Nexo Radar

Daily Market Dispatch – June 13, 2025 Overview Markets pulled back on Friday as geopolitical headlines added a layer of uncertainty to an otherwise improving macro landscape. Bitcoin fell below $104,000, and U.S. equity futures slipped ~1.2% across the board, snapping a multi-week rally. A spike in oil prices following military developments in the Middle East introduced volatility but didn’t disrupt structural trends. Inflation data remained favorable. Both CPI and PPI prints this week came in cooler than expected. Treasury yields have stabilized, and markets broadly expect the Fed to hold rates steady next week, while still pricing in the possibility of cuts later this year. For crypto, positioning has lightened, but the broader setup still favors a return to resilience once macro noise abates. Bitcoin Bitcoin declined to $104,070, down 3.6% on the day, as traders rotated out of high-beta assets in response to global risk-off flows. The move was orderly, with limited signs of forced deleveraging, suggesting spot flows, not leverage, drove the adjustment. Open interest remains stable above $37 billion. The $105,000 level has now turned into short-term resistance, while the $100,000 zone offers a deeper layer of psychological support. Structurally, Bitcoin remains well-positioned: derivatives are clean, long-term holders are unshaken, and macro expectations are starting to tilt dovish again. Ethereum and Altcoins Altcoins saw a broad reset, with Ethereum down 9.8% to $2,497 and similar moves across Solana, Cardano, and Polygon. However, under the surface, Ethereum’s structural backdrop continues to strengthen. Spot Ethereum ETFs recorded $240 million in net inflows on June 11, their second-highest daily total this year, pushing cumulative allocations to $1.2 billion in just a few weeks. Ethereum isn’t just attracting flows – it’s attracting conviction. Ethereum-linked ETFs now hold $11.05 billion in assets, or 3.25% of ETH’s total market cap – an institutional footprint that’s growing by the day. Derivative markets tell the same story – ETH open interest has surged to a record $41 billion, while spot prices recently touched $2,800, a four-month high. XRP, meanwhile, dropped 8% to $2.10 but retained its utility-led positioning. At XRP APEX 2025, Ripple CEO Brad Garlinghouse predicted XRP could capture 14% of SWIFT’s global cross-border payment volume in five years, shifting the conversation from messaging to liquidity. While altcoins remain vulnerable to macro swings, the core infrastructure stories around ETH and XRP continue to mature. The reset in price doesn’t reflect a reset in the thesis. Macro & Institutional The macro narrative continues to improve beneath the surface. This week’s inflation data confirmed that tariff impacts are not yet bleeding into core prices, and yields have cooled modestly as expectations shift toward policy easing later in the year. The SEC postponed decisions on a series of spot altcoin ETFs – Dogecoin, Hedera, and Avalanche – but this delay has become par for the course. The more telling development came earlier in the week, when Solana ETF sponsors were asked to update their filings, typically a pre-approval stage. Bloomberg’s Eric Balchunas maintains a two-to-four-month approval window. Looking Ahead Next week’s calendar is packed with macro events that could influence both rate expectations and market sentiment. The Bank of Japan will announce its interest rate decision, offering insight into whether it will maintain its dovish stance amid domestic inflation pressures. In the U.S., retail sales data will shed light on consumer resilience, while the Fed’s interest rate decision, alongside the FOMC statement and press conference, will be the week’s centerpiece, with markets expecting a hold but listening for any dovish tilt. Layered on top is the Senate vote on the GENIUS Act, potentially defining the next chapter for stablecoin regulation. - Iliya Kalchev, Nexo Dispatch analyst For informational purposes only; not financial or investment advice.

Daily Crypto Market Dispatch – June 12, 2025 Macro clarity fuels momentum as crypto eyes a policy turning point Crypto markets are consolidating near multi-month highs as macro conditions improve and policy clarity gains ground. U.S. inflation came in cooler than expected, reaffirming the disinflation trend and opening the door to a potential Q3 Fed rate cut. Meanwhile, key regulatory advances from the past week, including the U.K. lifting its ban on crypto ETNs and U.S. lawmakers pushing forward the Clarity Act for Stablecoins, are creating a more constructive policy backdrop. Bitcoin remains technically strong above $107,000, Ethereum is showing signs of rotation, and stablecoins are deepening their integration into mainstream finance. Bitcoin Bitcoin is extending its rally on the back of cooling U.S. inflation. Yesterday’s CPI data showed headline inflation at 2.4% and core CPI at 2.8%, both below expectations and at two-year lows. The print reinforced expectations of a Q3 Fed rate cut, and markets are leaning into the pivot. U.S. Treasury yields edged lower amid signs of progress in trade talks and subdued inflation pressures. The 10-year dipped to 4.39% as Washington hinted at extending tariff pauses, while demand for bonds remained strong despite fiscal concerns. Technicals remain constructive. BTC’s bounce from $104,000 earlier this week and its current resilience suggest the market is pricing in macro easing. With long-term holders realizing high profits yet continuing to accumulate, an unusual dynamic occurs, suggesting strong conviction despite signs of rising volatility. A clean break above $110,000 could trigger the next leg higher, toward $112,000–$115,000, supported by ETF inflows and stronger institutional participation. Ethereum, XRP & Altcoins Ethereum is showing renewed strength, trading near $2,770, with a potential breakout toward $2,900 in play. The ETH/BTC ratio has turned slightly higher, indicating a subtle shift in risk appetite. A sustained rise could reawaken the altseason narrative as traders rotate beyond Bitcoin. XRP is steady around $2.23, maintaining support amid a quieter regulatory news cycle. Meanwhile, altcoins like Solana, Avalanche, and Chainlink are seeing healthy inflows. DePIN and privacy tokens are gaining traction, particularly as stablecoin infrastructure adoption accelerates. Macro & Market Structure Markets received a major tailwind yesterday as U.S. inflation data confirmed steady disinflation, setting up the Fed for a possible dovish turn. All eyes are now on today’s PPI and Initial Jobless Claims releases at 15:30 CET. If producer prices echo CPI’s softness, the case for a policy shift strengthens further. In currency-pegged digital assets, stablecoin supply has surged towards $254 billion. Major firms, including Visa, Stripe, and Sony Bank, are integrating stablecoin rails, signaling growing adoption in mainstream payments and banking. At the same time, regulators are drafting new legislation to ensure transparency and reserve backing. The Clarity for Payment Stablecoins Act has advanced through two House committees, marking a pivotal moment in U.S. crypto legislation. The bill establishes clear rules for stablecoin issuers, defining permissible reserves and oversight mechanisms. This is a meaningful step toward regulatory certainty and may accelerate stablecoin innovation across both traditional finance and DeFi. Looking Ahead Today’s PPI prints will shape expectations for the next Fed meeting. If disinflation proves broad-based, the market will grow more confident that rate cuts are imminent. Crypto, which has been quietly outperforming other assets, may lead the next leg higher if liquidity loosens. Spot ETF flows, ETH/BTC dynamics, and stablecoin issuance remain the core micro indicators to watch. As the macro landscape evolves and policy directions shift, crypto could soon come to lead. — Stella Zlatareva, Nexo Dispatch Editor For informational purposes only; not financial or investment advice.

Daily Market Dispatch – June 9, 2025 Crypto markets are holding key levels, powered by relentless ETF inflows and a wave of institutional breakthroughs. Bitcoin is flexing just below $107,000, and Ether is holding the $2,500 pivot, as post-Pectra network upgrades and Circle’s IPO buzz ignite fresh optimism. Meanwhile, billion-dollar Bitcoin treasury plans and whispers of Apple–Airbnb stablecoin ties are fanning the flames of confidence. Even against a backdrop of U.S.–China trade optimism, domestic unrest, and China’s deepening deflationary cycle, capital continues to rotate into new products and protocols – proof that crypto’s innovation engine is firing on all cylinders. Bitcoin Bitcoin remains rangebound, hovering just below $107,000 as it digests a week of contrasting signals and a recovery from Friday’s $100,000 dip amid escalating tensions between President Trump and Elon Musk. On-chain data remains stable with ETF flows appearing unaffected – Bitcoin spot ETFs saw $135.9 million in net inflows over the past four sessions, despite two days of outflows late last week. Separately, Michael Saylor addressed the topic of quantum computing, framing it as a distant challenge and reaffirming Bitcoin’s long-term resilience as a strategic asset. Ethereum & Altcoins Ether is holding firm above $2,500, with developers with network participation surging since the Pectra rollout, with more validators coming online and operational decentralization improving. Layer 2 momentum is also building: DOGE and XRP are now trading on Base, an Ethereum L2, offering users lower fees and faster settlement. Aave has launched a new “umbrella staking” model with real-time slashing, aiming to boost capital efficiency and risk control. The update intensifies the competition between sGHO, Aave’s standard stablecoin, and stkGHO – its staked yield-bearing variant, as the protocol moves beyond simple lending into more dynamic DeFi structures. Gaming tokens also saw fresh traction. BONK announced a partnership with FIFA Rivals, bolstering Solana's presence in Web3 gaming and underlining how meme assets continue to explore utility-driven longevity. Institutional Flows Stablecoin narratives are still in the spotlight. Apple and Airbnb exploring stablecoin integrations sent waves through payments circles, as firms look to reduce cost friction. Circle, fresh off its $1.1B IPO, is expected to be a major beneficiary of this momentum. Sony, meanwhile, entered the blockchain infrastructure space with the launch of Soneium, its Layer 2 incubator for crypto-native games. The move aligns with Japan’s broader pivot toward Web3 industrial strategy. Corporate treasury activity continues to expand: Strategy is launching a $1 billion offering to boost BTC purchases, and World Liberty Financial announced it will add the $TRUMP coin to its treasury. Looking Ahead Investors head into the week watching several key themes: markets are still digesting Friday’s U.S. jobs report – which came in hotter than expected – and what it implies for rate policy, while renewed U.S.–China trade talks are lifting global sentiment. Meanwhile, deflation concerns in China, political tensions in the U.S. keep macro and legislation developments in sharp focus. On the crypto-native front, eyes are on potential stablecoin integration announcements and how they may build on the momentum. — Stella Zlatareva, Nexo Dispatch Editor For informational purposes only; not financial or investment advice.

This week’s macro calendar features inflation updates and growth figures that could sharpen the outlook for both interest rates and market momentum. Here’s what to watch out for: 🇺🇸 Consumer Price Index MoM & YoY (May) – June 11, 12:30 GMT 🇺🇸 10-Year Note Auction – June 11, 17:00 GMT 🇬🇧 Gross Domestic Product MoM & YoY (Apr) – June 12, 06:00 GMT 🇺🇸 Initial Jobless Claims – June 12, 12:30 GMT 🇺🇸 Producer Price Index (PPI) MoM & YoY (May) – June 12, 12:30 GMT 🇩🇪 Consumer Price Index (CPI) MoM & YoY – June 13, 06:00 GMT

Daily Crypto Market Dispatch – June 6, 2025 The crypto market is demonstrating resilience and maturity amid recent volatility, following a strong multi-week rally. Despite the uptick in short-term fluctuations, key indicators continue to point to a healthy rotation—suggesting the slight pullback is more a phase of consolidation than capitulation. The Cryptocurrency Fear & Greed Index shifted coinciding with media coverage of a cooling public relationship between President Trump and Elon Musk. While the development has contributed to a more cautious tone, the market reaction remains measured. U.S. Bitcoin ETFs saw modest outflows, while Ether ETFs continued to attract inflows—signaling selective investor appetite. All eyes are set on today’s U.S. jobs data, which could influence interest rate expectations and potentially reignite momentum. Bitcoin BTC is consolidating around $103,000, maintaining levels above its 30-day moving average. The recent rebalancing appears to be driven by profit-taking after May’s rally toward $112K. Ethereum & Altcoins ETH is trading near $2,460. Fundamentals remain solid—staking activity is stable, and the ETH/BTC pair is holding its range. A move above $2,600 would shift sentiment decisively back in the bulls’ favor. Solana is showing relative strength, up ~1.3%, buoyed by rising developer activity and DEX volumes. More broadly, altcoin market share is creeping higher—indicating that capital is gradually rotating. If ETH reasserts dominance, it could reinforce this rotation trend heading into Q3. Macro & Market Structure Today’s U.S. jobs report is the key focus for all markets. A softer print could renew discussions around rate cuts later this year. The report could have implications for the broader economy, as many watch to see how tariffs affect the labor market. Currently, the Federal Reserve is widely expected to hold rates steady at its June 18 meeting, with 97.5% of futures market participants anticipating no change. Still, an uptick in jobless claims or signs of slowing growth could tilt sentiment toward a more accommodative stance. Institutional & Regulatory Developments Trump Media & Technology Group (TMTG) has filed a Form S-3 registration with the SEC for a proposed $2.3 billion capital raise. The filing—tied to recent debt and equity deals with 50 investors—includes 56 million shares of equity and 29 million shares tied to convertible notes. The company has indicated an intent to acquire Bitcoin as part of its treasury strategy. On the regulatory front, XRP is holding steady near $2.13, as the SEC’s posture in its ongoing litigation appears to be softening. Meanwhile, the CLARITY Act, under review in the U.S. House, seeks to clearly delineate digital asset oversight between the SEC and CFTC. The bill has drawn both support and criticism, particularly over practical implementation and long-term industry engagement. Looking Ahead Today’s weekly jobless claims will provide further insight into labor market resilience. A sustained increase could reinforce the case for a Fed policy pivot. Next week brings critical macro events, including the U.S. CPI report on June 11 and the FOMC meeting on June 17–18. These data points will help define the trajectory of interest rates and shape investor risk appetite heading into the second half of the year. Despite recent movements, the broader market structure remains intact.

Despite recent movements, the broader market structure remains intact. Ultimately, the interplay between macro signals, market mechanics, and product evolution will chart the next leg for digital assets. Eleonor Genova, Head of Communications, Nexo

Daily Crypto Market Dispatch – June 6, 2025 The crypto market is demonstrating resilience and maturity amid recent volatility, following a strong multi-week rally. Despite the uptick in short-term fluctuations, key indicators continue to point to a healthy rotation—suggesting the slight pullback is more a phase of consolidation than capitulation. The Cryptocurrency Fear & Greed Index shifted coinciding with media coverage of a cooling public relationship between President Trump and Elon Musk. While the development has contributed to a more cautious tone, the market reaction remains measured. U.S. Bitcoin ETFs saw modest outflows, while Ether ETFs continued to attract inflows—signaling selective investor appetite. All eyes are set on today’s U.S. jobs data, which could influence interest rate expectations and potentially reignite momentum. Bitcoin BTC is consolidating around $103,000, maintaining levels above its 30-day moving average. The recent rebalancing appears to be driven by profit-taking after May’s rally toward $112K. On-chain data shows no major stress. 30,750 Bitcoin options contracts are expiring today—a significantly smaller batch compared to last week’s 92,459 contracts. A break back above $105K could help restore momentum, although macroeconomic data will likely dictate direction in the short term. Ethereum & Altcoins ETH is trading near $2,460. Fundamentals remain solid—staking activity is stable, and the ETH/BTC pair is holding its range. A move above $2,600 would shift sentiment decisively back in the bulls’ favor. 240,054 Ethereum options are set to expire today, with a put-to-call ratio of 0.63 and a maximum pain point at $2,575. Solana is showing relative strength, up ~1.3%, buoyed by rising developer activity and DEX volumes. More broadly, altcoin market share is creeping higher—indicating that capital is gradually rotating. If ETH reasserts dominance, it could reinforce this rotation trend heading into Q3. Macro & Market Structure Today’s U.S. jobs report is the key focus for all markets. A softer print could renew discussions around rate cuts later this year. The report could have implications for the broader economy, as many watch to see how tariffs affect the labor market. Currently, the Federal Reserve is widely expected to hold rates steady at its June 18 meeting, with 97.5% of futures market participants anticipating no change. Still, an uptick in jobless claims or signs of slowing growth could tilt sentiment toward a more accommodative stance. The Fed has so far held rates steady in 2025, monitoring whether tariffs and broader global conditions will reignite inflation or weigh on employment. A rise in layoffs would pressure the Fed to pivot, potentially lowering borrowing costs and boosting appetite for risk assets. Institutional & Regulatory Developments Trump Media & Technology Group (TMTG) has filed a Form S-3 registration with the SEC for a proposed $2.3 billion capital raise. The filing—tied to recent debt and equity deals with 50 investors—includes 56 million shares of equity and 29 million shares tied to convertible notes. The company has indicated an intent to acquire Bitcoin as part of its treasury strategy. On the regulatory front, XRP is holding steady near $2.13, as the SEC’s posture in its ongoing litigation appears to be softening. Meanwhile, the CLARITY Act, under review in the U.S. House, seeks to clearly delineate digital asset oversight between the SEC and CFTC. The bill has drawn both support and criticism, particularly over practical implementation and long-term industry engagement. Looking Ahead Today’s weekly jobless claims will provide further insight into labor market resilience. A sustained increase could reinforce the case for a Fed policy pivot. Next week brings critical macro events, including the U.S. CPI report on June 11 and the FOMC meeting on June 17–18. These data points will help define the trajectory of interest rates and shape investor risk appetite heading into the second half of the year.

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Daily Market Dispatch – June 5, 2025 Crypto markets are standing like a mountain against the wind as they fight selling pressure from continued profit-taking after last week’s rally, while traders brace for Friday’s U.S. payrolls print – a potential macro catalyst. Despite the short-term drawback, institutional developments and strategic treasury moves continue to anchor the bullish long-term narrative. Bitcoin Bitcoin is holding above $104,500, relatively resilient compared to altcoins. On-chain trends remain stable with no signs of mass deleveraging or forced selling, while inflows into BTC ETFs suggest institutions are continuing to explore exposure despite short-term volatility. While momentum has cooled, this is not a shift in demand, considering Bitcoin's bounce from $103,000, and sentiment still in the “greed” zone at 55. Ethereum & Altcoins Ethereum is also demonstrating grit and holding strong at $2,600, coinciding with new insights from the Ethereum Foundation. The group anticipates 2025–26 to be a “pivotal” period for the ecosystem as it reforms its treasury management, shifting more assets into DeFi while reducing discretionary spending. Meanwhile, XRP continues to hit headlines with WebUS – a publicly traded Chinese firm – plotting a $300 million XRP treasury move. DOGE and ADA led Thursday’s decline with losses of over 5%, as traders locked in profits. Still, speculative energy remains alive in parts of the market. Institutional Flows & Market Structure Circle reportedly raised $1.1 billion in its IPO after pricing shares above the marketed range, a vote of confidence in U.S.-based crypto infrastructure. JPMorgan continues to expand crypto services, with new plans to allow wealthy clients to use crypto ETF shares as collateral for loans. This would mark a significant bridge between traditional and digital asset markets – a move not unlike Nexo’s genesis of crypto-backed loans back in 2018. From heart monitors to hit singles, Bitcoin is making a splash in unlikely places. K-Wave, a Nasdaq-listed K-pop media company, saw its stock surge 130% after announcing a Bitcoin acquisition strategy, while Semler Scientific increased its BTC holdings to $472 million following another large buy. Policy & Politics In Washington, the Clarity Act – seen as key legislation to protect developers and decentralization – is being debated. Globally, regulators continue to advance. Dubai greenlit Ripple’s RLUSD stablecoin. Looking Ahead As we anticipate Friday’s U.S. non-farm payrolls report, where a weaker print could revive rate cut hopes, in crypto, the market appears to be catching its breath. And yet, strategic buys, treasury allocations, and infrastructure investment paint a picture of long-term confidence – regardless of short-term price action. — Stella Zlatareva, Nexo Dispatch Editor For informational purposes only; not financial or investment advice.

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Daily Crypto Market Dispatch – June 4, 2025 Crypto markets are consolidating near highs as investors await two key macro events this week — Thursday’s expected ECB rate cut and Friday’s U.S. jobs report—both of which could set the tone for renewed market optimism. With Eurozone inflation dipping to 1.9% and an uptick in job openings, markets are increasingly pricing in looser monetary policy. This shift in tone could fuel broader risk appetite. Bitcoin BTC is holding above $105,000 after rebounding from $103K earlier this week. Technicals remain constructive, with $100K serving as a psychological anchor. Exchange outflows are moderate, and spot ETF flows continue to trend positively. Traders are watching for a break above $108K to signal a fresh leg higher, potentially supported by macro easing. Ethereum, XRP & Altcoins Ethereum is flirting with the $2,600 level, showing building momentum. A push past $2,925 could trigger a move toward $3,100, especially if rate expectations continue to tilt dovish. XRP is hovering near $2.24, buoyed by renewed optimism around regulatory clarity. Meanwhile, altcoins are staging a quiet comeback—Solana, Dogecoin, and privacy tokens are attracting fresh capital as risk rotation begins to broaden. Markets are closely monitoring ETH/BTC and overall altcoin market cap for signs of sustained capital rotation beyond Bitcoin. A rising ETH/BTC ratio could catalyze broader altseason narratives heading into Q3. Macro & Market Structure The European Central Bank is expected to cut rates by 25 basis points on Thursday—the first such move in over two years. In the U.S., jobless claims are ticking up, and markets are betting the Fed may soon follow suit. Inflation is easing on both sides of the Atlantic, which may reduce the headwinds crypto faced earlier in the year. Traders are watching to see whether Friday’s U.S. employment data confirms this dovish pivot. Trading activity during Asian market hours now accounts for a growing portion of global crypto volume, currently covering around 30% of BTC, ETH, and SOL spot trades. The U.S. share has recently dipped below 45%, reflecting a temporary shift in activity patterns that market participants are continuing to monitor. Looking Ahead This week’s macro calendar remains pivotal for risk assets. The European Central Bank meets Thursday, with markets anticipating a 25bps rate cut—the first since 2019. Traders will also be watching for signals on how the ECB plans to manage inflation now trending below 2%. In the U.S., Friday brings the Non-Farm Payrolls report and updated unemployment rate. After last week’s uptick in jobless claims, any downside surprise in employment growth could reshape rate cut expectations heading into the Fed’s next decision. On the micro side, flows into spot ETFs and stablecoin issuance trends remain key metrics. Markets are also digesting shifts in liquidity across major crypto exchanges, with Asia-based activity now surpassing that of U.S. venues. Altcoin trading volume and ETH/BTC dynamics may offer clues on whether capital is broadening beyond Bitcoin. Overall, investors will be parsing these signals closely as they reassess positioning into the second half of the year. — Stella Zlatareva, Nexo Dispatch Editor For informational purposes only; not financial or investment advice.

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Daily Market Dispatch – June 3, 2025 Crypto shakes off macro jitters as capital rotation resumes. Despite last week’s mild dip, crypto is maintaining form. On-chain metrics and rising momentum across key altcoins appear resilient. Institutional flow looks strong – not just through direct BTC allocations but also via infrastructure plays like Strategy’s STRD Preferred Shares. Meanwhile, policy stories continue to deepen the market’s infrastructure narrative – from Dubai’s expanding tokenization push to a new FCA-registered GBP stablecoin. This week’s macro calendar is also packed with ECB rate cut expectations and U.S Unemployment Rates coming Friday. Until then, traders are parsing Tuesday’s JOLTS report and assessing how central banks may react if labor cracks widen. Bitcoin Bitcoin sits at $105,000 going up from its start-of-week $103,000. The bounce came as on-chain and exchange flows remained steady, with no evidence of mass profit-taking despite broader risk-off sentiment. Technical analysis points to a high consolidation breakout and renewed bullish trend strength, with several momentum indicators still supportive. In the background, capital keeps flowing in: 21Shares’ 3-for-1 share split of its spot Bitcoin ETF cites sustained investor demand, which can be interpreted as a bullish signal and a bid to boost retail accessibility. The Blockchain Group just purchased $69.3 million in Bitcoin, bringing its treasury to 1,471 BTC. Its investment arm previously raised $719M to continue strategic BTC allocations, showing that institutional conviction hasn’t flinched. Separately, the EU’s Blockchain Group now holds over $68 million in Bitcoin as part of its ecosystem fund – yet another signal of long-horizon buying. Ethereum & Altcoins Ethereum is trading near $2,600, creeping towards the psychological $3K mark amid positive macro flow and renewed retail interest. DOGE is up nearly 3%, and Monero has quietly broken out against Bitcoin, with the XMR/BTC pair flashing a rare bullish reversal pattern. Monero’s stealth strength is drawing renewed attention as privacy tokens re-enter the rotation narrative after months on the sidelines. Institutional & Infrastructure Dubai continues to expand its leadership in tokenized finance. The Land Department has launched a real estate tokenization platform built on the XRP Ledger, part of its $16 billion digital economy initiative. The platform aims to streamline property ownership transfers, reduce costs, and enable broader participation in the city’s real estate market. Elsewhere, the FCA has officially greenlit TGBP – a GBP-backed stablecoin from BCP. It’s now listed on Uniswap and plans to expand across CEXs later this month. Meanwhile, TradFi is finding new ways to engage digital markets. Strategy has launched STRD Preferred Shares – high-yield instruments targeting institutional investors. These offerings bridge crypto-native yield models with structured equity-like products, suggesting further convergence between legacy capital and DeFi tooling. Macro & Market Structure Eurozone flash inflation dipped to 2.0%, reinforcing expectations for the ECB’s first rate cut in over two years on Thursday. While central bank divergence may add to short-term volatility, crypto markets appear to be looking past it, focused instead on maturing infrastructure, rising adoption, and sustained capital rotation. In the U.S., Friday’s Non-Farm Payrolls are expected to show a sharp hiring slowdown. Regional dynamics are also shifting. Asia now accounts for over 55% of trading volume in Bitcoin, Ether, and Solana. This marks the first time the U.S. share has fallen below 45%, underlining the growing influence of Asia-based traders and exchanges. Looking Ahead The focal points of the week are the ECB’s rate decision and Friday’s U.S. jobs report, but crypto’s rebound is already flipping sentiment. — Iliya Kalchev, Nexo Dispatch Analyst For informational purposes only; not financial or investment advice.

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It’s a macro-packed week ahead: from central bank statements to interest rate decisions, inflation data, and labor market figures. 🇺🇸 ISM Manufacturing PMI (May) – June 2, 14:00 GMT 🇪🇺 ECB President Lagarde Speaks – June 2, 16:30 GMT 🇺🇸 U.S. Fed Chair Powell Speaks – June 2, 17:00 GMT 🇪🇺 Eurozone CPI YoY & MoM (May) – June 3, 09:00 GMT 🇺🇸 JOLTS Job Openings (Apr) – June 3, 14:00 GMT 🇺🇸 ADP Nonfarm Employment Change (May) – June 4, 12:15 GMT 🇺🇸 ISM Non-Manufacturing PMI (May) – June 4, 14:00 GMT 🇪🇺 Eurozone Interest Rate Decision (Jun) – June 5, 12:15 GMT 🇺🇸 Initial Jobless Claims – June 5, 12:30 GMT 🇺🇸 Nonfarm Payrolls (May) – June 6, 12:30 GMT 🇺🇸 Unemployment Rate (May) – June 6, 12:30 GMT

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Daily Market Dispatch – May 29, 2025 Overview As Bitcoin consolidates above $108,500 following its all-time high of $111,861, crypto markets are showing clear bias toward accumulation. Risk appetite remains intact, but investor behavior is measured — classic wait-and-see mode ahead of key macro events. Institutional flows, improved macro visibility, and stable on-chain activity are reinforcing crypto’s role as a strategic asset Gold is trading lower at $3,297 amid renewed investor confidence and a firmer dollar. Today’s risk-on shift — driven by upbeat U.S. tech earnings and a court ruling modifying U.S. tariff policy, is lifting sentiment across asset classes. Bitcoin and digital assets are increasingly seen as part of core financial infrastructure within diversified strategies. Market participants are awaiting key U.S. economic data, including the Q1 GDP revision and initial jobless claims later today, followed by the Core PCE inflation print tomorrow — a key indicator for the Federal Reserve. While short-term volatility remains likely, there are no signs of broad risk aversion. Ethereum continues to show relative strength, and Solana is cementing its institutional appeal. Bitcoin BTC is trading near $108,500 in a disciplined consolidation. With $10B in options set to expire Friday and some whales trimming exposure, pressure is contained. Futures activity is subdued, suggesting the rally remains spot-driven and fundamentally sound. Technicals remain bullish: $105K–$107K is solidifying as support, and momentum is steady. The current pause signals rotation, not retreat. With macro winds still favorable, Bitcoin may be coiling for a push toward $115K. Ethereum & Altcoins Ethereum is up 2.1% to $2,641, reclaiming leadership among major caps. On-chain activity is stable, validator participation is climbing, and gas fees remain manageable. The market continues to price in favorable ETF prospects for ETH, even as broader altcoin sentiment remains mixed. Solana has emerged as a standout, advancing 4.7% today after securing a $1B institutional raise and launching its first public liquid staking strategy — a clear signal that capital allocators are taking Solana seriously beyond just speed narratives. SOL’s technicals point to a potential breakout if $190 holds. XRP and other large-cap altcoins remain flat, weighed down by regulatory overhang. Traders are watching the SEC’s next moves ahead of the June 17 ETF decision window. Macro & Institutional The U.S. Trade Court’s decision to reverse steel and aluminum tariffs has echoed across markets, lifting global sentiment. The ruling has de-escalated trade tensions and gave a boost to U.S. futures, while tech stocks — led by Nvidia’s upbeat Asia-driven earnings — are powering global risk appetite. In Japan, Metaplanet has again leaned into its Bitcoin strategy, issuing new bonds to pursue its ambitious BTC reserve goals. The move underlines Bitcoin’s evolving role as a balance sheet asset beyond U.S. borders. The U.S. Dollar Index has rebounded to 100.6, reflecting cautious optimism around U.S. economic resilience. However, traders remain laser-focused on tomorrow’s Core PCE print — a Fed-preferred inflation measure. A softer read could reignite expectations of rate cuts and spur fresh flows into crypto and growth assets. Looking Ahead All eyes are now on the Core PCE inflation release (May 30, 12:30 GMT). It could be the linchpin for June rate expectations and set the tone for summer risk-taking. Chicago PMI and personal income data will also feed into the macro picture. With Bitcoin holding ground and Ethereum gaining traction, the market is proving it can digest profit-taking without breaking stride. The narrative has shifted from speculation to strategic positioning. For allocators waiting for the “right” macro entry — this calm may not last much longer. — Stella Zlatareva, Nexo Dispatch Editor For informational purposes only; not financial or investment advice.

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BTC holds firm, yet with volatility still elevated, traders should stay nimble. A push past $112,000 or a retest of $94,000 could define the near-term range. The next catalyst may not wait long. — Iliya Kalchev, Nexo Dispatch Analyst For informational purposes only; not financial or investment advice.