmation from policymakers before extending positions. ETF flows reflected this mixed tone. Bitcoin ETFs rebounded to solid inflows of $319.5 million on May 14. The outflow of $91.4 million earlier in the week didn’t seem to hold ground. Futures open interest remains above $30 billion, while options activity leans modestly bullish. Accumulation by mid-sized wallets continues, even as smaller holders take profit. Bitcoin remains above $100,000 – a level that once served as resistance and may now be forming a new level of support. Traders remain watchful ahead of clearer macro cues. Ethereum & Altcoins Ethereum hovered around $2,570, easing from recent highs. The Ethereum Foundation unveiled its “Trillion Dollar Security Initiative” this week, a multi-phase program focused on long-term security and institutional readiness. Altcoins followed a similar path. Solana dropped 5.6%, while Cardano, Polygon, and Dogecoin all declined more than 5%. Still, Bitcoin and stablecoin dominance are slipping, suggesting that early-stage rotation into altcoins could be underway. Macro & Institutional The PPI report showed producer prices fell 0.5% in April, while core PPI also declined. Year-over-year, headline inflation slowed to 2.4%, reinforcing the broader disinflationary trend. US retail sales rose 0.1%, slightly above expectations, suggesting consumer demand remains resilient even amid policy uncertainty. Powell’s comments Thursday focused on longer-term policy strategy rather than immediate direction. He noted that the Fed’s framework may require updates to better account for persistent supply shocks, suggesting the central bank is reassessing its approach in light of recent inflation dynamics. On the policy front, the GENIUS Act – the US stablecoin bill – is regaining momentum. Lawmakers now aim for a vote before Memorial Day, with revisions removing controversial provisions and sharpening the bill’s focus on consumer protection and market oversight. Institutional engagement with stablecoins continues to rise, and regulatory clarity remains a central theme. Looking Ahead With inflation and spending data now in focus, upcoming Eurozone CPI and U.S. jobless claims could help refine the macro outlook next week. Markets continue to monitor whether the Fed will shift its tone, or remain patient through the summer, though expectations begin to shift for a September rate cut to kick off quantitative easing. Crypto markets remain steady but sensitive. While momentum has cooled, technical structure remains intact. The coming days may help define whether this is a healthy pause, or the early signs of something deeper. – Iliya Kalchev, Nexo Dispatch analyst For informational purposes only; not financial or investment advice.

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Daily Market Dispatch – May 14, 2025 Overview Crypto markets paused on Wednesday after leading digital assets surged higher earlier in the week. Bitcoin hovered near $103,800, while Ethereum and altcoins held their ground following a stretch of strong gains. With sentiment still supported by softer inflation data and easing trade tensions, attention now turns to upcoming economic prints and Federal Reserve commentary for the next directional cues. Meanwhile, U.S. equity futures were flat as the broader market adopted a wait-and-see stance. The Dow and S&P futures remained mostly flat, while Nasdaq 100 futures inched up by 0.1%. Wall Street closed mixed on Tuesday as investors digested cooler-than-expected inflation data while remaining cautious about the potential lagged effects of recent tariff changes Bitcoin Bitcoin hovered near recent highs around $103,800 after briefly surpassing $104,000 last week, followed by a modest pullback. On Tuesday, U.S. spot Bitcoin ETFs saw $96 million in net outflows as the price dipped to $101,429. Some investors appeared to be waiting for a clear break above $105,000 before reentering the market.. Despite the pause, momentum remains firm. Over 98% of addresses are in profit, and open interest stays above $30 billion. Futures activity has picked up, and options markets show growing demand for upside exposure. For now, traders are focused on macro data as the next driver of direction. Ethereum & Altcoins Ethereum (ETH) broke above $2,500, extending its rally following the Pectra upgrade, which has reinforced confidence in its role in Layer 2 scaling and tokenization. After lagging much of the cycle, ETH’s recent breakout signals renewed momentum. Altcoins outperformed midweek. ETH surged 8.7% to $2,667, Dogecoin gained 9.5%, and Solana rose 7% to $180.30, supported by a $23 million treasury boost from DeFi Development Corp., bringing total backing to $100 million. XRP added 3.6%, Cardano climbed 4.8%, and Polygon advanced 6%. Signs of a nascent alt season are forming, as Bitcoin dominance declines and stablecoin share drops. The rotation appears early – but technically supported. Macro & Institutional Markets remained range-bound as investors looked ahead to Thursday’s Producer Price Index and Fed Chair Powell’s speech. Tuesday’s CPI showed headline inflation easing to 2.3% (near to Powell's strategic aim to drop inflation to 2%), with core holding at 2.8%. Chicago Fed President Austan Goolsbee noted the difficulty in interpreting near-term volatility, suggesting that the central bank is in no rush to shift its stance until the outlook becomes clearer. Gold slipped as the 90-day tariff rollback between the U.S. and China reduced immediate geopolitical and economic uncertainty. With short-term fears easing, investors rotated out of traditional safe havens like gold. On the institutional front, digital asset adoption continues. Wellgistics Health announced XRP-based payments, and a U.S.-listed firm disclosed a $100 million Solana allocation, reinforcing the trend of blockchain treasury adoption. In Washington, a Senate vote on stablecoin legislation was delayed amid political friction. Nonetheless, momentum toward regulatory clarity remains active in both chambers. Looking Ahead Thursday’s PPI data, jobless claims, and Powell’s remarks may shape near-term policy expectations. Eurozone GDP and economic forecasts will also add insight into global growth dynamics. With Bitcoin steady above $100,000 and altcoins extending gains, risk assets are holding – but remain sensitive. Bitcoin’s allure as a global economic hedge has strengthened with this latest surge, though sustaining that position depends on how well flows and fundamentals align. Markets have moved from reactive repricing to cautious positioning – now they need validation. – Iliya Kalchev, Nexo Dispatch analyst For informational purposes only; not financial or investment advice.

Daily Market Dispatch – May 13, 2025 Cooler CPI lifts sentiment across risk assets Markets exhaled after the April U.S. inflation report came in below expectations, with core CPI holding steady at 2.8% and headline inflation slowing to 2.3% year-over-year – the smallest annual gain since February 2021. The softer-than-expected data sent equity futures higher and Treasury yields lower, as traders recalibrated the Fed’s policy path. In crypto, if you blinked, you may have missed it – sentiment is at a 12-month high, Ethereum is being Googled in every wrong spelling imaginable, and stablecoins are quietly adding billions. With inflation moderating and policy uncertainty still lingering, traders are balancing a favorable short-term setup against a complex macro backdrop. Bitcoin Outlook Bitcoin is trading at $103,700, up 1% over the past 24 hours, maintaining levels above its $2 trillion market cap threshold. Sentiment analytics show BTC just hit its highest level in a year, while new demand continued, with the First-Time Buyer RSI holding at 100 – indicating robust interest from fresh entrants. BTC remains above key technical levels, with support around $98,000 and $94,000 and upside targets at $106,500. The inflation print adds breathing room for risk assets, and if price action continues to hold above $100,000, this level may firm into a psychological and structural base. Ethereum & Altcoins Ethereum is trading around $2,500, up 2%. A spike in Google search traffic – including for misspellings like “Etherium” – suggests retail interest is back. Developers are also looking ahead: Ethereum’s “Fusaka” upgrade, targeting lower validator and L2 costs, is scheduled for late 2025. XRP is trading at $2.55, up nearly 20% on the week, backed by rising open interest now totaling $5.4 billion. DOGE, ADA, and BNB posted moderate gains, and Glassnode data shows that over 95% of the supply for BTC, XRP, and TRX is currently in profit. This points to a broadly intact market foundation despite past drawdowns. Macro & Institutional Trends April’s CPI came in cooler than expected, with headline inflation rising just 2.3% year-over-year (vs. 2.4% est.) and 0.2% month-over-month (vs. 0.3% est.). Core CPI held at 2.8%, aligning with forecasts. The data immediately boosted risk appetite – stock futures rose, Treasury yields fell, and swap markets pulled back rate hike expectations for the Fed’s September meeting. SEC Chair Paul Atkins reaffirmed a more structured regulatory approach to crypto, focusing on fit-for-purpose rules on custody and asset classification. His comments are seen as a break from the agency’s prior enforcement-first posture, helping reinforce long-term institutional confidence. Tether’s circulating supply crossed $150 billion, supported by $120 billion in U.S. Treasury exposure. The stablecoin issuer reported $1 billion in profit last quarter, highlighting the resilience of yield-backed digital cash infrastructure. Looking Ahead Today’s inflation print delivered a boost to sentiment, giving markets a window of clarity on near-term monetary policy. While questions remain about the full macro impact of tariffs, the CPI data suggests pricing pressures remain contained, for now. With the FOMC minutes due tomorrow and Q2 now underway, traders appear poised to lean into strength, not chase it. Crypto continues to reflect this recalibration, with Bitcoin holding key levels and altcoins drawing renewed attention from both retail and institutional participants. — Stella Zlatareva, Nexo Dispatch editor For informational purposes only; not financial or investment advice.

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Daily Market Dispatch – May 12, 2025 Overview Signals are go. Markets opened the week on an optimistic note following a breakthrough in U.S.-China trade talks. The White House confirmed it will reduce tariffs, triggering a rally across crypto markets and reinforcing Bitcoin’s role as a macro hedge. BTC is trading near $104,000, with momentum building for a potential breakout to new all-time highs. Institutional inflows remain strong, led by major Asian and U.S. players, while inflation data due this week will help determine whether the rally has further room to run. Bitcoin Bitcoin is holding firm around $104,000, buoyed by easing geopolitical tensions and renewed institutional demand. Derivatives markets show rising call interest at $110,000 and $120,000 strike levels, and inflows into crypto funds hit $882M last week, the highest since Q1. A push toward $109,000 is likely if CPI data on Tuesday doesn’t surprise to the upside. On the macro front, Bitcoin continues to outperform gold. As trade concerns fade, a key BTC/gold ratio chart shows the bull run could accelerate, with BTC regaining dominance as the preferred inflation hedge. Ethereum & Altcoins Ethereum is holding above $2,500 after last week’s Pectra-driven breakout. While ETH has underperformed BTC in relative terms, Citi predicted stablecoins – largely Ethereum-based – will expand well beyond crypto trading into real-world finance, further embedding ETH in global infrastructure. Altcoins are rallying across the board. South Korean traders have piled into XRP and Dogecoin amid the improved macro backdrop, while SUI also outperformed major tokens over the past week, benefiting from increased developer traction and fund rotation. Macro & Institutional MicroStrategy disclosed a fresh $1.34B Bitcoin buy, adding 13,390 BTC – while Japan’s Metaplanet also expanded its position with a $126M purchase, cementing its position as Asia’s largest corporate holder. In addition, the market’s rally has been bolstered by signals of easing from Washington. The U.S. will reduce tariffs on Chinese goods below the previously floated 80% level, helping to cool tensions that weighed heavily on risk sentiment throughout April. Ahead of Tuesday’s inflation report, risk assets are enjoying a window of relief, with the S&P 500 surging nearly 3% on the tariff truce news. Meanwhile, South Korean political candidates have voiced bipartisan support for spot crypto ETFs ahead of elections, indicating expanding political alignment on digital asset policy. Looking Ahead Markets are watching Tuesday’s U.S. CPI print closely. A downside surprise could send Bitcoin to new all-time highs, while a strong print might cool the rally. Later this week: PPI, jobless claims, retail sales, and a Powell speech will fill out a high-stakes macro week. All in all, crypto’s momentum is intact, with the Securities and Exchange Commission’s fourth roundtable on crypto regulation with a keynote by chairman Paul Atkins scheduled for later today. — Iliya Kalchev, Nexo Dispatch analyst For informational purposes only; not financial or investment advice.

It’s a data-heavy week, but for markets, the main course is clear: inflation prints and Powell’s remarks take center stage. 🇪🇺 Eurozone ZEW Economic Sentiment (May) – May 13, 09:00 GMT 🇺🇸 U.S. Consumer Price Index MoM & YoY (Apr) – May 13, 12:30 GMT 🇪🇺 European Union Economic Forecasts – May 15, 09:00 GMT 🇺🇸 U.S. Initial Jobless Claims – May 15, 12:30 GMT 🇺🇸 U.S. Philadelphia Fed Manufacturing Index (May) – May 15, 12:30 GMT 🇺🇸 U.S. Producer Price Index MoM & YoY – May 15, 12:30 🇺🇸 U.S. Fed Chair Powell Speaks – May 15, 12:40

Daily Market Dispatch – May 9, 2025 Overview Crypto markets led assets higher on Thursday, with Bitcoin breaking above $100,000 and total crypto market capitalization surging to $3.27 trillion, its highest since February. The rally marked one of the strongest sessions for digital assets this year, fueled by improving sentiment around global trade and macro stability. U.S. equities also gained, lifted by a new U.S.-U.K. trade framework and optimism ahead of this weekend’s U.S.-China talks in Switzerland. But sentiment faded late Thursday after President Trump posted a cryptic comment suggesting an “80% tariff on China,” trimming gains in S&P 500 futures. With the White House now signaling a possible reduction in tariffs as part of broader negotiations, markets head into the weekend cautiously optimistic, anchored by crypto strength, stable Fed policy, and evolving trade diplomacy. Bitcoin Bitcoin extended its breakout, hitting $104,000 before consolidating around $103,000 – its highest level since February. The percentage of addresses in profit has climbed above 98%, while open interest remains elevated above $30 billion, reflecting strong institutional participation. ETF inflows cooled from their April surge but remained steady. $260 million flowed into U.S. spot Bitcoin ETFs over May 7–8. BlackRock’s IBIT slowed to a quarter of its usual pace, while Fidelity’s FBTC gained share, suggesting a shift in fund-level positioning. Futures activity picked up sharply, with open interest rising 5–10% across major tokens. The question now: can $100K flip from resistance to support? Weekend trade talks and next week’s macro data may prove decisive for whether Bitcoin pushes toward new all-time highs. Ethereum & Altcoins Ethereum (ETH) jumped over 20% to above $2,200 on Thursday – its largest single-day rally since May 2021 – following the successful launch of the Pectra upgrade, which boosted staking, validator performance, and Layer 2 functionality. Sentiment flipped more constructive as ETH/BTC rebounded. Altcoins broadly rallied. Solana, Cardano, and Dogecoin posted double-digit gains, while XRP and BNB rose more modestly. In institutional news, Wellgistics Health said it would use XRP for real-time payments and treasury operations – one of the first public firms to make such a move. Macro & Institutional Markets opened Friday steady, with eyes on the upcoming U.S.-China trade talks. Thursday’s U.S.-U.K. trade deal – including lower British tariffs and a $10 billion Boeing order – sparked optimism, though the 10% U.S. tariff on British goods remains. This weekend’s talks with China, currently facing 145% U.S. duties, could bring a shift. Early reports suggest Washington may propose reducing tariffs below 60%, though Trump’s vague “80% tariff” post added to the confusion. Beijing, for its part, continues to push back, but has agreed to meet in Switzerland. Meanwhile, Nvidia is preparing a downgraded China-focused AI chip to comply with U.S. export rules – another signal of ongoing geopolitical strain affecting tech and capital flows. Looking Ahead This weekend’s U.S.-China trade talks may shift the tone heading into next week’s packed macro calendar: U.S. CPI on Tuesday, followed by Eurozone GDP, U.S. PPI, jobless claims, and a Powell speech on Thursday. Retail sales will round out the week. With Bitcoin holding six figures and altcoins regaining momentum, risk assets appear well-positioned – but vulnerable. QT remains a headwind, and macro data must align with expectations to keep the rally going. With that, Bitcoin’s allure as a global economic hedge has strengthened with this latest surge. Sustaining that status will depend on whether flows and fundamentals continue to align. Markets have moved from reactive repricing to cautious positioning – now they need validation. – Iliya Kalchev, Nexo Dispatch analyst For informational purposes only; not financial or investment advice.

Daily Market Dispatch – May 8, 2025 Overview Markets pushed higher Thursday as investors welcomed signs of softening trade tensions and digested the Federal Reserve’s latest policy stance. U.S. stock futures rose across the board, buoyed by reports of a pending U.S.-U.K. trade deal and stable guidance from Fed Chair Jerome Powell, who kept rates at 4.25%–4.50% but warned of tariff-driven risks to inflation and employment. Bitcoin joined the broader rally, climbing past $99,500 to a three-month high. The total crypto market cap is nearing $3.1 trillion — its highest since early March — amid improving macro clarity. For now, maximum employment and stable prices remain the Fed’s first priority, providing some reassurance to markets. But with QT continuing, wait-and-see mode remains the status quo. Bitcoin Bitcoin surged to $99,600 early Thursday, up 2.6%, approaching the $100,000 psychological threshold. The move came on optimism over trade de-escalation after Trump’s announcement of a forthcoming U.K. deal, alongside relief from the Fed’s decision to hold rates steady. However, QT remaining intact signals tighter liquidity ahead — a factor that may moderate upside momentum. Futures open interest has climbed toward $35 billion, while 24-hour trading volumes have stabilized above $50 billion — both signs of growing market conviction. Spot Bitcoin ETFs have now attracted over $5 billion in inflows since late April. A breakout above $100,000 could target $107,000, while a failure to hold $95,000 opens risk of a retracement to $91,000. Overall, Bitcoin remains well-positioned — but increasingly sensitive to macro headlines and institutional flows. Ethereum & Altcoins Ethereum (ETH) traded at $1,926, up 2.2%, following the successful launch of its long-awaited Pectra upgrade — a step that reinforces the network’s utility despite rising competition from faster chains. Altcoins followed suit: Solana (SOL) gained 1.5%, Cardano (ADA) added 2.8%, and Dogecoin (DOGE) rose to $0.18. XRP hovered near $2.19, showing short-term resilience despite cooling network activity. Despite the rally, sentiment remains cautious. Leverage has been flushed, and any sustained upside will likely depend on supportive macro data and continued ETF momentum. Macro & Institutional The Fed’s decision to hold rates steady came with a twist — no slowdown in QT. Redemption caps on Treasuries and mortgage-backed securities remain unchanged, keeping policy tight. Powell delivered a balanced message, citing solid growth and labor markets, but flagged heightened uncertainty and inflation persistence. Markets viewed the message as steady, not dovish. Meanwhile, Trump is set to announce a trade agreement with the U.K. — the first of his current term — expected to ease tariffs on U.K. autos and metals in exchange for cuts to British duties on U.S. tech and agriculture. Broader optimism around resumed U.S.-China talks is also providing a tailwind, though tangible progress remains uncertain. Institutional momentum continues to build. Arizona passed a Bitcoin reserve law, following New Hampshire. In corporate developments, Japan’s Metaplanet and firms like Strategy added BTC to their treasuries. Treasury Secretary Scott Bessent reaffirmed the U.S. aim to lead global crypto adoption, while Congress advances regulatory frameworks. A Senate vote on stablecoin legislation is expected next week. Looking Ahead Thursday’s Bank of England rate decision could bring a 25-basis-point cut — a shift that would diverge from the Fed’s cautious stance. U.S. jobless claims will also be in focus, offering insight into labor market resilience. With Bitcoin testing $100,000 and altcoins eyeing breakouts, the next macro signals — including weekend trade updates — may either confirm recent momentum or inject new volatility. Markets remain cautiously optimistic, but QT staying on may keep risk appetite in check. — Iliya Kalchev, Nexo Dispatch analyst For informational purposes only; not financial or investment advice.

Daily Market Dispatch – May 7, 2025 Overview Markets opened higher on Wednesday, with attention increasingly centered on today’s Federal Reserve policy decision – a moment expected to steer sentiment across risk assets. While the Fed is widely expected to keep rates unchanged at 4.25% – 4.50%, investors are closely watching for clues in Chair Powell’s commentary on how the central bank plans to navigate slowing growth and persistent inflation. U.S. equity futures climbed around 0.5% across major indexes following a Tuesday sell-off, while Bitcoin reclaimed $96,000 amid recovering risk appetite. Confirmation that U.S. Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer will meet Chinese officials in Switzerland this week helped ease geopolitical tensions. Still, caution prevails ahead of today’s FOMC statement. Bitcoin Bitcoin rose over 3% to conquer $97,000, lifted by renewed market optimism following news of upcoming U.S.-China trade talks. The world’s leading digital asset remains within a well-defined $90,000 – $97,000 range, with $100,000 still seen as a key breakout target. Today’s Fed decision is likely to set the tone for Bitcoin’s next move. A dovish tilt – downplaying inflation and emphasizing downside risks – could open the door for a retest of the $98,000 – $100,000 zone. A hawkish or ambiguous tone, by contrast, may pressure BTC back toward $92,000 support. Ethereum & Altcoins Ethereum traded at $1,827, rising 3% and holding firm above key support ahead of the long-anticipated Pectra upgrade, which successfully activated. Pectra increases the ETH staking limit to 2,048, streamlines validator operations, and advances Ethereum toward account abstraction – including allowing users to pay gas fees in stablecoins. The upgrade marks Ethereum’s biggest shift since the 2022 Merge, when Ethereum transitioned to a Proof-of-Stake mechanism. Altcoins followed Bitcoin’s rise – XRP climbed 1.6% to $2.14, with mid-term holders showing 11% average gains despite price volatility. Solana (SOL) and Cardano (ADA) rose 1% and 2.6%, respectively. Macro & Institutional The Fed is expected to hold its target rate at 4.25% – 4.50% today, but markets are primed for volatility based on Powell’s tone. Economic signals remain conflicting: Q1 GDP contracted by 0.3%, core PCE inflation sits at 3.5%, and unemployment has ticked up to 4.2%. This stagflationary backdrop leaves the Fed with limited flexibility. Powell’s guidance will be critical. Markets will be listening closely for any indication of cuts later this year, especially as new tariffs and softening consumer spending cloud the growth outlook. If Powell acknowledges downside risks or signals flexibility, crypto and equities may find renewed strength. If he focuses on inflation persistence, defensive flows could resume. Looking Ahead All eyes are on today’s FOMC decision with Chair Powell’s press conference immediately afterward expected to shape sentiment across risk assets. While the Fed is anticipated to hold rates steady, the tone of Powell’s commentary will likely drive near-term positioning — especially in light of soft Q1 GDP, elevated inflation, and a resilient labor market. Ethereum’s Pectra upgrade has gone live, adding another key development for the week. On Thursday, attention will shift to the Bank of England’s interest rate decision and U.S. jobless claims. Investors will also be monitoring follow-through from the Fed’s guidance, potential updates on the U.S. Strategic Bitcoin Reserve, and progress on U.S.-China trade negotiations. With markets perched near technical pivot levels and volatility likely to rise, the remainder of this week may set the tone for the incoming couple of weeks. – Iliya Kalchev, Nexo Dispatch analyst For informational purposes only; not financial or investment advice.

Daily Market Dispatch – May 5, 2025 Overview Markets opened the week lower as investors weighed geopolitical friction, fresh tariffs, and mixed economic signals. U.S. equity futures slipped, with the Nasdaq down nearly 0.9%, as traders digested April’s strong jobs report, earnings from key firms, and renewed trade tensions. Bitcoin also pulled back below $95,000 amid risk-off flows ahead of Wednesday’s Fed decision. Sentiment was dampened by President Trump’s 100% tariff on foreign films, though China’s tentative openness to renewed trade talks offered a slight counterbalance. With global central banks and key data prints on deck, markets are positioning cautiously. Bitcoin Bitcoin dropped over 3% from Friday’s highs above $97,000, trading near $94,400 on Monday as Treasury yields climbed and macro pressure returned. Friday’s robust payrolls print pushed the 10-year yield above 4.3%, prompting defensive rotation across risk assets. BTC briefly touched $98,000 late last week before fading into weekend trade. Now caught in a $92,000–$97,000 range, Bitcoin is seeing diminished ETF inflows after April’s surge. Last week brought $1.81 billion in new capital – still strong, but down from $3.06 billion the week prior. Whether $92,000 holds may hinge on Powell’s tone at Wednesday’s Fed decision, with volatility likely to pick up if market expectations shift. Ethereum & Altcoins Ethereum (ETH) remained stable above $1,800, showing relative strength above its 20-day EMA. Momentum indicators point to firming buyer interest, and with the Pectra upgrade scheduled for May 7, ETH could draw fresh attention if macro sentiment stabilizes. Altcoins were mixed. XRP fell 1.7% but held support, while SOL edged up 0.2% and ADA declined 2.8%. LTC rose over 4% on speculation around a pending SEC decision on a spot ETF – expected later today. A greenlight could boost sentiment across smaller-cap assets. Macro & Institutional Strong U.S. job data – with 177,000 payrolls added and unemployment steady at 4.2% – helped reinforce the Fed’s “higher for longer” stance, as reflected in rising bond yields. The 10-year climbed past 4.3%, while oil fell nearly 4% after OPEC+ announced a 411,000 bpd supply increase starting in June. Gold, in contrast, climbed above $3,250 as investors rotated into traditional hedges. Institutional demand for Bitcoin remains resilient. U.S. spot BTC ETFs saw $40.2 billion in cumulative inflows as of Friday, with $13.2 billion in weekly volume. Brown University disclosed a $5 million position in IBIT – a milestone for university endowments. ETH ETFs also gained $106.75 million last week, though flows remain lighter than Bitcoin’s. Looking Ahead This week’s calendar is dense and potentially market-moving. Monday brings the ISM Services PMI. On Tuesday, the U.S. 10-Year Note Auction and Atlanta Fed GDPNow update may provide early reads on inflation expectations and Q2 growth. The spotlight then shifts to Wednesday’s Fed decision, with the FOMC statement and interest rate announcement. While rates are expected to remain unchanged, Chair Powell’s tone will be key for gauging policy direction. Ethereum’s Pectra upgrade is also due Wednesday, marking its biggest network enhancement since Dencun and introducing account abstraction and stablecoin-based gas fees. Thursday brings the Bank of England’s rate decision and U.S. jobless claims. With crypto and equities trading near inflection points, the next 72 hours could set the tone for the rest of May. — Iliya Kalchev, Nexo Dispatch analyst For informational purposes only; not financial or investment advice.

All eyes are on the Fed this week with Wednesday’s rate decision, but it’s not the only story. From ISM and labor data to the UK’s rate call, key events will shape the macro outlook ahead: 🇺🇸 ISM Non-Manufacturing Purchasing Managers Index (Apr) – May 5, 14:00 GMT 🇺🇸 FOMC Statement – May 7, 18:00 GMT 🇺🇸 Fed Interest Rate Decision – May 7, 18:00 GMT 🇬🇧 BoE Interest Rate Decision – May 8, 11:00 GMT 🇺🇸 U.S. Initial Jobless Claims – May 8, 12:30 GMT

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Daily Market Dispatch – April 30, 2025 Overview Markets reversed earlier gains on Wednesday after fresh U.S. GDP, PCE price index and labor market data reignited a mix of slow growth and rising inflation, pressuring both equities and crypto. Bitcoin pulled back from highs of $95,000 to the mid $93,000s, while U.S. indexes turned sharply lower ahead of key earnings and inflation prints. With April closing on a dynamic note, the path into May may depend on whether upcoming data confirms a broader shift – or just a temporary dislocation. Bitcoin Bitcoin traded near $93,200 by early afternoon, sliding from an earlier attempt to break above $95,000 as macro headwinds intensified. Bitcoin ETFs traded in the U.S. are having a strong positive impact on the market, as they brought in $3.6 billion in net inflows last week—a sign of growing investor demand and confidence — the strongest since November — and extending their streak to eight straight sessions. ETF flows continue to concentrate among large issuers, pointing to durable institutional conviction even as broader sentiment wavers. On-chain data shows ongoing accumulation, while derivatives markets remain well-balanced, with elevated open interest. While resistance near $95,000 has proven sticky, renewed momentum could emerge quickly if Friday’s labor data or the PCE inflation release shifts rate expectations. A decisive breakout would reframe the current range as a base for further upside toward $100,000 — a level increasingly viewed as a medium-term pivot. Speculation is growing that global liquidity may ease later in the year, either via Treasury market dynamics or passive policy shifts. Against that backdrop, Bitcoin remains on radar as a strategic macro hedge — one that could benefit if financial conditions shift sooner than the Fed’s language implies. Ethereum & Altcoins On the back of suboptimal economic data, Ethereum (ETH) held well around $1,750, showing resilience with just a 0.6% decline despite broader risk-off flows. XRP and Solana (SOL) both fell roughly 2%, while Cardano (ADA) slid 1.6%. Macro & Institutional Markets turned lower following a barrage of soft macro data. Q1 GDP contracted 0.3%, reversing Q4’s 2.4% growth, weighed down by a deteriorating trade balance and a pullback in public spending. Meanwhile, the ADP report showed just 62,000 private jobs added in April – short of expectations and the weakest print since July 2024. Furthermore, core PCE inflation rose 3.5% in Q1, up from 2.6% last quarter, while headline PCE reached 3.6%. The reacceleration of price pressures just as growth slows is reviving stagflation concerns — a dynamic that complicates any near-term pivot from the Federal Reserve. Major U.S. indexes dropped: the Nasdaq lost over 2%, the S&P 500 fell 1.5%, and the Dow slid more than 400 points. Crypto followed, with Bitcoin and altcoins retreating from session highs. In regulatory developments, market participants continue to wait on clarity. The SEC’s recent delay on altcoin-linked ETFs — including ETH staking, XRP, and SOL — pushed potential approvals into Q4. Despite this, a fresh Nasdaq listing application for a Dogecoin ETF signals that traditional markets are still moving toward deeper integration with digital assets. Looking Ahead Attention now shifts to Thursday’s ISM Manufacturing report, which could further influence Fed rate expectations. Friday’s nonfarm payrolls data will be critical for confirming whether the slowdown in hiring is gaining momentum – or simply cooling after a strong Q1. Meanwhile, earnings from Microsoft and Meta after the close today, followed by Apple and Amazon on Thursday, will test the market’s appetite for megacap exposure. Crypto and equities both sit at inflection points. Whether markets extend this pullback or find new footing will hinge on what the next 48 hours reveal about inflation, growth, and corporate resilience. — Iliya Kalchev, Nexo Dispatch analyst For informational purposes only; not financial or investment advice.

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Daily Market Dispatch – April 29, 2025 Overview Markets opened higher on Tuesday as investors entered a key stretch of earnings and economic data, with fresh signals on tariffs, inflation, and employment set to test sentiment. U.S. President Trump is reportedly preparing to ease aspects of his automotive tariff plan, contributing to a modest dip in gold and helping stabilize equities. Meanwhile, Bitcoin remains firm around $95,000 as ETF inflows and policy shifts continue to draw institutional participation. With volatility simmering just below the surface, this week’s catalysts could dictate whether recent momentum in both crypto and equities evolves into something more durable. Bitcoin Bitcoin hovered around $94,800 in early trading, continuing to consolidate after last week’s strong rebound. The price remains within striking distance of the $95,000 mark — a level that, if cleared decisively, could pave the way for a broader move toward $100,000. Spot Bitcoin ETFs extended their inflow streak to seven days, adding another $591 million on Monday, pushing cumulative weekly inflows near $3.6 billion – the highest since last November. With regulatory tone softening and dollar weakness persisting, capital rotation into Bitcoin appears poised to continue. Ethereum & Altcoins Altcoins traded mostly sideways, mirroring Bitcoin’s consolidation phase. Ethereum (ETH) edged down 0.1% to $1,793, while XRP held near $2.27. Cardano (ADA) and Solana (SOL) both slipped around 1–2%. While momentum remains centered on Bitcoin for now, traders are closely watching for spillover into major altcoins should market confidence deepen. ETF inflows into Ether have picked up modestly, now riding a three-day streak, though volumes remain light. Structural improvements – such as Ethereum's scaling roadmap – continue to build a foundation, but near-term direction will likely depend on macro clarity and broader risk sentiment. Macro & Institutional Equity futures edged higher as investors positioned ahead of high-impact earnings and macro data. The Dow rose 0.3% in early trading, while the S&P 500 and Nasdaq added 0.2%. On the policy front, Trump is expected to announce partial relief on auto tariffs, including relaxed duties on imported parts and reimbursement mechanisms for past levies. Treasury officials continue to signal engagement with trade partners, though conflicting signals from Beijing suggest the path forward remains complex. Gold inched lower on easing tariff risks, while Bitcoin continues to attract flows as a high-conviction hedge amid shifting currency dynamics and regulatory recalibration. New legislative developments – such as state-level proposals in Arizona to allocate public funds to Bitcoin – are also signaling broader acceptance of digital assets as institutional-grade holdings. Looking Ahead Markets face a crucial few days. Tuesday’s JOLTS job openings and Consumer Confidence data will offer early signals on labor demand and sentiment. Wednesday brings the first reading of USA’s Q1 GDP, expected to show a marked slowdown to 0.4%. Thursday’s PCE inflation report – the Fed’s preferred gauge – could reshape expectations around policy easing. Earnings from Microsoft and Meta (Wednesday), and Apple and Amazon (Thursday), will help clarify whether megacap strength can extend the recent rally – or if earnings fatigue is setting in. Together, these releases could dictate whether equities and crypto markets break out of consolidation or revert to caution. In addition, President Trump is expected to deliver a speech this evening reviewing his administration’s first 100 days – a potential moment for new policy announcements or tone-setting remarks that could sway market sentiment. For Bitcoin and Ethereum, strong macro and earnings data may provide the green light for another leg higher. The ingredients for a breakout are in place – the market is now waiting for a trigger. — Iliya Kalchev, Nexo Dispatch analyst For informational purposes only; not financial or investment advice.

Excited to meet you at this year’s TOKEN2049. Join us as we connect, exchange ideas, and explore the future of digital assets with the brightest minds in crypto. See you there!