Toncoin becomes Gram Nexo is supporting TON's rebrand to GRAM, effective July 2. The underlying token and your top-up/withdrawal addresses all stay exactly the same. Your balance will show as GRAM once the transition completes. Limit and recurring orders on TON will not carry over – you can place new ones in GRAM once trading goes live on July 2. If you have any questions, our Client Care team is always available to help.

The Nexo Championship is back Year two is official. The Nexo Championship returns to Aberdeenshire, August 20-23, 2026. Here's what's new: the prize fund goes up to $3M, there's a brand new celebrity pro-am on August 19, and our Course Record prize will be running at the tournament. For those unfamiliar with the Course Record prize – it's a rolling prize that starts at $10,000 and climbs every tournament until someone breaks a course record. We introduced it at last year's inaugural Nexo Championship, making it the first of its kind in professional golf. It's been live on the DP World Tour ever since and it'll be running at the 2026 edition too. The tournament also closes out the DP World Tour's Closing Swing – the final event of the first phase of the Race to Dubai. Patient. Precise. Bold. See you on the North Sea shoreline. Full announcement: Nexo Championship Returns to Aberdeenshire as Nexo Expands DP World Tour Footprint

Security on Nexo: a quick refresher A reminder of how security works on Nexo, both what runs in the background and what's available for you to enable. Running in the background: 🛡 Anti-scam engine. Runs on every withdrawal, analysing transactions in real time and flagging anything suspicious before funds leave the platform. Always on. 🔐 Encryption. AES 256-bit SSL across the platform. 📜 Audited infrastructure. SOC 2 Type 2, SOC 3, ISO 27001/17/18, CSA STAR Level 1, all renewed annually. At your disposal: 🔑 2FA via authenticator app. A second factor on login, also required at sensitive actions (withdrawals, Address Book edits, settings changes). Authenticator apps are stronger than SMS-based 2FA, which is vulnerable to SIM swaps. ✉️ Anti-phishing code. A personal code in the footer of every legitimate Nexo email. No code, not from us. Set it under Profile, Security & Settings, Anti-phishing code. 🔍 Channel validator. Verify any email, handle, or URL at nexo.com/channel-validator. 📒 Address whitelisting. Locks withdrawals to pre-saved addresses (up to 500), with a configurable delay before new ones can be used. Good to know: Nexo will never ask for your password or 2FA code, request transaction authorisation via chat/email/text, or send a login link via SMS. If anyone does, it isn't us. Suspicious message? Report them to

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Fuller overview: Common security threats and how to mitigate them.

Daily Market Dispatch – April 29, 2026 Bitcoin stays in-range ahead of what may be Powell's last call Bitcoin remains in-range above $76,000, briefly up 1.5% on the day towards $78,000, before reversing. The Fed concludes its two-day meeting today in what is widely expected to be Jerome Powell's final rate decision as chair. Equity futures are pointing modestly higher, with mega-cap tech earnings from Alphabet, Microsoft, Amazon, and Meta due after the close. Bitcoin Bitcoin traded toward $78,000, up 1.5% on the day, before retreating below $77,000 — tight consolidation that has defined the past several sessions. The $78,000–$79,500 area remains the firm technical barrier, with profit-taking repeatedly capping advances. The pattern is familiar: sharp rallies followed by consolidation, reflecting a market that is improving in structure but not yet trending. Bitcoin's resilience in the face of this week's macro headwinds is the more interesting data point than the price level itself. When oil surges, liquidations spike, and a central bank signals higher rates for longer, the default expectation is that risk assets sell off. Bitcoin has not. One interpretation is that the sell-side has thinned out as weaker holders have already exited — though this is difficult to verify in real time and should be weighed against the equally plausible reading that the market is simply consolidating ahead of a catalyst large enough to force the next directional move. The Fed today and the ECB tomorrow are the most likely candidates. Ethereum & Altcoins Altcoins stayed choppy throughout the day, initially staging a modest recovery — Ethereum up over 2%, XRP over 1%, Solana over 2%, before retreating. Bitcoin dominance continues to climb — the familiar pattern when macro stress arrives and capital consolidates into the largest asset, leaving altcoins to track Bitcoin's direction rather than set their own. XRP has broken below the long-held $1.40 support level on strong selling volume, turning that level into resistance. Traders are watching $1.40 as the key level to reclaim and $1.37 as the next support, with a break lower opening room toward $1.32–$1.28. Macro & Institutional The WSJ reported that President Trump is preparing for an extended naval blockade of Iranian ports, opting for a patient pressure strategy over military escalation or a swift diplomatic resolution — a shift that removes any near-term incentive for the market to price a resolution. The Fed is expected to hold rates steady at 3.5%–3.75% later today, with statement language the key focus — possible hawkish adjustments removing forward guidance on cuts later in 2026. Gold is near a one-month low at around $4,593 as safe-haven buyers favor the dollar in a higher-for-longer rate environment. The week's most consequential sovereign signal came from the Bitcoin 2026 conference in Las Vegas, where Czech National Bank Governor Ales Michl presented internal analysis showing that a 1% Bitcoin allocation to the CNB's $180 billion reserve portfolio would increase expected returns while keeping risk roughly unchanged, building on the bank's first digital asset purchase in November 2025. Looking Ahead Today's Fed decision is the main event, with Powell's press conference what may be the last opportunity to hear directly from the outgoing chair on inflation, rates, and the energy shock. Mega-cap tech earnings from Alphabet, Microsoft, Amazon, and Meta follow after the close. Thursday delivers the ECB and BoE decisions, U.S. Q1 GDP, Core PCE, and Apple's results. For Bitcoin, the question remains whether supply exhaustion is enough to hold the range — or whether the next macro shock is the one that breaks it. – Iliya Kalchev, Analyst at Nexo’s Dispatch For informational purposes only; not financial or investment advice.

Daily Market Dispatch – April 24, 2026 Bitcoin tests $78,000 as geopolitical uncertainty and central bank decisions loom Bitcoin is holding above $78,000 to close out a fourth consecutive week of gains, even as the macro backdrop grows more challenging. Brent crude has climbed above $106 and equity futures are mixed. Gold is heading for a weekly decline, slipping to around $4,692 as rising oil fans inflation fears and keeps rate cut expectations at bay. President Trump has stated he is in no rush to reach a permanent deal with Iran, and the Strait of Hormuz shows few signs of near-term resolution. The week ends with more questions than answers, but the institutional bid underneath Bitcoin has remained largely intact. Bitcoin Bitcoin is trading around $78,500, as it remains on course for a fourth consecutive weekly gain. The $80,100 level is the immediate technical test — Glassnode identifies it as the threshold where recent buyers return to profit and where rallies have historically stalled. Breaking above it cleanly would shift the conversation from recovery to resumption. Spot Bitcoin ETFs have extended their positive streak to eight consecutive days, drawing over $2 billion in net inflows between April 6 and April 22, on top of $1.32 billion in March that reversed a four-month outflow streak. Thursday alone saw $223.2 million in inflows. Cumulative net inflows across Bitcoin ETFs have now surpassed $58 billion, with total assets hovering around $100 billion — a scale of institutional participation that has no precedent in Bitcoin's history. Ethereum & Altcoins Altcoins are trading cautiously in a range-bound session. Ethereum trades around $2,300, XRP edged up to $1.43 and Solana eased to $86. Ethereum ETFs snapped their 10-day positive inflow streak on Thursday, posting $76 million in net outflows, a development worth monitoring given the broader rotation dynamic underway. A sustained altcoin recovery would likely require Bitcoin to clear $80,100 convincingly and geopolitical visibility to improve. Macro & Institutional Oil is the dominant macro story to close the week. Brent is up 1.7% to around $106.88 and WTI near $97.21, both on track for their largest weekly gain since early March. The Strait of Hormuz closure is now entering its third month with few signs of near-term relief. A three-week Israel-Lebanon ceasefire extension was announced Thursday, though Hezbollah representatives were absent from the talks, limiting its market impact. Equity futures are mixed. The Nasdaq is outperforming on the back of strong AI-related earnings. European stocks are slipping 0.4% and the dollar is firming on haven demand. Gold is heading for a weekly loss of around 3%, pressured by the higher-for-longer rate narrative that elevated oil continues to feed. A JPMorgan report published Wednesday adds a quieter but relevant data point. Analysts identified security vulnerabilities and stagnant growth as the primary obstacles to large-scale institutional adoption of DeFi. During periods of stress, capital has rotated toward stablecoins, they say, citing deeper liquidity and faster off-ramps on centralized platforms. Looking Ahead Next week is one of the heaviest on the macro calendar this year. Tuesday brings the Bank of Japan's rate decision alongside U.S. CB Consumer Confidence for April. Wednesday is the main event: the Fed's rate decision and FOMC statement, followed by the press conference, with the Bank of Canada also deciding on the same day. Thursday delivers a simultaneous read from the Bank of England and ECB, Eurozone CPI and unemployment, U.S. Core PCE — the Fed's preferred inflation gauge, initial jobless claims, and the Chicago PMI. Five central banks in three days, against a backdrop of oil above $100 and inflation expectations drifting higher. The macro picture can shift materially in either direction before next Friday. – Iliya Kalchev, Analyst at Nexo’s Dispatch For informational purposes only; not financial or investment advice.

Daily Market Dispatch – April 23, 2026 Bitcoin consolidates below $78,000 as oil climbs and peace talks stall Bitcoin is consolidating above $78,000 as the post-ceasefire relief rally runs into harder reality. The broader crypto market cap sits at $2.58 trillion, just below Wednesday's recovery highs. Oil is back above $103 and equity futures are pointing 0.4–0.6% lower this morning as Iran's renewed aggression in the Strait of Hormuz offsets the goodwill from Trump's ceasefire extension. The S&P 500 closed at a record 7,137 on Wednesday, though futures are pulling back this morning as the geopolitical picture darkens again. In the background, more than 100 established crypto exchanges and intermediaries signed a letter urging the Senate to advance the CLARITY Act this week, a sign that formal oversight is where the mature part of the industry wants to go. Bitcoin Bitcoin is trading around $78,166, up a modest 0.2% over the past 24 hours, after briefly touching $79,388, its strongest level since early February, before pulling back. Bitcoin's outperformance relative to the broader complex is notable: up 4% on the week while most majors are flat or lower. Negative funding rates alongside rising prices point to spot-led buying or short covering rather than leveraged speculation, a more constructive market structure than the headline move might suggest. CryptoQuant's Bull Score Index has flipped to a neutral 50 for the first time since Bitcoin peaked above $126,000. This typically marks a transitional phase rather than a confirmed trend. A neutral reading at 50 has historically preceded transitional periods. A slide below $76,000 would suggest the $79,388 high marked the top of this leg. Spot Bitcoin ETFs extended their week-long positive streak with $85 million in inflows on Wednesday, suggesting institutional demand is building rather than fading. Ethereum & Altcoins Altcoins are trading cautiously as risk appetite remains subdued. Ethereum slipped 1.7% to around $2,350, XRP fell 2.3% to $1.42, Solana and Polygon each declined around 2%, and Cardano shed 3%. Dogecoin dipped 1.5%. The divergence between Bitcoin and the rest of the complex continues to widen. When a rally concentrates in one asset while others trade sideways, it tends to reflect a more selective bid rather than broad market conviction. Ethereum ETFs are on a 10-day positive inflow streak, adding $43 million on Wednesday alone, a bright spot beneath the surface price weakness. Macro & Institutional The ceasefire extension has brought a pause in hostilities, though the underlying tensions remain unresolved. Brent crude is back above $103 and WTI near $94.83. The longer the Strait remains effectively closed, the more markets may be forced to treat supply disruption as a structural condition rather than a temporary risk premium, a repricing that oil's return above $103 has already begun to reflect. U.S. equity futures are pointing lower despite Wednesday's record close, with nearly 80% of S&P 500 companies beating first-quarter expectations providing a floor. The earnings tailwind is increasingly competing with the oil ceiling. A Reuters poll this week found investors expect the Fed to wait at least six months before cutting rates, with the dollar strengthening on haven demand and hitting its strongest level since April 10. Looking Ahead Today's initial jobless claims are the lead data point, the first read on whether the energy shock is feeding through into labor market softness, followed by S&P Global flash PMIs for manufacturing and services, offering the clearest picture yet of how companies are absorbing the war's cost pressure. Japan CPI prints overnight. Friday brings the Michigan Consumer Sentiment final, with the 1-year inflation expectations component the number to watch ahead of the April 28–29 FOMC meeting. – Iliya Kalchev, Analyst at Nexo’s Dispatch For informational purposes only; not financial or investment advice.

Daily Market Dispatch – April 22, 2026 Bitcoin tests $78,000 on ceasefire extension Bitcoin pushed toward $78,000 in early Wednesday trading after President Trump announced an indefinite extension to the ceasefire with Iran. The broader crypto market cap reached $2.62 trillion, recovering toward pre-war levels after a timid start to April. Equity futures are pointing 0.6–0.8% higher across the board. Gold is ticking up to around $4,751, supported by a weaker dollar, which has retreated to pre-war levels as the March safe-haven spike unwinds, while Brent crude is holding just below $100. Bitcoin Bitcoin is trading above $78,000, up 3% over the past 24 hours and on track for its third consecutive day of gains. The move above the $75,000–$76,000 range that had capped the prior two weeks was partly mechanical — short positions built up over weeks were forcibly liquidated as price crossed that level, a dynamic that amplifies but cannot sustain a rally without underlying spot demand to follow. Spot volumes reinforce that caution, monthly activity is running below recent historical averages and cumulative spot delta has yet to turn decisively positive, consistent with price advancing faster than broad spot participation. K33 Research flagged that funding rates turned deeply negative even as prices rose, with open interest trending higher — a configuration that cuts both ways, increasing the potential for further short squeezes but also leaving the market exposed to a sharp reversal if geopolitical sentiment deteriorates. US spot Bitcoin ETFs recorded a sixth consecutive day of net inflows on April 21, though the aggregate of $11.83 million was the smallest daily figure of the streak. Ethereum & Altcoins Ethereum is up 3.2% to around $2,391, with the broader market gaining approximately 2.3% over the past 24 hours. XRP advanced 1.3% to $1.46, again testing the $1.45 level that has rejected multiple rallies this year — a ceiling the token has approached but not convincingly cleared. Solana, Cardano, and Polygon each added around 2.5%, while Dogecoin gained 2.3%. The altcoin complex is participating in the move, though gains remain measured relative to Bitcoin — consistent with a market re-risking cautiously rather than rotating aggressively into higher-beta names. Macro & Institutional Markets are cautiously optimistic but not convinced. The ceasefire extension lifted futures, but oil near $100 and a 4.4 million barrel draw in U.S. crude inventories — more than four times the expected figure, signal that the supply shock is far from resolved. The dollar index has retreated to pre-war levels, unwinding the March safe-haven spike and providing a modest tailwind for gold, which is ticking up to around $4,751. March retail sales rose 1.4% compared to February, though the headline flatters: the bulk of the gain came from gas station sales inflated by war-driven fuel prices, not broad consumer strength. The Warsh hearing produced no market-moving surprises. UBS maintained its call for 50 basis points of additional cuts by year-end, citing cooling core inflation and softening labor data. Looking Ahead The ceasefire extension buys time but resolves nothing structurally. Iran has not formally accepted the terms, the blockade continues, and Hormuz remains functionally closed. For Bitcoin, the immediate test is whether institutional spot demand is sufficient to absorb supply once the mechanical squeeze exhausts itself, and whether the $78,000–$83,000 range can hold on that basis alone. Thursday's initial jobless claims are the lead data point — the first read on whether the energy shock is feeding into labor market softness, followed by flash PMIs and Japan CPI overnight. Friday's Michigan Consumer Sentiment final closes the week, with the 1-year inflation expectations component the number to watch ahead of the April 28–29 FOMC meeting. – Iliya Kalchev, Analyst at Nexo’s Dispatch For informational purposes only; not financial or investment advice.

Daily Market Dispatch – April 21, 2026 Bitcoin climbs above $76,000 as institutional demand and ceasefire hopes drive momentum Crypto is starting the week with momentum. Bitcoin has climbed above $76,000, up 1.6% on the day, with total crypto market cap edging above $2.58 trillion as improving risk sentiment and steady institutional inflows provide a constructive backdrop. US equity futures are edging up 0.2%–0.3%, oil is pulling back toward $95, and gold is holding near $4,783. The ceasefire deadline arrives this week — Trump announced the two-week pause on April 7, with expiry expected around Wednesday evening ET, making the outcome of US-Iran talks in Pakistan the dominant macro variable for the days ahead. Bitcoin Bitcoin is trading above $76,000, building on last week's strongest weekly performance since the conflict began. The key resistance levels are $75,500–$75,600; a clean break above them opens the path toward $80,000, Bitcoin's prior consolidation zone from early 2026. Below, $73,500 is the near-term support. Technical momentum is building — the bull/bear power indicator is in buy territory and the Commodity channel index is approaching the 100 threshold, signalling strengthening upward conviction. Spot Bitcoin ETFs recorded $996 million in weekly inflows last week — the strongest week since early January, with Friday alone accounting for $663 million. The momentum has carried into this week, with Monday already recording $238 million in inflows. Institutional buyers are returning to Bitcoin with conviction, not caution. Year-to-date ETF flows have now turned positive, and whale accumulation during dips has continued to provide structural support through the ceasefire volatility. Ethereum & Altcoins Ethereum rose 0.7% to around $2,314, with XRP up 1.5% and Solana gaining 1%. Bitmine — the world's largest public holder of ETH, added 101,627 ETH, its largest single purchase since December, bringing total holdings to 4.98 million ETH. The company's long-term target remains 5% of total supply, and its continued accumulation at scale underlines that institutional conviction in Ethereum as a treasury asset is deepening. Macro & Institutional Oil is pulling back toward $95 as mixed signals on US-Iran talks keep markets oscillating. Hormuz remains effectively closed — Iran reopened the strait briefly on Friday before shutting it again following the US seizure of an Iranian-flagged cargo ship. An extension of the ceasefire this week opens the door to further oil price declines and a broad risk-on continuation. Gold at $4,783 is edging lower on a firmer dollar. The Warsh confirmation hearing today is the domestic macro event to watch — his prepared remarks emphasise Fed independence, but markets will parse every word for signals on the rates path, given his track record is less dovish than some expected. JPMorgan raised its S&P 500 year-end target to 7,600, lifting its 2026 EPS estimate to $330 for 22% year-on-year growth. Amazon simultaneously announced a $5 billion immediate investment in Anthropic with Anthropic committing $100 billion to AWS over the next decade. AI capex is forecast to rise 58% year-on-year to $775 billion by year-end. The AI infrastructure trade is accelerating, not slowing and crypto is positioned to benefit as the natural companion to the digital economy buildout. Looking Ahead The ceasefire deadline Wednesday evening is the week's defining event for oil, rates, and risk assets. Fed Governor Waller speaks Tuesday, followed by UK CPI Wednesday — the first major inflation read of the week. Thursday is the busiest data day: US initial jobless claims, S&P Global manufacturing and services PMIs, and Japan CPI all land together. Friday closes with Michigan Consumer Sentiment. For crypto, the path to $80,000 is open; whether it is taken this week depends as much on Islamabad as on the data. - Iliya Kalchev, Analyst at Nexo’s Dispatch For informational purposes only; not financial or investment advice.

Looking Ahead Today marks the final day before the FOMC blackout period begins at midnight. Fed officials Daly, Barkin, and Waller speak, their last opportunity to signal any shift in the rate outlook before the Committee goes silent ahead of the April 28–29 meeting. The IMF Spring Meetings continue in Washington, with potential signals on global growth and trade fragmentation. Next week's flash PMIs and preliminary Michigan consumer sentiment are the first April reads on whether tariff and geopolitical uncertainty is hitting real activity. The Michigan 1-year inflation expectations component is the one to watch. Consensus has jumped to 4.8% from 3.8%, the de-anchoring dynamic the Fed most wants to avoid. — Dessislava Ianeva, Nexo Dispatch analyst For informational purposes only; not financial or investment advice.

Daily Market Dispatch – April 7, 2026 Crypto stays cautious as geopolitics and inflation data set the tone for Q2 Crypto is opening the week on a cautious note. Bitcoin slipped below $69,000 after briefly touching $70,000 on Monday on ceasefire optimism, with the total crypto market cap holding above $2.3 trillion. The backdrop is dominated by a hard deadline: the US has set April 7 at 8pm ET for Iran to reopen the Strait of Hormuz or face strikes on infrastructure. Oil is at $110, the dollar is firm, European stocks are treading water, and equity futures are edging lower. The market is not in panic, but it is not committed either, waiting for the deadline to pass before taking a clearer position. With the energy shock still feeding through to prices, every inflation print this week carries asymmetric weight for crypto — a softer read reopens the rate-cut conversation; a hotter one hardens the higher-for-longer narrative further. Bitcoin Bitcoin is trading near $68,500, down 0.8% on the day after failing to hold above $70,000 — a level that has now rejected price twice this month. The pattern is consistent: optimism on diplomatic signals, a push higher, then a retreat as those signals prove inconclusive. The $68,000 level is now the immediate support; below it, the $65,000–$63,300 zone is where structural buying has previously emerged. The most significant development of the week so far is Monday's ETF flow data. Spot Bitcoin ETFs attracted $471 million in inflows — the largest single-day total since February 25. Ethereum & Altcoins Ethereum is trading near $2,108, down 2% on the day but showing several converging signals worth watching. Spot ETH ETFs recorded $120 million in inflows on Monday — their largest single-day total since mid-March, a meaningful sign of returning institutional interest. On the technical side, the 20 and 50-day moving averages on the 12-hour chart are within striking distance of a bullish crossover. The last time this setup completed, ETH rallied 16%. Open interest has risen to over $10 billion, as whale wallets added approximately 190,000 ETH since April 3, providing spot support beneath the technical setup. The technicals, derivatives, and onchain data are all pointing in the same direction — the question is whether macro gives ETH the room to move. XRP fell 2.4%, Solana and Polygon each declined around 3%, and Cardano slipped more than 4%, with the broader altcoin complex tracking the cautious macro mood. Macro & Institutional The macro picture remains one of careful navigation — a global economy managing an energy shock while markets search for clarity on its duration. Oil is holding at $110 with the Strait of Hormuz still effectively closed, and the IEA has described this as the most severe supply disruption in history. In addition, Fed officials this week used a traffic-light system to frame their outlook: inflation approaching red, labor market yellow, financial stability green. The implication is that the Fed's next move is more likely a hold than a cut, but the path there runs through data that still needs to cooperate. Looking Ahead Beyond the geopolitical clock, the data calendar is dense and front-loaded toward the end of the week. Wednesday brings the 10-year Treasury note auction — a key read on bond market sentiment and yield direction at a moment when inflation expectations are elevated. Thursday is the most consequential day: Core PCE, Q4 GDP, and initial jobless claims all land simultaneously — a triple release that could materially reprice rate expectations in either direction. Friday closes with German CPI and US CPI, delivering the final inflation read of the week. With the energy shock still feeding through to prices, every inflation print this week carries asymmetric weight for crypto — a softer read reopens the rate-cut conversation; a hotter one hardens the higher-for-longer narrative further. - Iliya Kalchev, Nexo Dispatch analyst For informational purposes only; not financial or investment advice.

A pivotal midweek stretch puts inflation, growth, and central bank signals back in focus – a window where volatility may resurface as markets recalibrate rate expectations, risk sentiment, and crypto positioning: 🇨🇭 World Economic Forum Annual Meetings – Jan 19-23 🇬🇧 U.K. CPI (YoY & MoM) (Dec) – Wed, Jan 21, 07:00 GMT 🇺🇸 U.S. President Trump Speaks – Wed, Jan 21, 13:30 GMT 🇺🇸 Atlanta Fed GDPNow (Q4) – Wed, Jan 21, 17:00 GMT 🇺🇸 GDP (QoQ) (Q3) – Thu, Jan 22, 13:30 GMT 🇺🇸 Initial Jobless Claims – Thu, Jan 22, 13:30 GMT 🇺🇸 PCE & Core PCE (YoY & MoM) (Nov) – Thu, Jan 22, 15:00 GMT 🇺🇸 Crude Oil Inventories – Thu, Jan 22, 17:00 GMT 🇯🇵 BoJ Interest Rate Decision – Fri, Jan 23, 03:00 GMT

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This week’s U.S. data, alongside Powell’s upcoming remarks, will test whether there's momentum behind the soft-landing narrative – a backdrop that historically supports Bitcoin: 🇺🇸 S&P Global Manufacturing PMI (Nov) – Dec 1, 14:45 GMT 🇺🇸 ISM Manufacturing PMI (Nov) – Dec 1, 15:00 GMT 🇺🇸 Fed Chair Powell Speaks – Dec 2, 01:00 GMT 🇺🇸 JOLTS Job Openings (Sep) – Dec 2, 15:00 GMT 🇺🇸 ADP Nonfarm Employment Change (Nov) – Dec 3, 13:15 GMT 🇺🇸 S&P Global Services PMI (Nov) – Dec 3, 14:45 GMT 🇺🇸 Initial Jobless Claims – Dec 4, 13:30 GMT 🇺🇸 Core PCE Price Index (MoM & YoY, Sep) – Dec 5, 15:00 GMT

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Markets brace for a week of crucial economic data as fresh inflation and growth indicators take the spotlight. Here’s what to watch this week: 🇺🇸 CPI MoM & YoY (Jul) - August 12, 12:30 GMT 🇬🇧 GDP MoM (Jun) - August 14, 06:00 GMT 🇺🇸 Initial Jobless Claims - August 14, 12:30 GMT 🇺🇸 PPI MoM (Jul) - August 14, 12:30 GMT 🇪🇺 GDP YoY & QoQ (Q2) - August 14, 09:00 GMT 🇺🇸 Retail Sales MoM (Jul) - August 15, 12:30 GMT

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Looking Ahead Ethereum’s momentum continues to build, and institutional activity is no longer just about Bitcoin. Macro sentiment remains supportive post-tariff deal, and the calendar brings key inputs this week, including U.S. consumer confidence, jobless claims, and the Fed’s July 30 rate decision. With BTC holding high ground, ETH drawing flows, and Wall Street quietly building yield-bearing crypto products, markets are signaling sustained rotation with structural support. — Iliya Kalchev, Nexo Dispatch Analyst For informational purposes only; not financial or investment advice.

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Daily Market Dispatch – June 17, 2025 Overview Might it be the summer of love altcoins? Altcoin enthusiasm is building this week while Bitcoin holds firm as investor attention begins to rotate toward assets like Solana. While geopolitical jitters in the Middle East and liquidity pressure continue to hover over traditional markets, crypto is staying resilient. Institutional flows, regulatory shifts, and another Strategic treasury splash are helping sustain confidence across the board. Bitcoin BTC remains solidly above the $106,600 mark, banking on six days straight of ETF inflows, despite global tensions. Traders continue to digest political and macro headlines. including renewed Israel-Iran risks and their potential spillover into energy and risk markets. Underneath the price action, miner concentration remains in focus: per JPMorgan, publicly traded Bitcoin miners now control a record share of global hashrate, tightening the link between public equity and on-chain infrastructure. Meanwhile, Strategy won’t stop… strategizing. The publicly traded firm just added another 10,100 BTC to its treasury, marking its tenth consecutive weekly haul and pushing its Bitcoin reserves above $5.3 billion. Whether viewed as aggressive conviction or tactical positioning, the move solidifies Strategy as one of the most assertive corporate actors in digital assets. Ethereum & Altcoins Ethereum is flat on the week at $2,500, but Solana has taken center stage, rising 4.6% in the last 24 hours. SOL surged as traders rotated out of BTC into potential altseason plays. This was further spurred by Cantor Fitzgerald releasing back-to-back notes praising Solana’s “technological superiority” over Ethereum and forecasting significant upside for public companies with SOL on their books. The research also fueled speculation around a growing Solana treasury strategy trend among listed firms, including Wormhole’s backer Galaxy Digital and trading platform Robinhood, both of which have reported SOL holdings. ETF news added fuel: CoinShares became the latest to file for a Solana ETF in the U.S., joining a queue that signals deepening institutional interest. Meanwhile, altcoin traders briefly hit pause as several fun-focused trading platforms suspended X access, citing compliance concerns, though the impact on flows appears temporary. Policy & Infrastructure In a rare yet welcome legislative leap, Vietnam has officially legalized digital assets, passing new laws that provide regulatory clarity and offer incentives for Web3 innovation. The move positions Vietnam as a rising hub for blockchain development in Southeast Asia and follows months of pro-crypto political momentum. Meanwhile, Tron’s parent company is reportedly planning a Nasdaq listing via reverse merger, part of a broader push to re-anchor major crypto firms inside U.S. capital markets. Circle remains in focus too, with CRCL’s price soaring. President Trump’s digital asset ambitions are also still in expansion mode with Trump Media filing for a dual Bitcoin-Ethereum ETF, pushing deeper into the crossover between political capital and crypto capital markets. The move is likely to energize crypto debates, especially as digital assets become more embedded in 2025’s electoral cycle. Looking Ahead Altcoin momentum and Solana-specific narratives are stealing the spotlight this week, even as Bitcoin remains a pillar of market stability. Investors will be watching for ETF progress, U.S. regulatory comments, and signs that capital rotation into high-beta assets continues. With Solana ETFs on the table, Vietnam going full Web3, and corporate treasuries staying active, crypto’s institutionalization is no longer a trend – it’s the baseline. – Iliya Kalchev, Nexo Dispatch Analyst For informational purposes only; not financial or investment advice.

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Daily Market Dispatch – May 21, 2025 Overview Bitcoin is brushing up against its all-time high, closing Tuesday at a record $106,830 and pushing above $107,500 in early Wednesday trade. The market stands at a crossroads: short sellers are crowded at $108,000, while structural demand deepens across spot, futures, and institutional channels. The rally reflects more than price action – it signals a regime shift. With over 33,000 BTC added to short-term holder supply in a week, and long-term holders quietly accumulating 450,000 BTC since March, Bitcoin shows the hallmarks of a breakout built on conviction, not hype. Traditional markets, meanwhile, are treading cautiously. U.S. equities pulled back Tuesday, and futures are pointing lower again, as Treasury yields climb and fiscal concerns resurface. Gold is benefiting from haven flows, while the dollar softens amid President Donald Trump’s tax and spending bill. Bitcoin Bitcoin has settled above $106,000, with the market primed for a decisive breakout. Record open interest in futures at $75 billion reflects high-leverage bets on volatility. ETF flows continue to reinforce the rally. Spot Bitcoin ETFs saw $329 million in inflows on May 20 alone, further signaling demand. Behind the price action is a profound shift in supply dynamics. Short-term holders are back in profit, while long-term holders now sit on average gains above 230%. Realized profits have surged more than tenfold this month, yet selling pressure remains muted. Bitcoin’s realized cap – measuring capital stored in the network – hit a record $900 billion, highlighting the depth of conviction and the market’s willingness to stick with the asset. BTC’s message is clear: accumulation isn’t just intact – it’s intensifying. And with institutional buy-in converging with retail enthusiasm, the next leg-up is not a question of if, but when. Ethereum & Altcoins Ethereum is riding a renewed wave of institutional interest, trading at $2,580 after an 80% rally from April lows. ETH ETFs saw $64 million in inflows on Tuesday, as traders opened bullish call spreads targeting $6,000 by year-end. Altcoins are tracking broader strength. Solana, Cardano, and Dogecoin each gained 1–3%. More regulatory developments are on deck. The SEC has delayed decisions on new altcoin ETFs, including XRP, DOGE, and SOL, keeping broader ETF expansion beyond Bitcoin and Ethereum on hold for now. Macro & Institutional SEC Chair Paul Atkins declared a shift from enforcement-first to engagement-first policy. Plans to unify custody and trading rules across asset classes now signal the clearest path yet to regulatory integration. In traditional markets, U.S. stock futures slipped early Wednesday, following Tuesday’s pullback in equities and a spike in Treasury yields. The 10-year briefly touched 4.48%, a move tied to America’s less favorable fiscal outlook and President Trump’s proposed multi-trillion-dollar spending plan. Gold rose 0.4% to $3,302, lifted by fiscal concerns and a weaker dollar. The greenback extended a two-day drop, with the Dollar Index falling below 100 amid growing uncertainty around the tax package and upcoming G7 meetings. Looking Ahead Bitcoin is in a high-stakes standoff. A break above $108,000 could ignite the next leg to $110,000 – the coming 48 hours may determine whether the market enters full price discovery. Macro focus shifts today to speeches from Fed officials Thomas Barkin and Michelle Bowman for fresh policy signals. Thursday brings key labor data via initial and continuing jobless claims, alongside S&P Global’s flash manufacturing and services PMIs. Friday wraps the week with new home sales, offering a pulse check on U.S. consumer resilience. As fiscal risks rise and global trade tensions linger, Bitcoin’s bid as a hedge – and a beacon – looks increasingly well earned. — Iliya Kalchev, Nexo Dispatch analyst For informational purposes only; not financial or investment advice.

Looking Ahead Investors are closely eyeing this week’s G7 summit, with Thursday’s initial jobless claims also on the watchlist. On the crypto front, the spotlight remains on altcoin ETF timelines, JPMorgan’s rollout, and whether the Senate can pass the GENIUS Act before recess. As traditional financial signals wobble, crypto infrastructure gains legitimacy as evidenced by the notable shift from speculation to accumulation. – Stella Zlatareva, Nexo Dispatch Editor For informational purposes only; not financial or investment advice.

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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.

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.

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 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.

A data-heavy week lies ahead, with U.S. inflation prints, jobless claims, and FOMC minutes offering fresh signals on the macro landscape: 🇺🇸 FOMC Meeting Minutes - April 9, 18:00 GMT 🇺🇸 CPI MoM & YoY - April 10, 12:30 GMT 🇺🇸 Initial Jobless Claims - April 10, 12:30 GMT 🇺🇸 PPI MoM - April 11, 12:30 GMT

Daily Market Dispatch – April 4, 2025 After a tense Wednesday, Thursday investors demonstrated even more measured moves across digital assets. Equities continued to slip on lingering tariff jitters, but crypto held its footing. While sentiment remains firmly in Fear territory (at 25), BTC and ETH prices are showing signs of stabilization just above crucial levels. Meanwhile, prediction markets have nudged up U.S. recession odds following the tariff news, adding a layer of caution ahead of today’s Nonfarm Payrolls data. Bitcoin Following a brief dip under its key support at $82,000, BTC is trading admirably just above $83,000, holding steady despite continued macro pressure. Spot BTC ETFs saw nearly $100 million in net outflows Thursday, with institutional sentiment clearly cautious following the tariff-driven market repricing. Derivatives data suggests traders are beginning to position for a possible near-term bounce, especially if rate cut expectations firm. BTC appears to be coiling – volatility compression at these levels could precede a sharper directional move post-jobs data. Altcoin Action Ethereum is steady near $1,800, showing resilience amid broader market drift. A bullish catalyst may be forming on the horizon: developers are targeting May 7 for the Pectra upgrade’s mainnet deployment. If successful, this could boost ETH’s network narrative into mid-Q2. Solana continues to bear the brunt of risk-off flows, sliding 15% week-to-date, and yet SOL, like ETH and BTC stabilized after the initial dip from tariff news. Solana’s recent price swing has been linked to large holders offloading tokens – whales reportedly moved over $40 million in SOL to exchanges ahead of the jobs report. Still, Fidelity’s Solana ETF application advancing toward approval adds longer-term optimism. Elsewhere, DOGE saw a sharp drop in volatility. The memecoin’s 30-day volatility index fell from 95% to just over 40%, marking one of the steepest declines among major assets – suggesting traders may be stepping back from short-term plays. Regulatory & Institutional Developments Crypto policy momentum remains strong. The Senate Banking Committee advanced Trump’s nomination of Paul Atkins to chair the SEC – a figure generally seen as favorable to digital assets. Meanwhile, the House Financial Services Committee passed Rep. Tom Emmer’s anti-CBDC bill, reinforcing Republican skepticism of centralized digital currencies – a not necessarily negative development for existing cryptocurrencies and stablecoins. These developments underscore the continued policy divergence between pro-crypto regulation and anti-surveillance finance. Looking Ahead The next major market cue arrives today with U.S. jobs data. A soft print may revive rate cut hopes and offer relief to risk assets, while a strong read could further muddy the Fed’s path. For now, crypto seems to be bracing—but not breaking. Structural narratives remain intact, and with technical setups tightening, the post-NFP reaction may determine whether Q2 begins with a breakout or a backslide. – Stella Zlatareva, Nexo Dispatch editor For informational purposes only; not financial or investment advice.

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

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Daily Market Dispatch – Mar 05, 2025 For informational purposes only; not financial or investment advice. Overview A broader shift in market sentiment helped Wednesday’s crypto markets stage a rebound, with the Fear & Greed Index stabilizing toward neutral and leading cryptocurrencies (BTC, ETH, XRP, SOL) gaining between 5% and 8%. This overall optimism comes as investors digest potential easing in tariff policies following President Trump’s recent address to Congress. Bitcoin rebounded as dip buyers pushed its price from around $83,000 to above $88,000. XRP also made notable gains, surging to $2.50, while Ethereum’s performance was buoyed by positive progress on its highly anticipated Pectra upgrade and a turn-around to inflows in ETHETFs. Regulatory, Macro & Broader Asset Landscape The U.S. tariffs – a 20% duty on Chinese goods and 25% tariffs on imports from Canada and Mexico – weighed in on markets on Tuesday as they came into effect, leading to declines in crypto and equities, and unnerving investors. However, long-term optimism won over short-term unease after U.S. Commerce Secretary Howard Lutnick indicated that a deal to reduce tariffs on Canada and Mexico could be announced as early as Wednesday. Lutnick hinted that President Trump might be open to meeting the trading partners "in the middle," a prospect that appears to have contributed to Wednesday’s uptick. Amid this backdrop, questions remain – especially regarding the Trump administration’s plans for a national Crypto Reserve that would include Bitcoin, Ether, and three other major cryptos. Any concrete action could be a major catalyst for the crypto market, shaping investor sentiment and driving momentum through clearer regulations and potential government-backed adoption. On the macroeconomic front, key releases scheduled for Wednesday – namely, the ADP Nonfarm Employment Change and the S&P Global Services PMI for February – are being closely watched as early indicators of what might come next. These data points are expected to offer further insights into economic moderation in line with the Fed’s desired soft landing, while also providing signals on whether interest rate cuts might be expected in 2025 – a growing possibility as President Trump has repeatedly stressed his determination to bring interest rates down. Institutional Signals Institutional activity helps counter short-term volatility. ETF flows reflect shifting sentiment: on March 4, Bitcoin Spot ETFs saw a net outflow of $144 million – almost twice that of the previous day – while Ethereum Spot ETFs reversed an eight-day outflow with a net inflow of $15 million. XRP’s robust performance, which has helped boost its market cap, further illustrates the balance between speculative trading and long-term positioning. Looking Ahead Market participants now face a delicate balancing act. On one side, trade policy uncertainty keeps sentiment guarded, while on the other, easing Treasury yields and the increased likelihood of Fed rate cuts suggest a potential turnaround. As traders adjust to these evolving conditions, the current consolidation phase could pave the way for a broader rebound across both crypto and traditional asset classes. In the digital assets sector, Ethereum’s highly anticipated Pectra upgrade emerges as a key development in anticipation. After a successful deployment on the Sepolia test network – following a setback on the Holesky testnet – developers are set to convene on March 6 to discuss the mainnet release timeline. With the upgrade promising enhancements in staking, wallet functionality, and overall network efficiency, its successful implementation may serve as a catalyst for renewed altcoin momentum. Iliya Kalchev, Nexo Dispatch analyst

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Daily Market Dispatch – Feb 27, 2025 For informational purposes only; not financial or investment advice. Market Overview In the last 24 hours, the market was as “Under Pressure” as Queen and David Bowie’s 1981 classic. Bitcoin (BTC) is trading at approximately $86,200, reflecting a 2.28% decrease over the past 24 hours. For now, despite the market’s short-term shift, investors are showing a certain resilience, holding firm above the $82,000 level for Bitcoin as last night’s trading indicated. Key drivers of the current dynamics include BTC ETF outflows, upcoming options expirations, upcoming PCE inflation data, and NVIDIA’s Q4 earnings report. On the altcoin front, market movers of interest today include: LTC, SOL, and APT. Bitcoin Presently BTC is holding fast, the real key threshold to watch is the $80,000 support level. Tuesday’s $1.1 billion in outflows from Bitcoin ETFs continued the asset’s deacceleration from just beneath $90,000 yesterday, to toe the line at $82,000 before promptly bouncing back. This small ricochet signals investors are not quite ready to let go of bullish hopes just yet, perhaps reflecting Bitcoin’s bigger picture – namely that it is up 46% in the last six months. However, open interest for put options at a $70,000 strike price is the second highest among all contracts expiring on February 28 (tomorrow), indicating some traders are positioning for potential downside. A total of $4.9 billion in options contracts are set to expire on Friday, which could lead to heightened volatility and further price pressure. Altcoins While Ethereum slid along with BTC to $2,300, certain activity in the altcoin realm shows promise. An old classic, Litecoin (LTC) surged over 9% to $127.85, following the announcement of its own domain extension, ".ltc," in collaboration with Unstoppable Domains. Solana (SOL), while overall down on its luck these days, traded at $140.40, with the DTCC listing the first set of Solana futures ETFs, fueling optimism for potential spot fund approvals. Finally, Bitwise registered an Aptos ETF entity in Delaware, leading to Aptos (APT)’s 7.42% increase, indicating growing institutional interest in the altcoin sector, even amid less favorable market conditions. Macro U.S. lawmakers have delayed the timeline for comprehensive crypto legislation, introducing indecision into the market and potentially affecting institutional participation throughout this BTC dip. Meanwhile, Nvidia delivered a blowout earnings report, with Q4 revenue surging 78% and full-year revenue climbing 114% to $130.5 billion, reinforcing bullish sentiment in risk assets ahead of Friday’s core PCE inflation data, which could further sway market direction. Gold, on the other hand, slipped under pressure from a stronger U.S. dollar and rising Treasury yields, as investors awaited the inflation print to gauge the Fed’s next steps. Looking Ahead With $4.9 billion in Bitcoin options set to expire on Friday and core PCE inflation data on deck, market movement could ramp up. Other forces to watch include Nvidia’s earnings-fueled momentum, BTC’s support levels, and U.S. tariff policy shifts. Iliya Kalchev, Nexo Dispatch Analyst

Daily Market Dispatch – Feb 26, 2025 For informational purposes only; not financial or investment advice. Overview After Tuesday’s broad-based rebalancing, the market is showing signs of stabilization. Bitcoin remains steady just below $89,000, with on-chain data indicating that short-term holders transferred roughly 43,600 BTC to exchanges – suggesting that a key support level may have been reached. Ether is also on an upward trajectory toward $2,500. These asset movements come amid notable ETF outflows and a shift in macroeconomic factors, including a significant drop in U.S. consumer confidence and a strengthening yen, which are reshaping market dynamics. Regulatory, Macro & Broader Asset Landscape Recent economic signals point to a potential shift toward a more accommodative monetary policy. A pronounced decline in U.S. consumer confidence – the steepest since August 2021 – coupled with a stronger yen, has driven investors toward traditional assets, like gold, which stabilized near $2,920 per ounce on Wednesday despite a brief dip to a one-week low. Prediction markets are now reflecting a 30% chance of a rate cut in May, with the possibility of an additional cut by June increasing in probability. These macroeconomic developments provide the context for the ongoing market recalibration. Beyond Bitcoin’s stabilization, the wider crypto ecosystem presents a varied landscape. Ether’s movement toward the $2,500 mark sets part of the tone, XRP recorded a modest gain of around 3%, and both BNB and SOL experienced increases of approximately 5%. Additionally, Dogecoin and Cardano posted incremental improvements of about 1.2%. Institutional Signals Institutional investors continue to play a pivotal role. U.S. spot Bitcoin ETFs experienced nearly $1 billion in outflows on Tuesday – the largest daily movement since their launch – highlighting a strategic repositioning among major players. This behavior, along with observed on-chain shifts, suggests that institutional investors are carefully recalibrating their exposure in response to the evolving market conditions. Looking Ahead Several developments are poised to influence market sentiment. Record earnings from Nvidia are highly anticipated and could bolster the overall outlook, while forthcoming U.S. home sales data on Wednesday may provide further clarity on the economic trajectory and the prospects for a soft landing by the Federal Reserve. As these factors evolve, market participants will remain focused on the interplay between asset performance, macroeconomic trends, ETF flows, and institutional strategies in guiding the near-term market course. Iliya Kalchev, Nexo Dispatch analyst

Daily Market Dispatch – February 20, 2025 For informational purposes only; not financial or investment advice. Overview The cryptocurrency market has seen a modest uptick, with its total market capitalization edging slightly above $3.2 trillion over the past 24 hours. Market participants are digesting yesterday’s release of the Federal Reserve's January meeting minutes, which highlighted concerns over potential inflationary pressures from proposed tariffs and immigration policies. The Federal Open Market Committee (FOMC) emphasized the need for "further progress on inflation" before considering additional rate cuts, opting to maintain the federal funds rate at 4.25%–4.50%. Bitcoin Bitcoin has inched higher to $97,000, posting a modest 0.82% gain, yet it remains in a consolidation phase, fluctuating within a broader range of $93,000 to $100,000. Technical analyses underscore the importance of the $92,500 support level; a breach could signal further dips, which to those with a bullish mindset is a prime buying opportunity. This Thursday, BTC appears keen to be battling the upper bands of the range toward $98,000, where a resistance level has formed. This pattern is reminiscent of the accumulation phase observed in May 2021, suggesting potential for a significant price movement upon resolution. Ethereum & Altcoins ETH is trading just above $2,700, reflecting resilience with a modest uptick. More notably, its weekly implied volatility in derivatives has surged to 66% – now surpassing Bitcoin’s – suggesting that options traders may be expecting upward movement ahead of the anticipated Pectra upgrade in April. Additionally, open interest in futures markets has risen slightly to over $15 billion since the start of the week, potentially underscoring the growing bullish sentiment. Alongside all this, Ethereum ETFs recorded $19.02 million in net inflows yesterday, extending a four-day inflow streak. Solana, on the other hand, has experienced a 15% decline, partly reflecting a market participants’ retreat from the recent events in the memecoin sector. In other news, Brazil’s Securities Commission has approved the world's first spot XRP ETF, expanding institutional access to XRP investments. Concurrently, the SEC has acknowledged filings for spot XRP and Litecoin ETFs by CoinShares, signaling potential shifts in the U.S. regulatory landscape. Macroeconomic Drivers The Federal Reserve's January meeting minutes, released on February 19, confirm that the central bank is not eager to reduce interest rates soon. Across the Pacific Ocean, Japan’s central bank is expected to raise rates to 0.75% by Q3 2025, signaling further divergence in global monetary policy. While U.S. economic circumstances bring mixed sentiment, these international shifts in liquidity, inflation hedges – notably, gold, which has inched higher to record an all-time high above $2,950 – and capital flows may indirectly shape institutional positioning in Bitcoin and digital assets in the coming months as investors navigate evolving risk environments. Looking Ahead Market participants should closely monitor the Federal Reserve's policy direction, as these events are likely to influence liquidity and investor sentiment. Bitcoin's ability to maintain the $92,500 support level will be crucial in determining its near-term trajectory. Additionally, Ethereum's Pectra upgrade and the evolving regulatory environment for crypto ETFs warrant attention, as they may introduce new dynamics to the market. by Iliya Kalchev, Nexo Dispatch Analyst

A big week starts as key speeches and economic data from the U.S., Eurozone, and U.K. are poised to drive global market narratives. Here is what to watch for: 🇺🇸 U.S. Fed Waller Speaks – February 17, 23:00 UTC 🇪🇺 Eurozone ZEW Economic Sentiment (Feb) – February 18, 10:00 UTC 🇺🇸 U.S. President Trump Speaks – February 18, Tentative 🇬🇧 U.K. Consumer Price Index YoY & MoM – February 19, 07:00 UTC 🇺🇸 U.S. FOMC Meeting Minutes – February 19, 19:00 UTC 🇺🇸 U.S. Initial Jobless Claims – February 20, 13:30 UTC

Latest U.S. CPI data is out. How does it affect your long-term crypto strategy?