Track market-moving stories before they get noisy

Selling your Bitcoin to cover a bill means giving up any upside if the price keeps climbing the moment after you sell. Crypto holders overseas have been working around that trade-off for years, and it's now available in Australia too — through Nexo’s Credit Line and Block Earner's Crypto-Backed Loans, both of which let you borrow against BTC, ETH, and other digital assets without selling them. 

Both are regulated consumer credit products, but the way each is priced and structured is different enough that the choice isn't just about the headline rate. Here's how the two actually compare.

What being licensed actually means for youBoth Nexo's Credit Line and Block Earner's Crypto-Backed Loans are regulated under Australia's National Credit Code, and both providers are members of the Australian Financial Complaints Authority (AFCA) — so if a dispute can't be resolved directly, there's an independent, free complaints service either way.

In practice, that licensing means every loan on either platform has to pass a responsible-lending assessment before funds are released, which is a legal requirement. 

The upside for borrowers is that this assessment is built around your collateral and financial position rather than the kind of deep credit-history review a bank runs for a secured personal loan, which is part of why approved applicants on either platform can typically get funded within hours rather than the days or weeks a traditional bank loan can take.

One credit line, or two separate loan productsNexo frames its Australian offering as a single Credit Line with two ways of using it — Smart and Standard — that differ in how collateral is managed.

Neither has a fixed end date: you open it once and can draw down, repay, and redraw indefinitely, with your credit limit adjusting automatically as your collateral value changes.

Block Earner instead runs two separate loan products. Its Line of Credit is a 12-month facility with no scheduled repayments, renewable by rollover, which requires signing a new loan agreement, and potentially a new rate. 

Its Fixed Term loan runs for 3–5 years with mandatory monthly repayments and a rate locked for the term, more closely resembling a conventional personal loan.

Rates, fees, and loan sizeHere's how the rates, fees and loan sizes stack up across both platforms:

Nexo Smart Credit Line: 7.9%–16.9% p.a., as low as 0.9% under 20% LTV. No origination fee. Loan size US$50–US$2,000,000. Your actual rate depends on your Wealth Club tier and LTV band.Nexo Standard Credit Line: 9.9%–21.9% p.a., as low as 2.9% under 20% LTV. No origination fee. Loan size US$1,000–US$2,000,000. Your actual rate depends on your Wealth Club tier and LTV band.Block Earner Line of Credit: 9.50% flat, fixed for 12 months. 2% origination fee on the loan amount, also charged on redraws. Loan size $50–$5,000,000 AUD. Your actual rate depends on an individual credit assessment.Block Earner Fixed Term: 11.50% flat, fixed for 3–5 years. 2% origination fee on the loan amount. Loan size $3,000–$5,000,000 AUD. Your actual rate depends on an individual credit assessment.Nexo's rate moves with your Wealth Club tier and whether your LTV sits under 20% — so 0.9% is the best-case floor, and it's one that gets easier to reach the longer you stay with Nexo. However, repaying early within 45 days triggers additional interest for the remaining period (21.9% p.a. for Standard or 16.9% p.a. for Smart Credit Lines), a detail noted directly on the Credit Line Repayment screen.

Block Earner quotes a flat indicative rate per product, then adds a 2% origination fee on top — a cost that Nexo's Credit Line doesn't carry at all, whether you're opening it or drawing more later.

Important note: Block Earner's rates, fees and loan terms above are based on publicly published information as of September 2026 and may change. Confirm current terms directly with Block Earner for the latest up-to-date information. 

Collateral: how much you can borrow, and against whatNexo's Smart Credit Line accepts BTC and ETH at up to 50% LTV, plus around a dozen other assets (XRP, SOL, BNB, ADA, LINK, DOGE, SUI, ENA, PEPE, TRX among them) at up to 30% LTV. Its Standard Credit Line caps LTV at 40% for BTC/ETH and 20% for other eligible assets.

Block Earner accepts a narrower set: BTC and WBTC at up to 50% LTV, ETH at up to 40% (50% on its Fixed Term product), and XRP at up to 25% — and only on the Line of Credit, since XRP isn't eligible collateral for Block Earner's Fixed Term loans at all.

If your collateral is anything other than BTC or ETH, Nexo's asset list gives you a lot more to work with. If you're specifically collateralising BTC or ETH, the LTV ceilings are close either way.

What happens if your collateral drops in valueOn Nexo's Standard Credit Line, an LTV above 60% triggers a formal default notice, with at least 30 days to add collateral or repay before anything is sold. 

On its Smart Credit Line, you pre-authorise Nexo to sell only as much collateral as needed to bring your loan back to health once LTV passes 90%. It’s a lot more headroom before that threshold is ever reached in the first place.

Block Earner runs graduated health bands that differ by asset. For BTC/WBTC, LTV under 55% is "healthy," 60–64.9% triggers a repayment notice, and 65%+ triggers a 30-day default notice; ETH and XRP use different, lower thresholds again. If no action is taken within that 30-day window, Block Earner sells enough collateral to bring BTC/WBTC loans back down to 55% LTV.

RepaymentsNexo's Credit Line has no mandatory monthly repayment on either variant — repay whenever suits you, in crypto, stablecoins, or by bank transfer, and your available credit refreshes automatically once you do. 

Block Earner's Line of Credit works the same way within its 12-month term, but its Fixed Term product requires monthly repayments for the life of the loan, with no early repayment fee if you want to close it sooner.

Which shape fits how you'd actually use itIf you want one facility that stays open indefinitely, scales up automatically as your collateral grows, and lets you hold a wider mix of assets as security, Nexo's Credit Line is built around exactly that. 

If you specifically want a fixed multi-year term with predictable monthly installments — closer to how a conventional secured personal loan works — Block Earner's Fixed Term product is shaped for that instead.

Frequently asked questions1. Does my Nexo Credit Line ever expire or need to be renewed? 

No — it stays open for as long as you want it. There's no term to reach and no rollover paperwork to sign. Block Earner's Line of Credit, by comparison, runs on a 12-month term and needs a new loan agreement to continue past that.

2. Will opening a Nexo Credit Line cost me anything upfront? 

No origination fee applies to opening a Nexo Credit Line, and you only ever pay interest on the amount you've actually drawn. Block Earner charges a 2% origination fee to open a loan, and again each time you redraw additional funds.

3. What happens to my credit limit if my crypto goes up in value? 

It increases automatically — Nexo recalculates your available credit as your collateral value rises, so you can simply request more funds without a new application. Redrawing on a Block Earner loan, by contrast, involves a fresh 2% origination fee on the redrawn amount.

4. Is there a minimum amount I need to borrow? 

Nexo's minimum is $50 on the Smart Credit Line and $1,000 on Standard. Block Earner's Line of Credit also starts at $50, but its Fixed Term loan has a $3,000 minimum.

5. Can I mix different cryptocurrencies as collateral on either loan? 

Yes on Nexo you can combine multiple eligible assets as collateral on one Credit Line and swap between them without closing it. Block Earner's Line of Credit also accepts multiple assets (BTC/WBTC, ETH, XRP), but its Fixed Term loan only accepts BTC and ETH.

Digital asset prices are highly volatile. Borrowing against digital assets involves substantial risk, and you may lose some or all of your collateral if its value falls or market conditions change. Approved applicants only — credit criteria, terms, fees and charges apply on both platforms.

Nexo's Credit Line is provided by Nexo Individual Loans Pty Ltd (personal clients) or Nexo Loans Pty Ltd (corporate clients), serviced under Australian Credit Licence 567308, and managed by Nexo Australia Pty Ltd as an authorised Credit Representative (CRN 580430). Nexo Australia is registered with AUSTRAC as a Virtual Asset Service Provider (Reg. No. DCE100843695-001); this registration is for AML/CTF purposes only and is not an endorsement.

This article is general information only and doesn't take into account your objectives, financial situation or needs. Rates, fees and product terms shown are as published by each provider as of September 2026 and are subject to change — confirm current figures directly with each provider before making a decision. Read the applicable Target Market Determination, Credit Guide and Terms and Conditions on each provider's website before borrowing.

In this patch of your weekly Dispatch:Crypto market on the riseXRP on the moveNvidia carries the AI batonMarket cast

From range-bound to breakoutBitcoin's weekly chart has turned decisively bullish, with price now testing the 50-period SMA as its next upside resistance. The RSI, a momentum oscillator, and the Stochastic, another momentum oscillator, are both trending higher, and the MACD, a trend and momentum indicator, keeps its histogram deep in positive territory.

The daily chart is even more emphatic. Price has cleared the 200-period SMA along with every other major moving average and now sits near the upper Bollinger Band, the top of its recent volatility range. The RSI and Stochastic have pushed into overbought territory without yet showing signs of exhaustion, and the MACD histogram remains deep in positive territory. The ADX, which measures trend strength, reads near 35 — confirming a strong trend is building rather than fading.

Key levels to watch: on the downside, immediate support sits around $80,000, with the next level near $78,500. To the upside, resistance comes in around $82,000, followed by the $86,000–$87,000 zone, with the weekly 50-period SMA also acting as dynamic resistance along the way.

The big idea

Bitcoin's loudest week in two yearsLast week we said a reclaim of $68,000 on rising volume, with ETF inflows following, would be the first sign the market's quiet summer was ending. And then the asset went well past this threshold. Bitcoin opened this week at just over $79,000, while in the last week, it saw its largest dollar-denominated weekly gain on record – a $14,264 rise that also amounted to 22.7% for the week.

This break traces to two events inside 48 hours. The U.S. Treasury doubled the size of its long-bond buyback program, from $2 billion to $4 billion per session, a move markets read as a debasement signal. Within a day, $2.75 billion in bitcoin shorts were liquidated, and the imbalance watched for weeks resolved in a single move rather than the slow bleed. Spot bitcoin ETFs took in $1.92 billion for the week; combined with ether funds, the pair pulled in $2.6 billion – their best week since October. 

The Crypto Fear & Greed Index jumped to 78, its highest reading since December 2024. Bitcoin demand also turned positive across both spot and perpetual futures markets for the first time since the asset's October 2025 all-time high, according to CryptoQuant founder Ki Young Ju, though he called the signal modest and said it would need to hold for another month to mark a genuine shift.

Citi's view is that the more durable driver is regulatory rather than macro, pointing out bitcoin's delayed reaction to the buyback announcement, plus ether outperforming bitcoin during the move. This is a market pricing in a friendlier US regulatory path. If that's right, the tell over the next month is whether ETF inflows — stalled since last October's liquidations — keep building, rather than fading once the squeeze is spent. Strive's Matt Cole also framed the week as bitcoin breaking out against both the dollar and gold simultaneously — the bitcoin-to-gold ratio now sits at its highest since May.

Breadth beyond bitcoin: The move wasn't BTC-only. XRP led altcoins with a 39% weekly gain, alongside double-digit moves in Solana and other coins. Hyperliquid's HYPE token added its own upward movement to a fresh all-time high near $78.

The takeaway: The question this rally answers is whether it was a squeeze or a shift, and this week's data doesn't fully settle it. Nvidia's earnings Wednesday and Fed Chair Warsh's Jackson Hole remarks Friday are the market's next two tests — of the AI trade's staying power and of whether rate-path expectations hold steady enough for this week's flows to keep coming. If ETF inflows extend and hold through both events, this stops looking like a short squeeze with good timing. If they stall the moment the calendar clears, last week's caution was the more durable stance after all.

Hot in crypto

XRP – a round trip journeyXRP had an eventful week. The rally carried it through $1.40 to a brief $1.69 high on just under $40 million of net ETF inflows, its best week since May. Saturday delivered the other side: a 37% drop in minutes, roughly $500 million in leveraged longs wiped out as thin weekend liquidity met an overleveraged book. Even so, XRP recovered most of the move within hours and sits near $1.50 now.

Capital already in has stayed in, but new wallet growth — the cleaner demand signal — hasn't turned, and futures open interest has round-tripped twice this month. A potential path to a genuine re-rating rather than another reset is the Senate's September 15 CLARITY Act vote, which Standard Chartered estimates could unlock $4–8 billion in institutional inflows. Until then, $1.45-1.50 is the level XRP needs to hold.

TradFi trends

Nvidia's turn to carry the AI tradeWall Street's marquee earnings report lands Wednesday, with consensus pointing to  Nvidia reporting $92 billion in quarterly revenue, up 96% year-over-year. Nvidia has beaten estimates for 14 straight quarters, but that streak has only raised the bar: options markets are pricing a swing of roughly 6% either way, and the stock enters the report on its longest losing streak since 2022.

Wednesday also brings Core PCE, the Fed's preferred inflation gauge, arriving days after the Treasury doubled its long-bond buyback program — a fiscal move sitting awkwardly against a Fed still holding rates at 3.50% -- 3.75%. Fed Chair Kevin Warsh delivers his first Jackson Hole address Friday, and markets will be parsing it for which side of that tension wins out.

Macroeconomic roundup

A hawkish Fed meets its own dataLast week's FOMC minutes showed a more divided Fed than markets had priced: three regional presidents dissented in favor of a hike at the July meeting, the most hawkish split since 2016. This week's releases will show whether that pressure is building or fading.

Core PCE (Aug 26): July's reading of the Fed's preferred inflation gauge. June's came in soft — a 0.1% monthly decline, though the annual rate held at 3.7%, still well above target. A repeat would ease hike pressure; a hot print would validate it.

Q2 GDP, second estimate (Aug 26): Revised growth data — a dense window for anything that shifts the rate-path narrative.

Jackson Hole: Fed Chair Kevin Warsh (Aug 28): Warsh's first major address as chair. Markets will parse it for whether he leans toward hawkishness or holds the line.

CME FedWatch currently puts the odds of a September hold at roughly 68%, with most of the remaining probability on a hike rather than a cut. This week's data is what moves that number, in either direction.

The week's most interesting data story

Both ends of the ownership chain are buyingWhile this week's headlines went to leverage and liquidations, a quieter trend has been building underneath. Retail-sized wallets holding less than 1 BTC have ranked among Glassnode's strongest accumulator cohorts for months, buying through the summer's weakness rather than capitulating with it. That's now being joined from the other direction: entities holding more than 10,000 BTC added over 30,000 BTC in a single day this week and more than 55,000 BTC over the past month, pushing their combined holdings past 300,000 BTC — the highest level since November 2024. Small and large holders accumulating at the same time, on very different time horizons, is a rarer setup than either group buying alone, and it's the kind of alignment that tends to matter more once leverage-driven noise clears.

The numbers

The week’s most interesting numbers$697 million — Ether ETF inflows for the week, their strongest of 2026, part of a combined $2.6 billion haul alongside bitcoin funds.

$1.04 billion — Crypto card spending in July, more than triple a year ago, with stablecoins funding 70% of the transactions.

$8.5 million — Estimated loss from a governance exploit at DeFi lender Term Finance this week, a reminder leverage isn't the only risk in a rally.

Hot topic

What the community is discussingThe moment itself, and the replies underneath it split exactly the way this week's data does — real breakout, or still no regulatory clarity.

The open question heading into this week: Bitcoin above $70,000 while the Fed is not reaching for cuts — real risk-on, or a squeeze that fades.

Dispatch is a weekly publication by Nexo, designed to help you navigate and take action in the evolving world of digital assets. To share your Dispatch suggestions and comments, email us at [email protected].

업데이트 일자 : 2026-08-21 21:50

안녕하세요. 가장 신뢰받는 디지털 자산 거래소 업비트입니다.

넥소(NEXO)의 거래지원 개시 시점을 변경합니다.

거래지원 개시 시점 변경 안내

기존 거래지원 개시 시점 : 2026-08-21 22:00 KST
변경된 거래지원 개시 시점 : 2026-08-22 10:00 KST

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감사합니다.

안녕하세요. 가장 신뢰받는 디지털 자산 거래소 업비트입니다.

신규 디지털 자산 거래지원을 아래와 같이 안내드립니다.

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디지털 자산 입금 전 네트워크를 반드시 확인 바랍니다.
입출금 서비스 개시 이후, 일정 수준의 유동성을 확보하지 못하는 경우 거래지원 개시 시점이 연기될 수 있습니다.

※ 거래 제한 안내
코인마켓캡에서 제공하는 시세를 기준으로 거래 제한 가격이 결정됩니다.

매수 제한 : 거래 지원 이후 약 5분간 매수 주문이 제한됩니다.
최저 매도가 제한 : 거래 지원 이후 약 5분간 전일 종가 대비 – 10% 이하 가격의 매도 주문이 제한됩니다.
주문 타입 제한 : 거래 지원 이후 약 2시간 동안 지정가 주문을 제외한 모든 타입 및 조건의 주문이 제한됩니다.
전일 종가 및 최근 시세는 아래 표를 통해 확인 바랍니다.

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※ 입금 유의사항
반영 불가한 입금은 반환 절차에 오랜 시간이 소요될 수 있으니 유의사항을 꼼꼼하게 확인하세요

업비트에서 거래지원하는 NEXO의 컨트랙트 주소는 0xb62132e35a6c13ee1ee0f84dc5d40bad8d815206입니다. NEXO 입출금 진행 시 컨트랙트 주소를 확인 바랍니다.
트래블룰 이행을 위해, 입출금 가능 가상자산사업자 리스트에 포함 되어있지 않은 거래소를 통해 업비트에 자산이 입금될 경우 반영이 불가하며,
'본인 소유 확인'이 완료된 개인지갑 주소로만 입출금이 가능하며, 연동된 개인지갑을 통한 입금 건이더라도 해당 자산의 네트워크에 따라 입금 반환 처리를 해야 할 수 있습니다.
출처가 불분명한 고액의 디지털 자산 입금 시, 자금 출처에 대한 소명이 요청될 수 있습니다. (이용약관 제17조 제8항)

※ 추가 디지털 자산

넥소는 가상자산을 기반으로 예치, 담보대출, 거래, 카드 및 자산관리 서비스를 제공하는 중앙화 디지털자산 자산관리 플랫폼입니다. 2018년부터 서비스를 운영하고 있으며, 이용자는 비트코인, 이더리움, 스테이블코인 등 지원 자산을 플랫폼에 예치하거나 이를 담보로 유동성을 확보하고, 현물 및 파생상품 거래와 넥소 카드(Nexo Card) 등의 서비스를 이용할 수 있습니다. 또한 일반 이용자뿐만 아니라 고액자산가 및 기관을 대상으로 별도의 자산관리, 장외거래, 기업 계정 서비스를 제공하고 있으며, 지역별 규제 환경에 따라 외부 수탁 및 거래 인프라 사업자와 협력하여 서비스를 운영하고 있습니다. 가상자산 NEXO는 플랫폼의 로열티 프로그램을 중심으로 활용되며, 이용자의 Nexo 계정 내 전체 포트폴리오 가치에서 NEXO가 차지하는 비율에 따라 예치금리, 담보대출 금리, 거래 및 카드 캐시백, 출금 혜택 등이 차등 적용되고 담보대출의 담보자산으로도 활용됩니다.

홈페이지 : 넥소 공식 홈페이지

X(구 트위터) : 넥소 공식 X

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✽ PC에서 해당 디지털 자산이 조회되지 않을 경우, 새로고침 (F5) 후 확인 부탁드립니다.

✽ 업비트 App에서 해당 디지털 자산이 조회되지 않을 경우, 더보기 > 화면설정 > 코인정보 다시 받기를 클릭 후 확인 부탁드립니다.

투자 위험 안내

• 디지털 자산 투자는 투기적 수요 및 국내외 규제환경 변화 등에 따라 급격한 시세 변동에 노출될 수 있습니다. 본 디지털 자산의 투자 판단의 책임은 본인에게 있으며, 발생 가능한 손실도 투자자 본인에게 귀속됩니다. 프로젝트 홈페이지 및 공시 자료 등을 면밀히 참고하시어 디지털 자산의 특성을 충분히 인지하시고 신중하게 거래해 주시기를 당부해 드립니다.

• 디지털 자산 거래의 특성상 국내외 거래소간 시세 차이가 지속적으로 발생하고 있습니다. 반드시 디지털 자산 투자 전 글로벌 거래소와의 시세 차이에 유의하시기 바랍니다.

• 업비트는 안정된 거래 환경 조성을 위하여 최소 주문 금액 제한 등 다양한 조치를 취하고 있으나, 과열된 투자 환경에 따라 일부 회원님에게는 주문 안정화 메시지가 노출 될 수 있습니다. 이는 먼저 주문한 회원의 주문을 처리하고, 안정적인 서비스를 위한 불가피한 조치이므로 이 점 유의하시기 바랍니다.

※ 가상자산은 고위험 상품으로 투자금의 전부 또는 일부 손실을 초래할 수 있습니다.

※ 가상자산의 투자 판단 및 그에 따른 원금 손실의 책임은 투자자 본인에게 있습니다.

※ 두나무 주식회사 준법감시인 심사필 제25-0156호 (25.09.22~27.09.21)

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Summary: Discover what the MEP dollar is, how its price is determined, and why it is the preferred legal option with no monthly limit for dollarizing savings in Argentina.

The MEP dollar (Mercado Electrónico de Pagos), also known as the “Dólar Bolsa,” is one of the exchange rates most closely followed by Argentines. It is a 100% legal way to buy dollars through the capital markets, without the restrictions imposed by the official market and without having to operate through the informal market (“dólar blue”).

Below, we explain what it is, how it works, and why it has become a key reference for those looking to protect their savings.

What does “MEP” mean?

MEP stands for Mercado Electrónico de Pagos, the securities market system through which the transactions that give rise to this exchange rate are settled. This is why it is also known as the “Dólar Bolsa”: the price results from the purchase and sale of bonds or stocks that are traded in pesos in Argentina and in dollars abroad.

How is the MEP dollar price determined?In simple terms, the mechanism works as follows:

A person buys, in pesos, a bond or stock that can be bought and sold both in Argentina (in pesos) and abroad (in dollars).That same asset is transferred to an account abroad and sold in the foreign market. Since the bond is sold in dollars in that account, the proceeds from the sale are received in dollars.To determine the exchange rate resulting from the transaction, the peso price paid is divided by the amount of dollars received. The result is the MEP dollar exchange rate.This mechanism is known as “domestic contado con liqui” and is fully supervised by the National Securities Commission (CNV) and authorized entities.

Why do people choose the MEP dollar?It is legal and transparent: transactions take place within the regulated financial system, with receipts and traceability.It is typically quoted higher than the official rate, which better reflects the market value of the currency.It can be traded from your phone, through brokers, banks, or investment platforms.MEP Dollar vs. Other eExchange ratesArgentina has several exchange rates at the same time, and it is common to confuse them:

Official dollar: the exchange rate set by the Central Bank, with regulated access.Blue dollar: an informal exchange rate, without official backing or a legal framework.MEP dollar: legal, traded through the securities market, with no monthly purchase limit.Contado con liqui (CCL): similar to MEP, but allows dollars to be transferred abroad.Card dollar: the official exchange rate plus taxes (withholdings), applied to purchases abroad with a card.Digital dollar (USDC/USDT): the buying/selling price of stablecoins on exchanges, which usually moves in line with the MEP or CCL.If you want to explore the differences between these exchange rates in more detail, you can read our article MEP vs. Blue vs. CCL Dollar: What Are the Differences?

Who can buy MEP dollars?Any individual or legal entity with a CUIL/CUIT, residing in Argentina and over 18 years old, can buy MEP dollars as long as they have an active investment account with a broker, bank, or platform authorized by the CNV.

A simpler way to manage MEP DollarsNexo, a global digital assets wealth management platform, introduced MEP USD (USDMx), designed specifically for Argentine users. With MEP USD, verified users can deposit and withdraw dollars directly from their local bank accounts (through Banco Industrial), with the funds credited instantly and 1:1 as a dollar balance in their account, with no deposit fee.

This means that, once the dollars are in your Nexo account, you can use them within the platform’s ecosystem: convert them into stablecoins, access savings products (Earn) with daily interest, or simply keep them available as a dollar reserve.

In summaryThe MEP dollar is currently one of the most popular ways for Argentines to dollarize their savings legally, without the restrictions of the official dollar or the risks of the informal market. Understanding how its price is determined and how to trade it is the first step toward making better financial decisions.

If you want to learn step by step how to buy MEP dollars and how to make the most of them within a platform like Nexo, we invite you to read our guide How to buy MEP Dollars step by step: A simple guide.

Looking for a simple way to manage your MEP dollars? Find out how MEP USD (USDMx) works on Nexo.Learn more

The Nexo Grand Prix Ball 2026 took place on July 1, 2026 at The Peninsula London, an evening dedicated to raising funds and awareness in support of Rays of Sunshine charity. The Grand Prix Ball is the flagship charity gala of the British Grand Prix week, bringing together 500 guests from motorsport, business, entertainment, and philanthropy.  

As the Official Digital Asset Partner of the Audi Revolut Formula 1 Team, Nexo took on the role of title partner, leveraging its existing F1 and golf partnerships to support Rays of Sunshine, which grants wishes to children living with serious and life-limiting illnesses across the UK. 

It is this pairing of motorsport and cause that has made the Grand Prix Ball, run by organizer Jonny Dodge since 2011, the definitive social fixture of British Grand Prix weekend.

Two experiences, one good causeBoth of Nexo's charity auction lots, , were drawn directly from its own partnership portfolio — experiences built on its relationships in Formula 1 and golf, offered nowhere else: 

A VIP weekend at the BMW PGA Championship at Wentworth, including access to the Celebrity Pro-Am featuring Lando Norris, Sir Andy Murray, and Gareth Bale.An invitation to the Nexo Championship at Trump International Golf Links, Aberdeenshire — Nexo's title event on the DP World Tour — including hospitality, Michelin-starred dining, and Pro-Am participation from 21–23 August 2026.The Nexo GP Ball 2026 raised £73,105 — every pound going directly to Rays of Sunshine, turning a night of access and glamour into real, meaningful impact. 

Amy Chambers, CEO of Rays of Sunshine Children's Charity, has said the funds raised through the partnership will help the charity continue granting wishes and creating memories for children and families who need them most.

"We believe that wealth is defined not only by what it creates, but by the impact it leaves behind. That belief brought us to this evening. And it is the same belief that sits at the heart of what Rays of Sunshine does every single day — taking children facing the most difficult of circumstances and giving them something extraordinary. A wish. A moment. A memory that belongs entirely to them."
Octavian Dinca, Head of Client Management at Nexo.On the nightThe black-tie evening featured a VIP reception, with 2009 Formula One World Champion Jenson Button in attendance and taking to the stage. Genuine Formula 1 racing cars greeted guests on arrival, several driven past to mark the start of the event. David "Crofty" Croft hosted proceedings, guiding guests through the evening's program, while Pixie Lott provided the entertainment with a live performance. 

Among Nexo's guests on the night were Shirin, the London-based mega influencer, and Danni Menzies, the Scottish TV presenter best known for hosting Channel 4's A Place in the Sun, who has since become a familiar face in motorsport broadcasting, presenting Formula 1 coverage from the Las Vegas Grand Prix. 

In this patch of your weekly Dispatch:ECB decides on ratesIs AI earning?BTC inflows returnMarket cast

BTC: Bulls regain controlBitcoin's weekly chart shows a constructive setup taking shape. Price has bounced off the 200-period SMA and is now heading toward the middle Bollinger Band (the 20-period SMA) – a key volatility indicator. The RSI, a momentum oscillator, remains neutral but with its signal line trending upward, while the Stochastic, another momentum oscillator, is similarly neutral yet climbing. The MACD, a trend and momentum indicator, has generated a bullish crossover, reinforcing the constructive tone.

The daily chart tells an even more bullish story. Price has reached the upper Bollinger Band, with the RSI elevated and rising. The Stochastic sits in overbought territory but shows no signs of fading momentum, while the MACD histogram remains positive and rising – all pointing to bullish momentum building across both timeframes.

Key levels to watch: On the downside, immediate support sits around $64,000, with the next significant zone near $62,000; the weekly 200-period SMA could also serve as dynamic support. To the upside, the first resistance comes in around $67,000, followed by $70,000.

The big idea

Argentina’s first place in the stablecoin finalsArgentina gave everything it had in an intense, extra-time battle against Spain – this got us thinking about another arena where Argentina isn't just competing, it's setting the pace: stablecoins.

There's a reason the country is such fertile ground: currency debasement — a case playing out well beyond Argentina's borders. The peso has weakened substantially against the dollar over the past several years, with inflation still running above 30% year-over-year — one data point in a much broader global pattern. Turkey, Nigeria, and Lebanon have all seen annual inflation swing anywhere from 50% to 200% in recent years, and in each case, dollar-pegged stablecoins have become the accessible workaround — a way to hold something resembling a dollar without needing an actual bank account in dollars, especially where capital controls make that difficult.

Zoom out globally, and the numbers back up the hype. Citi's base case now puts the stablecoin market at $1.9 trillion by 2030, with a bull case as high as $4 trillion — both revised upward from last year's forecasts, while Standard Chartered projects the market hitting $2 trillion as soon as 2028. Citi and Brookfield research goes further still, suggesting stablecoins in circulation could grow as much as 15-fold by 2030. Tokenized real-world assets are riding a similar wave: RWAs (excluding stablecoin issuers themselves) hit a record $33 billion in Q2, up 45% year-to-date, led by tokenized Treasurys, corporate credit, stocks, and venture capital.

Visa's latest report with Artemis makes the case that stablecoins will quietly take over the sub-dollar "micro-commerce" machines that will transact with each other, while cards keep the bigger-ticket purchases. It's one of several backers, alongside Mastercard and BlackRock, of the new Open USD stablecoin — a reminder that the real story isn't one network's report, it's a scramble among all of them to not get left behind.

That scramble is playing out well beyond payment networks. Japan's JCB is piloting stablecoin rails with Circle, and convenience store chain Lawson will accept stablecoins starting in August. Sony just secured preliminary U.S. approval for its own dollar-backed stablecoin trust — a closed-loop network with no confirmed link to PlayStation purchases yet, but a clear signal of where large consumer platforms think payments are heading. 

Tether, meanwhile, is finding traction at the sovereign level: Bolivia is weighing a framework to formally recognize USDT as a payment currency alongside the boliviano and the dollar, a response to a prolonged dollar shortage after the country abandoned its currency peg earlier this year.

The common thread echoes past tech cycles: the biggest gains rarely come from the invention itself, but from the infrastructure built around it. Railroads didn't drive industrialization — the surrounding logistics network did. Electrification wasn't about the light bulb, but the grid. Stablecoins may follow the same script: the lasting value may sit less with the coins and more with the issuance platforms, custody systems, and compliance tooling that connect them to the existing financial system.

Argentina may have to wait four more years for its next shot at the trophy. Stablecoins won't wait for anyone — but the real contest to watch isn't between coins, it's for the rails underneath them. That's where the next decade of returns will likely be decided.

TradFi trends

Big Тech earnings season startsAfter a rough week that saw the Nasdaq shed 2.9% amid a brutal semiconductor sell-off, attention turns to the Magnificent Seven — Apple, Microsoft, Alphabet, Amazon, Meta, Nvidia, and Tesla — the handful of mega-cap tech names that have driven much of the market's AI-fueled gains. Alphabet and Tesla are both due to report Wednesday, with the rest of the group's earnings continuing to roll out over the coming weeks. The chip rout has wiped out more than $3 trillion in market value since June 22, much of it rotating into these names — making their earnings a real-time test of whether AI-driven optimism still justifies today's valuations, or whether the pullback becomes something broader.

Crypto has a stake in the outcome too. The AI trade has arguably pulled some capital away from Bitcoin over recent months, even as the two show some degree of correlation as risk assets. A wobble in Big Tech earnings could test whether that relationship holds, as Bitcoin continues working toward a decisive push above $65,000 to confirm its own recovery.

Oil climbs, inflation cools, and the ECB weighs the next moveMarkets head into the week caught between rising geopolitical risk and diverging central bank paths. Crude oil has climbed sharply on continued Middle East tensions, while cooling inflation data has traders leaning toward a Fed hold — even as the ECB faces a tougher call of its own, deciding without the benefit of fresh Q2 growth or inflation data.

ECB Rate Decision (Jul 23): Fresh off a June hike to 2.25%, markets lean toward a hold, though a hawkish tail remains.Weekly Jobless Claims (Jul 24): A rising trend would strengthen the case for eventual easing.S&P Global PMI (Jul 25): This week's main growth signal.Alphabet & Tesla Earnings (this week): An early read on whether tech's momentum still holds.The week's most interesting data story

Bitcoin’s clearest signs of recovery?Bitcoin ETF flows have become one of the market's most closely tracked sentiment gauges, since they capture real money moving in or out of Bitcoin exposure on a daily basis. This week's data leans encouraging: US spot Bitcoin ETFs notched a second straight week of inflows, pulling in $75.7 million for the week ending July 17, building on the $197.4 million added the week before. It's a modest pace compared to earlier highs, but after a rocky June, two consecutive green weeks are a welcome signal that buying interest is returning. The next test: whether Bitcoin can push decisively above the $65,000-$65,500 range, to help confirm the recovery has legs.

The numbers

The week’s most interesting numbers$727.3 million — US spot Bitcoin ETFs' haul over their longest inflow streak in nearly three months, five days running.

$70,000–$72,000 — Where Bitcoin's biggest options bets are clustered for July 31, a $2.5 billion bullish spread landing two days after the Fed's next decision.

110 — The number of reasons Michael Saylor cited in a critique of BIP-110, a proposal to restrict Bitcoin "spam," which he argues threatens the network's neutrality.

Hot topic

What the community is discussingThe never-ending Bull vs Bear duel.

Still early and big at the same time.

Another perspective on Bitcoin ETFs.

Dispatch is a weekly publication by Nexo, designed to help you navigate and take action in the evolving world of digital assets. To share your Dispatch suggestions and comments, email us at [email protected].

The award-winning, world-first crypto debit-and-credit card arrives in Argentina alongside a leadership transition, positioning Buenos Aires as Nexo's regional hub for Latin America.

Buenos Aires, July 08, 2026 — Nexo, the premier digital assets wealth platform, today launched the Nexo Card in Argentina, timed with the appointment of Andres Ondarra as General Manager, Nexo Argentina. These two milestones mark the next stage of Nexo's growth in a market where digital asset adoption runs deeper than almost anywhere else  — the highest share of any market surveyed.

The Nexo Card lets clients spend digital assets directly in debit mode or borrow against them as collateral in credit mode, without selling — switching between the two in a single interface. New clients get 10% back on their first swipe, plus additional cashback and milestone rewards worth up to USD 450 in total over their first three months as they earn up to 13% annual interest on idle in-app balances, paid daily. Cardholders also get fee-free ATM withdrawals of up to USD 1,000 and fee-free foreign-currency spending of up to USD 2,000 each month, alongside a monthly rebate on a leading subscription service and annual airport lounge access with fast-track security. The card has been recognized by the Digital Banker Awards, the FinTech Breakthrough Awards, and the PAY360 Awards.

Powerful benefits, no matter how you spend.Spending in ARS and US$: Clients can pay in pesos at home with no currency conversion, or spend US$ at over 100 million merchants worldwide.Borrowing from 1.9% per year: Users can spend against their crypto with the only crypto credit card of its kind in Argentina.Interest on account balance: Nexo clients can receive up to 13% per year on the funds they haven't spent, paid out daily.No monthly, annual, or inactivity fees — plus a monthly allowance of up to US$1,000 in ATM withdrawals.Stay in control at all times: Various ways to manage your spending, balances, and rewards in-app, complete with card freezes, spending controls, and biometric locks.Beyond everyday spending: Clients can unlock airport lounge access, fast-track security, and rebates on subscriptions like Netflix and Spotify as your portfolio grows."Argentine clients have spent a decade making digital assets part of how they manage wealth. The Nexo Card is built precisely for that — letting them spend in debit mode, borrow against their holdings in credit mode, and earn from every transaction, all without having to sell. It's the freedom to live on that wealth, not just hold it," said Andres Ondarra, incoming General Manager, Nexo Argentina.

Ondarra brings more than 25 years of experience across traditional finance, fintech, and crypto in Latin America, including a background in Wall Street investment banking. From August 1, he will lead Nexo Argentina's operations, with a focus on client trust and the company's continued growth in the country.

He succeeds Federico Ogue, who oversaw Nexo's Argentine expansion and is transitioning to a new entrepreneurial venture. "Argentina has one of the most sophisticated crypto and fintech ecosystems in the region, and the work Nexo has done here is something to be proud of. I look forward to passing the baton to Andres, who brings exactly the experience and vision to lead Nexo's next stage of growth in Argentina," said Ogue.

Argentina processed approximately USD 93.9 billion in digital-asset transactions over three years, ranking second in Latin America behind Brazil. With capital already moved into digital assets, the Nexo Card addresses what comes next: everyday utility — spending, borrowing, and earning from those holdings without selling them.

With Buenos Aires now established as a regional hub, Nexo is investing in local infrastructure, sport partnerships — including the AFA — and a local team supporting clients across Latin America. Eligible clients in Argentina can apply for the Nexo Card through the Nexo app and website.

About Nexo

Nexo is a premier digital assets wealth platform designed to empower clients to grow, manage, and preserve their crypto holdings. Nexo’s mission is to lead the next generation of wealth creation by focusing on customer success and delivering tailored solutions that build enduring value, supported by 24/7 client care.

Since 2018, Nexo has provided unmatched opportunities to forward-thinking clients in over 199 jurisdictions. With over $7 billion in client assets and over $430 billion processed, we bring lasting value to millions worldwide. Nexo’s all-in-one platform combines advanced technology with a client-first approach, offering high-yield flexible and fixed-term savings, crypto-backed loans, sophisticated trading tools, and the world's first dual-mode crypto credit-and-debit card. Built on deep industry expertise, a sustainable business model, robust infrastructure, stringent security, and global licensing, Nexo champions innovation and long-lasting prosperity.

Official website: nexo.com

Media contact
Nexo Communications Team — [email protected] 

Today, we are announcing a new milestone in our journey in Argentina: Andrés Ondarra will be taking the reins as our General Manager for Argentina, reinforcing our commitment to this strategic market for the development of digital asset solutions.

In his new role, Andrés will lead local operations with a focus on strengthening client trust, supporting the responsible adoption of crypto tools, and consolidating our value proposition in the country. He brings more than two decades of experience at the intersection of traditional finance, fintech, and crypto in Latin America, leading regional operations in the digital assets sector. With his previous experience in investment banking on Wall Street and deep knowledge of the Argentine market, Andrés has a strong understanding of the regulatory environment and the ability to scale financial platforms in dynamic and highly competitive contexts.

Argentina is a market with enormous potential for the evolution of digital assets. Taking on this role at Nexo represents a great opportunity to continue building trust, bringing valuable solutions closer to clients, and contributing to the development of a stronger, more inclusive ecosystem. I strongly believe in the impact that fintech and blockchain can have across the region, and I am very excited to join a global team that combines innovation, experience, and a clear service-oriented mindset.
Andrés Ondarra, our new General Manager for Argentina.Handing over the role of General Manager for Nexo Argentina is Federico Ogue, who was instrumental in supporting Nexo’s evolution and presence in Argentina so far. Federico’s role at Nexo will be gradually handed over to Andrés over a one-month smooth transition period, before he moves on to his next project.

Argentina has one of the most sophisticated crypto and fintech ecosystems in the region, and the work we've done here is something to be proud of. The decision to step down comes from my desire to pursue a new entrepreneurial chapter. I look forward to passing on the baton to Andrés, who brings exactly the experience and vision needed to lead Nexo's next stage of growth in Argentina.
Federico OgueWe are extremely grateful to Federico Ogue for what he helped us accomplish so far, and we look forward to seeing Andrés apply his experience, market knowledge, and vision to build on our offering in Argentina and the broader LATAM region.

How Imposters Scam Entrepreneurs Out of Their Crypto

In this patch of your weekly Dispatch:Nexo grows Q1 loan bookDe-escalation trade cappedBTC implied vol stays compressedMarket cast

BTC: weekly and daily indicators offer no directional biasOn the weekly chart, price is holding marginally above the 20-period SMA, leaving the longer-term trend intact but unconvincing. RSI is neutral, offering no momentum bias. Stochastic has rolled out of overbought, easing the buy-side pressure built up at recent highs. The MACD histogram remains positive, so bullish momentum is still in place. ADX is declining, indicating that trend strength is weakening regardless of direction.

On the daily chart, we see the same setup in compressed form. RSI and Stochastic are flat and neither gives a directional cue. The MACD histogram sits marginally below zero, a mild bearish tilt rather than an outright sell signal. ADX is at low levels, the standard reading for a range-bound tape.

Key levels to watch. On the downside, immediate support sits around $75,500, with the next zone at $70,000–$71,000. The weekly 20-period SMA may also act as dynamic support. On the upside, immediate resistance is around $78,000–$79,000, with the next zone at $82,000.

The big idea

Bitcoin's reserve and credit layers come into viewMay has been a bumpy de-escalation trade. Bitcoin's range has held through it, but on a discretionary bid that remains macro- and sentiment-sensitive. Two events last week point to a structural shift in that base: a reserve layer that takes supply off the float, and a credit market mature enough that long-duration holders don't have to sell into stress.

Market context. BTC is up 0.5% month-to-date through May 23, with realized volatility at 28% annualized,  the third-lowest May reading since 2011. The range held through the worst weekly ETF outflow since January, a hot April CPI print on May 12, and Mark Cuban's public exit. Strategy's $2.01 billion purchase last week largely offset a simultaneous $1 + billion ETF outflow. But on May 5, Saylor signaled Strategy may sell Bitcoin to fund STRC dividend obligations — the first such signal since 2020, and a reminder that even the closest thing to an unconditional buyer is conditional.The reserve layer (ARMA). Underneath, however, the structural layer is being built. On May 21, Representatives Begich and Golden introduced the American Reserve Modernization Act (ARMA) with 17 co-sponsors. If passed, it would consolidate existing federal Bitcoin holdings (1.0% to 1.6% of total supply) under Treasury custody, mandate a 20-year hold, and direct a study on budget-neutral acquisition strategies. Notably, by codifying reserve status in law rather than executive order, ARMA lowers the political risk of reversal and raises Bitcoin's credibility as a reserve asset for other sovereigns weighing their own exposure. The marginal sovereign bid that follows would build slowly, on a horizon longer than any allocator cycle.The credit layer. The crypto credit market has matured, consolidating around quality operators after October's liquidation event. Nexo cements its place at the center of that consolidation. Per Galaxy Research's Q1 2026 leverage report, Nexo was one of only four CeFi lenders to grow its loanbook, while the broader CeFi market contracted. Nexo is among the three largest lenders globally with a 7.02% market share across tracked CeFi lending. The maturing credit layer means long-duration holders can actively manage exposure through weakness without being forced to sell.The gold parallel. Central banks hold around 38,666 tonnes of gold — about 18% of all above-ground supply (World Gold Council). Those reserves turn over slowly. ARMA is the first credible legislative path to an equivalent structure for Bitcoin. A mature lending market against those reserves is the second piece of the same architecture. The throughline: Bitcoin's bid is shifting from buyers who can change their minds to holders who won't sell,  and a mature  credit market that means they don't need to.

TradFi trends

One hedge for all Bitcoin ETFs The SEC approved a new Bitcoin options product on May 22, listed on Nasdaq under the ticker QBTC — the first U.S. securities-exchange options contract that references the Bitcoin spot price directly. Existing IBIT and FBTC options track a single fund. Cboe's CBTX, listed since December 2024, broadens that to an index of spot Bitcoin ETFs. QBTC goes a step further, referencing an index built from order-book data at eight crypto exchanges — no fund layer in between. It clears in the same brokerage account and uses the same margin rules as S&P 500 index options, so TradFi institutions can hedge Bitcoin the way they already hedge equities. Trading begins once the CFTC signs off and the OCC updates its disclosure document, expected in the second half of 2026.

Macroeconomic roundup

De-escalation meets rates reality The de-escalation trade returned last week but was capped by hawkish central banks. Brent fell from above $110 to $105.5 on Iran negotiation headlines, and U.S. equities recovered most of the geopolitical risk premium. Bond yields moved the other way. The U.S. 10-year closed near 4.6%, with the 30-year touching its highest level since July 2007. The April 28–29 FOMC minutes ran more hawkish than the statement implied. Many participants would have preferred to drop the bias language outright, citing upside inflation risks from oil, tariffs and Middle East tensions. The majority signaled that further firming would likely become appropriate if inflation persists above 2%, with some discussion that the next move could be a hike rather than a cut.

The yield move was not uniform across regions: 

The 10-year U.S.-Bund spread reached 150 basis points, its widest since August 2025. Both the ECB and the U.S. Fed are hawkish but the macro backdrop is diverging. The U.S. is dealing with sticky inflation against resilient growth, Europe with sticky inflation against cracking growth. The flash eurozone composite PMI fell to 47.5 in May, a 31-month low, leaving the ECB hiking into a slowdown.The week's most interesting data story

BTC implied volatility remains at historically low levelsBitcoin implied volatility continues to compress as BTC stabilizes in the upper $70,000s after recovering from its early-February low near $63,000. The term structure, inverted through February and March, has normalized. As of May 21, 1-week ATM IV sits at 29.3%, 1-month at 34.4%, 3-month at 37.3%, and 6-month at 40.7% — all within a few points of their respective 15-month lows. Traders are pricing in relative calm despite persistent macro uncertainty and a still-fragile market structure. Historically, prolonged periods of suppressed Bitcoin volatility rarely last; compression regimes tend to precede significant directional moves, particularly when spot stabilizes after large drawdowns.

The numbers

The week’s most interesting numbers5.2% — U.S. 30-year treasury yields hit a 19-year peak last week, marking a major bond market selloff, driven by escalating inflation fears.

32.7% — Bitcoin's 1-month implied volatility compressed in May, hitting its lowest level since September 2025. 

$230 million — combined net inflows into spot SOL and XRP ETFs over the first 16 trading days of May 2026, with neither product registering a single outflow day. 

65.2%— the share of all EUR stablecoins hosted on Ethereum.

Hot topic

What the community is discussinghttps://x.com/_10delta_/status/2058551705051058277

AI and utility driven infra will lead the next leg higher, they say.

https://x.com/eliant_capital/status/2058546044334432607

Goldman's sentiment gauge suggests positioning is not yet stretched or euphoric.

https://x.com/MarylandHODL21/status/2058981918108991893

Yield curve control plus money printing will drive capital out of dollars into alternative stores of value.

Dispatch is a weekly publication by Nexo, designed to help you navigate and take action in the evolving world of digital assets. To share your Dispatch suggestions and comments, email us at [email protected].

Daily analysis of crypto markets and the forces shaping them, from the Nexo research desk.

Bitcoin steadies near $74,000 as ceasefire hopes build and labour market week loomsThe crypto market has recovered from yesterday's lows, with the total market cap edging back to $2.47 trillion as a tentative 60-day ceasefire extension between the U.S. and Iran — pending President Trump's final approval, sends oil toward its worst monthly decline since March 2020 and pushes global equities to fresh record highs. Bitcoin is steadying near $73,700, Ethereum has reclaimed $2,000, and altcoins are posting modest bounces. Yet the broader divergence remains intact: the S&P 500 closed at a record 7,563, Brent crude has slipped below $93, and gold is recovering toward $4,533 — while crypto has yet to meaningfully participate in the macro relief trade. The near-term focus is shifting from geopolitical developments to regulatory ones.

Bitcoin
Bitcoin is trading around $73,700, recovering modestly from Thursday's low near $72,500, though the weekly picture remains under pressure. The ceasefire extension provided limited lift for crypto — the market had already moved to price in diplomatic progress, and when Bitcoin held rather than broke higher on the confirmation, the momentum faded. What the chart reflects is a market that has been consolidating since October, with price action increasingly compressed as implied volatility sits at its lowest since September. The options market shows building demand for downside protection, but the broader read is of a market in a holding pattern — waiting for a structural catalyst rather than reacting to macro headlines.

Institutional investors are looking past geopolitical headlines toward U.S. crypto market structure legislation. Bitcoin open interest has held above $35 billion and is trending toward $40 billion per Glassnode — suggesting that while ETF demand has softened, derivatives positioning is quietly rebuilding, a dynamic that could amplify the next directional move in either direction. 

Ethereum & Altcoins
Ethereum is just above $2,000, recovering 1.6% on the day after Thursday's dip to $1,965, but down 6.4% on the week. XRP climbed 2.3% to $1.32, Solana and Polygon each rose 1%, and Cardano advanced 2.6% — Friday's modest bounce sitting against a week of meaningful losses across the complex. The standout performer of the week is Stellar's XLM, up 25% in 24 hours after DTCC announced plans to connect its tokenized securities platform to the network — a real-world institutional adoption signal worth noting as the broader market waits for regulatory clarity. 

Macro & Institutional
The tentative 60-day ceasefire extension, which would include unrestricted Hormuz shipping, the lifting of the U.S. naval blockade, and an Iranian commitment not to pursue a nuclear weapon, still requires President Trump's approval and Iranian confirmation. Even if confirmed, the deal would not immediately normalise oil flows: Hormuz traffic remains well below pre-conflict levels and the market is more inventory-depleted than before the conflict began. 

Thursday's PCE data provided a moderately constructive backdrop. Headline PCE came in at 3.8% year-on-year — the fastest pace since May 2023, but core PCE rose just 0.2% month-on-month, a deceleration that slightly pushes back against the most hawkish rate expectations. 

Anthropic raised $65 billion in Series H funding at a post-money valuation of $965 billion, with run-rate revenue crossing $47 billion. SpaceX is targeting a $1.8 trillion IPO valuation with roadshows potentially beginning as soon as June 4. Both signal that the AI infrastructure buildout is accelerating regardless of the macro environment — a dynamic that continues to underpin markets.

Looking Ahead
Next week's calendar is front-loaded with labour market and activity data that will shape the Fed's June calculus. Monday brings Fed Chair Powell speaking alongside Eurozone unemployment and the first May manufacturing readings — S&P Global PMI and ISM Manufacturing, both expected to show continued expansion. Tuesday delivers JOLTS job openings, Wednesday ADP employment. Friday's nonfarm payrolls are the week's centrepiece. For Bitcoin, the question heading into June is whether progress on the CLARITY Act can provide the structural catalyst that macro relief has so far failed to deliver.

Author: Iliya Kalchev, Analyst at Nexo’s Dispatch

This material is produced by Nexo for informational purposes only and does not constitute financial, investment, legal, or tax advice, or a recommendation to transact in any digital asset. Views are the author's as of the date of publication and may change without notice. Information is from sources believed reliable, but Nexo makes no warranty as to its accuracy and accepts no liability for any loss arising from reliance on this material.

In this patch of your weekly Dispatch:Macro effects add upETH target $4,000 by 2026 HODLers add 40K BTC in MayMarket cast

BTC slows down in headwindsAfter seeing a substantial wave of ETF outflows and geopolitical uncertainty recently, Bitcoin is struggling to hold its footing, and the technical picture reflects that strain across timeframes.

On the weekly chart, price has slipped below the 20-period Simple Moving Average – the middle Bollinger Band, losing what had been a key dynamic support level. The RSI and Stochastic, both momentum oscillators, have not yet reached oversold territory, though both signal lines are pointing lower, and the MACD histogram, while still above zero, offers limited reassurance of a near-term recovery.

On the daily chart, the picture looks more strained. Price is pressing against the lower Bollinger Band and trading below most major moving averages – key trend-following indicators, reflecting broad short-term weakness. The RSI and Stochastic have both crossed into oversold territory – a reversal of those signal lines would be the first sign that selling pressure is beginning to ease. The MACD histogram remains in negative territory, adding to the bearish case.

Key levels to watch: To the downside, the psychological $70,000 level is the immediate line of defence, with $66,000 as the next meaningful floor if that gives way. To the upside, $73,000–$74,000 is the first resistance zone to clear, followed by $76,000–$77,000 above that.

The big idea

The U.S. job market is Bitcoin’s new catalystRisk appetite in crypto has shifted from momentum to patience, with Bitcoin and the broader market entering a consolidation phase. While this stage is  defined less by fear and more by a lack of clear movers and shakers, there is one catalyst  potentially driving the next leg and this is the labor market.

What's ahead: The calendar this week builds toward a single question: how healthy is the U.S. labor market? ISM Manufacturing PMI on Monday and JOLTS Job Openings on Tuesday set the tone, followed by ADP Employment Change and ISM Services PMI mid-week. Then on Friday, the May Nonfarm Payrolls report lands alongside the Unemployment Rate and Average Hourly Earnings — the week's defining moment.

The data matters because it speaks directly to what the Fed does next. A notably soft payrolls print could revive rate cut expectations and give risk assets, Bitcoin included, room to breathe. A strong number keeps the Fed on hold and the pressure on. Either way, after weeks of fading geopolitical headlines and inconclusive inflation readings, markets are finally looking at data that could shift the picture.

Where we stand: For the first time since its launch, the Spot Bitcoin ETF recorded a 10-day outflow streak. Between May 15 and 29, nearly $3 billion left Bitcoin ETFs across the board. The price told the same story — BTC slipped from $80,000 to the $73,000 range, closed May in the red, and has struggled to reclaim higher ground since. The broader crypto market has followed suit, with Ether slipping back below $2,000 and trading volumes sitting at historic lows.

The geopolitical backdrop has offered limited relief. When President Trump announced a near-finalized peace framework with Iran in late May, Bitcoin briefly spiked toward $77,000 — only to retrace as negotiations proved more complex than initially signalled, with both sides still working through core terms. The pattern is becoming familiar: BTC reacts to the headline, then waits for the substance to follow. At this point, the market appears to be looking for a signed deal rather than a framework.

On the monetary policy front, last week's PCE inflation print came broadly in line with expectations — neither hot enough to slam the door on future rate cuts, nor cool enough to open it. The Federal Reserve remains in a holding pattern, and with new Fed Chair Kevin Warsh preparing for his first policy meeting on June 16-17, the stakes around incoming data have only grown higher.

Beneath the surface, there is a quietly encouraging signal worth watching — one we unpack in this week's data story. Open interest has reset to multi-week lows and funding rates have turned mildly positive, suggesting the market is digesting the drop with accumulation rather than panic. Bitcoin has been patient. This week, it may get an answer worth reacting to.

Ethereum

Is ETH having its Amazon 2001 moment?Ether has shed 57% from its August 2025 highs, but Standard Chartered argues the price is telling the wrong story. The bank draws a direct parallel to Amazon during the 2001 dot-com crash — where internal metrics kept improving while the stock collapsed. The same, they say, is happening with Ethereum today: transaction volumes and total value locked remain near all-time highs, 54% of all stablecoins settle on Ethereum, stablecoins account for a third of all Ethereum transactions in 2026, and the network hosts 62% of all tokenized real-world assets and 68% of all active on-chain loans. The stablecoin market cap could grow sixfold to $2 trillion by 2028, while RWAs could expand 50x over the same period. Their long-term price targets: $4,000 by end-2026 and $40,000 by end-2030. The market just hasn't caught up yet.

Hot in crypto

The new top 10 in crypto?Hyperliquid's HYPE token kicked off June with a statement. After closing May with gains exceeding 70%, HYPE hit a new all-time high of $74, pushing its market cap above $16 billion and displacing DOGE as the 10th largest digital asset. The move came during a broader market retreat, making it all the more striking.

Institutional interest is visibly growing, with asset managers beginning to structure dedicated investment vehicles around HYPE — a signal that the platform's transition from a niche derivatives exchange into institutional-grade trading infrastructure is gaining credibility. That said, with a 70% monthly gain and a near-vertical chart, it may be too early to say how much of this move is structural and how much is momentum. This is definitely one to watch.

The week's most interesting data story

BTC hodlers aren’t blinkingWhile Bitcoin's price has struggled to find direction, one group has been sending a quiet but clear signal. Long-term holders, after a period of distribution through much of the past year, turned to accumulation at the start of 2026 and haven't looked back. Even through the late May selloff, the Hodler Net Position Change climbed nearly 6%, from 38,056 BTC to 40,309 BTC. When prices fall and long-term holders accumulate rather than exit, it tends to say something about where conviction actually sits.

The numbers

The week’s most interesting numbers$322 billion — the total stablecoin market cap hit a fresh all-time high in late May, now exceeding the FX reserves of 95 countries.

$35 million — net inflows into XRP ETFs between May 20-29, bucking the broader market trend.

15.8 million BTC — the amount of Bitcoin now classified as long-term holder supply, a new all-time high. 

$35 trillion — the total stablecoin transaction volume processed last year, according to Chainalysis.

Hot topic

What the community is discussingThe analyst has called it, so watch out for the move. 

Nexo whales stay in the ecosystem.

Another hot one in crypto this week.

Dispatch is a weekly publication by Nexo, designed to help you navigate and take action in the evolving world of digital assets. To share your Dispatch suggestions and comments, email us at [email protected].

Daily analysis of crypto markets and the forces shaping them, from the Nexo research desk.

​​Bitcoin tests $61,000 as bottom signals emerge and U.S.-Iran talks inch forwardThe crypto market is navigating one of its more challenging sessions of the year, with the total market cap slipping to $2.18 trillion. Bitcoin touched $61,300 overnight before partially recovering to around $62,500, as a combination of institutional outflows, geopolitical uncertainty, and the rotation into AI equities continues to weigh on sentiment. The macro picture is offering cautious relief: Israel and Lebanon have renewed their ceasefire, Brent crude has eased toward $96, gold is recovering to around $4,465, and President Trump has signalled that progress on Iran talks could come as soon as this weekend. The week's defining data point — Friday's nonfarm payrolls — arrives tomorrow to either tighten or loosen the Fed's already constrained policy space.

Bitcoin
Bitcoin is trading around $62,500, recovering from an overnight low of $61,300 but still down roughly 5% on the day. Two on-chain signals are converging at current levels that warrant attention. The supply of Bitcoin held at a loss has exceeded the supply in profit for the first time this cycle — 10.5 million BTC underwater against 9.8 million in profit for a crossover that has historically aligned with market lows, though the duration of such periods has varied. Simultaneously, $61,300 corresponds to Bitcoin's 200-week moving average, a long-term support tested in every prior cycle. A close below $60,000 would be the next level to watch, with the realized price near $54,000 as the deeper structural reference.

Open interest has pulled back from record highs above 800,000 BTC to around 766,000 BTC, indicating leveraged positions are being unwound rather than fresh directional bets added. Strategy's anticipated buyback following last week's sale is the near-term catalyst to watch. The view is shared by Standard Chartered, characterizing current levels as a buying zone and arguing the worst of the drawdown may be behind us.

Ethereum & Altcoins
Ethereum is trading around $1,750, down 6.5% on the day. XRP fell 4.1% to $1.19, Solana, Cardano, and BNB each declined between 5% and 9%. Dogecoin fell 4%.

Solana is a notable exception in derivatives: open interest surged to a record 72.16 million tokens even as prices declined — a combination that typically signals aggressive short accumulation. SOL has also broken below its February low, a technical deterioration that Bitcoin, Ethereum, and XRP have so far avoided, making it the weakest of the major assets on a relative basis.

Macro & Institutional
The Israel-Lebanon ceasefire renewal is the most constructive geopolitical development of the week. The agreement, contingent on a complete Hezbollah withdrawal south of the Litani River, removes a key sticking point in U.S.-Iran negotiations. 

Brent crude is easing toward $96 as markets partially price a potential Hormuz reopening. Wednesday's ADP report showed 122,000 private sector jobs added in May — above expectations, while the ISM services index rose to 54.5, with the prices-paid component hitting its highest level in nearly four years. Both readings reinforce the higher-for-longer rate narrative while signalling that the economy is absorbing the energy shock without breaking. The dollar is holding near a two-month high.

Broadcom reported a 48% revenue surge driven by AI chip demand, but shares fell in after-hours trading as guidance failed to meet elevated expectations — a first sign that the AI trade may be entering a phase where execution matters as much as narrative.

Looking Ahead
Tomorrow's jobs data is the week's defining macro moment — nonfarm payrolls, the unemployment rate, and average hourly earnings all released Friday, together forming the most complete picture yet of how the labour market is holding up under the energy shock. A strong print locks in higher-for-longer and extends the headwind for risk assets; a weak one reopens the rate debate without necessarily triggering a crypto recovery on its own. Any confirmation of a U.S.-Iran deal this weekend would unwind the oil premium, ease inflation expectations, and potentially mark a meaningful turning point for this cycle. For Bitcoin, the question is whether current levels represent a durable floor or the beginning of a more extended base-building phase. The on-chain evidence is consistent with prior cycle lows, but history also shows that touching those levels and staying above them are two different things.

Author: Iliya Kalchev, Analyst at Nexo’s Dispatch

This material is produced by Nexo for informational purposes only and does not constitute financial, investment, legal, or tax advice, or a recommendation to transact in any digital asset. Views are the author's as of the date of publication and may change without notice. Information is from sources believed reliable, but Nexo makes no warranty as to its accuracy and accepts no liability for any loss arising from reliance on this material.

Daily analysis of crypto markets and the forces shaping them, from the Nexo research desk.

​​Bitcoin steadies as Strategy steps back in and the macro picture shiftsThe crypto market is finding its footing after last week's pressure, with the total crypto market cap recovering modestly as Bitcoin climbs back above $63,000 and altcoins post measured gains. The macro backdrop remains complex: Iran and Israel exchanged strikes over the weekend for the first time since the April ceasefire, sending oil higher and adding a layer of uncertainty to an already active backdrop. Yet markets are absorbing the news with relative composure — S&P 500 futures are up 0.6%, Nasdaq futures are gaining 1.3% as chip stocks stabilize, and Iranian state media has reported an end to military operations against Israel. Brent crude is up 1.1% to around $94, the dollar index is holding near a two-month high at 100.17, and gold has slipped to around $4,326 as higher-for-longer rate expectations continue to weigh on bullion. Wednesday's CPI print and Thursday's ECB rate decision are the week's defining data points.

Bitcoin
Bitcoin is trades just below $64,000, up almost 3% in 24 hours and recovering from last week's low below $60,000. Two developments are supporting the rebound. First, Strategy has returned to buying — purchasing 1,550 BTC for approximately $101 million at an average price of $65,332, bringing total holdings to 845,256 BTC. The acquisition, the first since last week's symbolic sale, reaffirms the corporate accumulation model that briefly came into question and adds meaningful institutional weight to the current price level. Second, one of Bitcoin's closely watched on-chain metrics — the MVRV Z-Score, is approaching the zone that has historically coincided with major cycle lows, having touched or briefly dipped below zero in 2014, 2018, and 2022 before significant recoveries followed. 

Spot Bitcoin ETFs recorded $1.72 billion in net outflows last week, their largest weekly exodus since February 2025, extending a four-week outflow streak totalling $5.4 billion. The primary driver was last week's stronger-than-expected jobs report, which reinforced higher-for-longer rate expectations and made yielding assets more attractive relative to Bitcoin. That said, the institutional ownership base has broadened meaningfully — 61% of circulating Bitcoin supply has remained inactive for more than a year per Glassnode, and corporate treasury accumulation has provided a meaningful offset to ETF outflows. $60,000 remains the key support level — Bitcoin briefly touched it last week before recovering, and holding above it is the near-term priority.

Ethereum & Altcoins
Ethereum is up 3.4% to around $1,666, outperforming Bitcoin on the day and recovering from last week's multi-month lows. XRP and Solana each rose 1.3%, Cardano and BNB each added around 1%. The recovery is measured rather than decisive as the altcoin complex is broadly tracking Bitcoin's rebound without yet establishing independent momentum. The $1,420 level remains the key reference for Ethereum — a sustained hold above it keeps the current recovery thesis intact.

Macro & Institutional
The weekend's Iran-Israel exchange marks the first direct strikes between the two since the April ceasefire, introducing a new layer of geopolitical uncertainty into an already complex macro environment. President Trump maintained that a peace deal remains on the table. Brent crude is up on the session, with markets pricing a widening gap between diplomatic optimism and operational reality.

The week's most consequential institutional development outside of geopolitics is Goldman Sachs pushing its Fed rate cut forecast into 2027, citing the stronger labour market and persistent inflation pressures from energy costs and tariffs. Goldman now expects core PCE to remain above 3% throughout 2026, with cuts resuming only as inflation approaches 2% the following year. European markets are also navigating the ECB's expected rate decision Thursday, with traders pricing as many as three hikes by year-end as eurozone bond yields hit multi-week highs. Asian markets bore the brunt of Friday's risk-off move, with South Korea's Kospi falling 8.3%, Japan's Nikkei dropping 3.85%, and Taiwan's TAIEX declining 3.5%.

Looking Ahead
Wednesday's CPI print is the week's defining moment, where any surprise in either direction would move rate expectations and by extension crypto, equities, and yields simultaneously. Tuesday brings ADP employment as an early read on the labour market. Wednesday also brings the Bank of Canada rate decision and a 10-year Treasury auction in the afternoon. Thursday is the week's busiest day: the ECB rate decision, U.S. PPI, initial jobless claims, and the OPEC monthly report all land together, forming a near-complete picture of where energy, inflation, and growth stand heading into summer. UK GDP rounds out the week on Friday. For Bitcoin, Wednesday's CPI is the most direct near-term catalyst — a contained reading would provide relief, while an upside surprise would keep the pressure on the $60,000 support level that matters most heading into Warsh's first FOMC meeting on June 17.

Author: Iliya Kalchev, Analyst at Nexo’s Dispatch

This material is produced by Nexo for informational purposes only and does not constitute financial, investment, legal, or tax advice, or a recommendation to transact in any digital asset. Views are the author's as of the date of publication and may change without notice. Information is from sources believed reliable, but Nexo makes no warranty as to its accuracy and accepts no liability for any loss arising from reliance on this material.

Daily analysis of crypto markets and the forces shaping them, from the Nexo research desk.

​​Bitcoin recovers above $62,000 as CPI lands in line and rate hike fears moderateBitcoin has recovered to around $62,300, up roughly 1% on the day after an earlier dip toward $61,000 as markets awaited the CPI print. The data's core monthly reading — 0.2% against an expected 0.3% — provided just enough relief to stabilise risk assets without resolving the broader macro tension. Spot Bitcoin ETF outflows have slowed materially this week — $168 million so far compared to over $5 billion across the prior three weeks, suggesting the most intense phase of institutional repositioning may be easing. Rallies without a sustained return of spot demand have historically struggled to hold, but the combination of slowing outflows and a non-alarming CPI print is a more constructive backdrop than the market faced at the start of the week. The $60,000 level remains the key structural reference — holding above it keeps the current recovery thesis intact.

Bitcoin
Bitcoin is trading just below $61,000, down 3% in 24 hours. The recovery seen earlier this week, which carried Bitcoin toward $64,000 following Strategy's return to buying, has faded, reflecting a market that is still waiting for a meaningful return of spot demand rather than a sustained directional shift. Rallies without that underlying bid have historically struggled to hold, and the current environment is no exception.

The more encouraging signal is in ETF flow data. Outflows have slowed materially this week — $168 million so far compared to over $5 billion across the prior three weeks, suggesting the most intense phase of institutional repositioning may be easing. Today's CPI is the critical near-term test: a contained reading would provide meaningful relief for non-yielding assets, while a stronger print would reinforce the case for a December Fed rate hike and keep the $60,000 level in focus as the cycle's key reference point.

Ethereum & Altcoins
Ethereum has recovered to $1,664, tracking Bitcoin's rebound following the CPI release. XRP fell 5%, Solana shed 4.3%, and Cardano fell 5.2%. Hyperliquid's HYPE saw the sharpest move among major assets, down over 10% on the day as its higher-beta profile amplifies broader market swings. The altcoin complex is broadly moving in line with Bitcoin without meaningful divergence. 

Macro & Institutional
May CPI came in at 4.2% year-on-year — in line with expectations and the hottest reading since April 2023 — driven largely by a 7% monthly surge in gasoline prices and a 40.5% annual increase. Core CPI rose 2.9% year-on-year, also matching forecasts, but the monthly core reading eased to 0.2% from April's 0.4% — softer than the 0.3% expected. The detail beneath the headline is modestly encouraging: core goods prices fell 0.1% month-on-month, new vehicle prices declined, medical care costs decreased, and transportation services costs eased. These components suggest the energy shock has not yet broadly fed into underlying price pressures in the way some feared.

The Fed's next meeting on June 16-17 — Warsh's first as chair — is still widely expected to be a hold. The more meaningful debate is now about what comes after. Markets had entered 2026 pricing rate cuts; those expectations have been all but eliminated. A rate hike by December is currently priced at above 70% probability, though analysts note the bar for an actual move remains high — the Fed will need to see energy-driven inflation feed more persistently into core prices before acting. The contained monthly core reading today provides a modest pushback against the most hawkish scenario.

Fresh U.S.-Iran strikes drew retaliatory Iranian action, though oil markets are treating the exchange as part of the conflict's established pattern rather than a decisive escalation. The Strait of Hormuz remains effectively closed and oil stays well above pre-war levels.

On the institutional side, Japan's three largest banks have announced plans to jointly issue a yen-denominated stablecoin by March 2027 — a notable development for institutional-grade digital asset infrastructure outside the dollar ecosystem. The ECB is expected to raise rates by 25 basis points on Thursday, with one research desk arguing that European equities are better positioned to absorb the move than widely feared given stronger balance sheets compared to the 2011 tightening cycle.

Looking Ahead
With CPI now in the rearview mirror, Thursday becomes the next focal point — the ECB rate decision, U.S. PPI, and initial jobless claims all land together, completing the inflation picture ahead of Warsh's first FOMC meeting on June 16-17. The Bank of Japan is also widely expected to raise rates to 1% at its June 16 meeting — a rare moment where three major central banks are moving in the same direction simultaneously. For Bitcoin, today's data provides a degree of breathing room — but a sustained recovery will require the return of spot demand that has been absent since mid-May, and that is unlikely to materialise until the rate trajectory and the Iran situation provide clearer direction.

Author: Iliya Kalchev, Analyst at Nexo’s Dispatch

This material is produced by Nexo for informational purposes only and does not constitute financial, investment, legal, or tax advice, or a recommendation to transact in any digital asset. Views are the author's as of the date of publication and may change without notice. Information is from sources believed reliable, but Nexo makes no warranty as to its accuracy and accepts no liability for any loss arising from reliance on this material.

Daily analysis of crypto markets and the forces shaping them, from the Nexo research desk.

Bitcoin steadies above $63,000 as Iran deal hopes lift markets and SpaceX makes historyThe crypto market is finding its footing on the most eventful Friday of the year. Bitcoin is up 0.9% to around $63,300, equity futures are pointing higher, and Brent crude has slid to around $86.50 — a two-month low, on growing hopes of a U.S.-Iran peace deal. SpaceX has simultaneously made history, pricing its IPO at $135 per share to raise $75 billion — the largest offering in U.S. history, and beginning trading on the Nasdaq today at a $1.77 trillion valuation. The dollar is dipping slightly, the euro is near a one-week high, and gold is edging up to around $4,220. The total crypto market cap remains under pressure but is stabilising as the macro backdrop shifts.

Bitcoin
Bitcoin is trading around $63,300, up 0.9% on the day and on course for a modest weekly gain. Spot Bitcoin ETFs are headed for a fourth consecutive week of outflows, though the pace has eased materially — $401.7 million so far this week compared to $1.72 billion the prior week. That deceleration is an early signal worth noting. If the Iran deal is confirmed this weekend, the first meaningful test will be whether ETF flows reverse — the institutional bid that powered April's recovery was built on exactly this kind of macro relief, and the infrastructure to absorb it is already in place.

On the derivatives side, institutional positioning in options markets this week has centred on structures designed for maximum profit if Bitcoin settles near $75,000 by end of July. The $75,000 positioning is notable not just as a price target but as a signal of timeframe — institutional players are not positioning for an immediate spike but for a gradual recovery through July, consistent with a market that needs the macro environment to stabilise before spot demand returns meaningfully. The $60,000–$65,000 range remains the near-term reference zone, with the 200-week moving average at around $61,000 providing the structural floor.

Ethereum & Altcoins
Ethereum is broadly flat at around $1,653. XRP is up 1.4% to $1.13, with Solana, Cardano, and BNB each gaining between 0.1% and 2.4%. The altcoin complex is posting modest gains in line with Bitcoin's direction, with spot Ethereum ETFs continuing to record outflows this week. Ethereum's relative resilience at current levels — holding above $1,600 through a period of sustained ETF outflows, leaves it better positioned than its recent performance suggests if institutional flows begin to rotate back into the broader crypto complex.

Macro & Institutional
Iranian state media reported Friday that a draft framework agreement would include the reopening of the Strait of Hormuz, the lifting of U.S. oil sanctions, and the release of frozen Iranian funds, with final negotiations focusing on nuclear and economic issues. President Trump has described the deal as essentially done with a signing possible in Europe this weekend, though Tehran struck a more measured tone, acknowledging progress while noting points of contention remain. Brent is down over 4% at around $86.50, on course for a weekly decline of over 7% — a move that, if sustained, would materially ease the inflation premium driving central bank hawkishness. OPEC's monthly report cut its 2026 oil demand growth forecast for a second consecutive month, reinforcing how consequential a Hormuz reopening would be.

Thursday's ECB hike and a contained U.S. core PPI reading have nudged the rate narrative in a more constructive direction. Markets are now pricing around a 60% probability of a Fed hike by December, down from above 70% earlier in the week. On the institutional product side, a major asset manager has filed regulatory paperwork for a Bitcoin premium income ETF — a covered-call structure offering spot Bitcoin exposure with a yield-generating mechanism. This represents a broadening of the Bitcoin ETF product suite that could attract a different category of institutional buyer in the months ahead.

Looking Ahead
A confirmed Iran deal would be the single most significant macro development since the conflict began — unwinding the oil premium, easing inflation expectations, and potentially reversing the institutional outflow trend from crypto. 

Next week's calendar is front-loaded with central bank decisions. Tuesday brings the Bank of Japan and RBA alongside the ZEW sentiment survey. Wednesday delivers UK and Eurozone CPI and U.S. retail sales ahead of the Fed's rate decision — widely expected to be a hold at 3.75% — where Warsh's tone on the inflation outlook and the path beyond June will be the most closely watched moment of the week. Thursday rounds out with the Bank of England decision alongside U.S. jobless claims. For Bitcoin, how Warsh frames the rate path in light of a potential Iran resolution could prove as important as the decision itself.

Author: Iliya Kalchev, Analyst at Nexo’s Dispatch

This material is produced by Nexo for informational purposes only and does not constitute financial, investment, legal, or tax advice, or a recommendation to transact in any digital asset. Views are the author's as of the date of publication and may change without notice. Information is from sources believed reliable, but Nexo makes no warranty as to its accuracy and accepts no liability for any loss arising from reliance on this material.

In this patch of your weekly Dispatch:First decision under new Fed chairMarket-moving macro comesSpaceX's Bitcoin goes publicMarket cast

BTC shows green in the chartsBitcoin's technical picture is showing early signs of a shift. On the weekly chart, price has bounced from the 200-period SMA — a key long-term trend indicator, and is now pushing toward the middle Bollinger Band, a volatility indicator that marks the midpoint of the current price range. The RSI and Stochastic oscillators, both momentum indicators, remain at relatively low levels but their signal lines are turning higher — a tentative sign of building bullish momentum. The MACD histogram, a trend and momentum indicator, sits slightly above the zero line, keeping the longer-term structure cautiously constructive.

On the daily chart, the picture is more nuanced. Price is now testing the middle Bollinger Band, which is acting as dynamic resistance at current levels. The RSI has moved into neutral territory and continues to rise, while the Stochastic signal lines are approaching overbought conditions — a reminder that the short-term rebound may need to consolidate before extending further. The MACD histogram has moved into positive territory and is trending higher, offering some near-term encouragement.

Key levels to watch: Support sits at $63,000 and $61,000. To the upside, the first hurdle is the daily middle Bollinger Band as dynamic resistance, followed by the $68,000–$69,000 zone and $71,000 beyond that.

The big idea

Will a new Fed chair support Bitcoin’s recovery?For months, uncertainty around the U.S.-Iran conflict has weighed on risk assets and capped every Bitcoin recovery attempt. Over the weekend, reports of a ceasefire agreement offered some relief — oil prices fell sharply, Asian equities moved higher, and Bitcoin climbed back above $65,000 for the first time in nearly two weeks. The situation is still developing, with the formal signing expected later this week. But for now, at least, one of the market's more persistent sources of anxiety appears to have eased.

The next focus shifts quickly to Wednesday, when the Federal Reserve delivers its June 17 interest rate decision — the first under new Chair Kevin Warsh. A hold is widely expected, with markets pricing in around a 97% probability of no change. The more consequential question is what the accompanying dot plot and Warsh's press conference reveal about the path ahead. Specifically, whether rate hikes later this year remain a genuine possibility.

The data the Fed is walking in with offers no easy answers. May's CPI came in at 4.2% year-on-year — elevated, but in line with expectations, with core monthly inflation coming in slightly softer than forecast. The labor market paints a similarly nuanced picture: three consecutive months of solid job gains, unemployment holding at 4.3%, yet weekly jobless claims ticked above forecasts last week and there are early signs of strain beneath the surface — long-term unemployment is rising and hiring intentions among small businesses have fallen to a six-year low. The Fed will see a labor market that is neither breaking down nor giving it room to ease. That is the difficult position Warsh inherits on Wednesday.

How Bitcoin responds will depend heavily on tone. If the dot plot suggests inflation is moving back toward target, and that cuts could be possible by late 2026, the market may find the catalyst it has been looking for. A more hawkish signal — higher for longer, or any suggestion of hikes — could undo much of the weekend's recovery and bring $60,000 back into view.

In the meantime, some early signals are worth noting. Standard Chartered believes the cycle low is in at $59,000, pointing to three confirmations: ETF inflows returning, oil prices falling, and Strategy resuming purchases. All three appear to be falling into place — Bitcoin ETFs pulled in $85.8 million on Friday, and Saylor delivered on his word. On-chain, a seller exhaustion signal tracked by Glassnode showed that the market's largest whale cohorts added close to 11,000 BTC on the same day – see more in this week’s data story.

So where does that leave us? One source of uncertainty has eased. Whether the Fed provides another on Wednesday remains to be seen — but the answer may go a long way toward defining where Bitcoin goes.

Ethereum

ETH still in its early days? ETH's price may be struggling, but the institutional story is quietly accelerating. In a recent CoinDesk interview, Etherealize founder Vivek Raman described Ethereum as "the infrastructure for Wall Street" — and argued that large financial institutions have moved well beyond proof-of-concept, now deploying on public blockchains in production. Tokenized stocks, bonds, real estate, and funds are all expanding beyond stablecoins as the institutional entry point.

The price disconnect, Raman says, comes down to timing. Institutional sales cycles are long, and the full wave of assets has yet to migrate on-chain. The argument is that Ethereum's network effect — built on years of liquidity dominance and institutional deployments — has created the foundation, but the scale of adoption hasn't been reflected in the asset yet. When more tokenized assets settle on Ethereum, the expectation is that the market will reprice ETH's role accordingly, Raman argues. Which means we may simply be early. The infrastructure is there, the institutions are arriving, and ETH's price may just need time to catch up.

Macroeconomic roundup

Macro signals play tug of warMarkets head into the week on the front foot after the Iran peace deal lifted oil prices and risk sentiment. The calendar is packed — two central bank decisions, European inflation prints, and a stream of U.S. data all landing within 72 hours.

Eurozone CPI YoY (Jun 17): Confirms whether the ECB's recent hike is working — any upside surprise adds to the higher-for-longer narrative.

US Retail Sales MoM (Jun 17): A read on consumer spending that feeds directly into the Fed's economic projections released the same day.

UK CPI YoY (Jun 17): A hot print keeps pressure on the Bank of England to stay tight.

BoE Interest Rate Decision (Jun 18): The Bank of England navigates its own balancing act between slowing growth and sticky inflation.

Philadelphia Fed Manufacturing Index (Jun 18): A miss here could further complicate the picture for U.S. economic momentum heading into the summer.

Initial Jobless Claims (Jun 18): Claims have been creeping higher — a reading above 220,000 would add weight to the case for eventual easing.

TradFi trends

The world’s first trillionaireSpaceX made history last week with the largest IPO ever, raising $75 billion at $135 per share before jumping 19% on its Nasdaq debut — briefly touching $176.50 intraday and closing at $161, pushing its market cap above $2 trillion. Shares continued climbing on Monday pre-market, hovering around $170.

The listing also made Elon Musk the world's first trillionaire. His 42% stake in SpaceX, combined with his Tesla holdings, put his total net worth at $1.11 trillion. SpaceX's business spans reusable rockets, the Starlink satellite network, and long-term ambitions around orbital data centers — a story that analysts say could take two decades to fully play out, but one the market appeared willing to bet on from day one.

The week's most interesting data story

What a whale wantsOne of the more reliable tools for identifying Bitcoin cycle bottoms is a metric called the Seller Exhaustion Constant — a Glassnode indicator that flags the moment when sellers have largely done their worst, capturing the point at which supply in profit is low, and volatility has compressed. Historically, it has marked the point where there is simply less left to sell.

On June 11, the signal flashed for only the second time in 2026. The last time it appeared, on February 12, Bitcoin went on to rally 24% over the following weeks. What followed this time was telling: two of the largest whale cohorts added close to 11,000 BTC — worth around $700 million — on the exact same day. Bitcoin has since rebounded from its $59,100 low back above $65,000, now testing resistance near $66,600. A sustained move above that level would open the path toward $70,000 and beyond, echoing the trajectory of the last signal. The metric and the market's largest holders are pointing in the same direction.

The numbers

The week’s most interesting numbers1% — The Bank of Japan raised rates to their highest level since 1995, and Bitcoin shrugged it off.

$2 trillion – U.S. spot Bitcoin ETFs are closing in on $2 trillion in cumulative trading volume, less than two and a half years since launch.

18,712 BTC — The bitcoin position SpaceX brought to public markets via its record IPO this week — the largest bitcoin holding ever attached to a public listing

$100 million – Strategy purchased 1,587 BTC this week, bringing its total holdings to 846,842 BTC.

Hot topic

What the community is discussingSo the bottom is in?

Whales in the dip.

Is it Gold’s turn for a pullback?

Dispatch is a weekly publication by Nexo, designed to help you navigate and take action in the evolving world of digital assets. To share your Dispatch suggestions and comments, email us at [email protected].

Daily analysis of crypto markets and the forces shaping them, from the Nexo research desk.

Bitcoin pulls back toward $64,000 as a hawkish Fed overshadows the Iran peace dealThe crypto market is digesting a busy 24 hours that delivered two major developments — a hawkish Fed and a signed Iran peace deal, the latter largely priced in ahead of the event — with the former driving the session's price action. Bitcoin retreated to $63,900, while Ethereum fell $1,733, as the broader crypto complex reprices a tighter rate environment. Equity futures are recovering, with S&P 500 futures up 0.9% and Nasdaq futures up 1.5%, buoyed by the Iran deal signing. Brent crude has extended its decline to around $78, down nearly 11% on the week, and the dollar index has climbed to its highest level since May 2025 at 100.71 as rate hike expectations firm. Gold is edging up modestly to around $4,269 after Wednesday's sharp decline. The total crypto market cap is under pressure but holding above recent lows as the market consolidates in a familiar range.

Bitcoin
Bitcoin is trading around $63,900, but still up approximately 2% on the week — a sign that the market is consolidating rather than capitulating. The selling is driven squarely by the Fed's dot plot, which showed nine of nineteen officials now pencilling in at least one rate hike in 2026, compared to none in the March projections. Futures markets are pricing an 83% probability of a hike by December, with a full hike priced by October. That repricing sent the 2-year Treasury yield up 14 basis points to 4.19% and lifted the dollar.

With the Iran deal now signed and the rate outlook repriced, the market has two of its dominant variables more clearly defined. Bitcoin has held in the low $64,000s through the selling, suggesting buyers are present but cautious. The $60,000–$70,000 range is where the market is likely to stay until a clearer catalyst arrives — the CLARITY Act signing or a further shift in the rate outlook are the most plausible near-term triggers.

Ethereum & Altcoins
Ethereum pulled back to around $1,733. XRP slipped to $1.17, Solana and Cardano both moved lower, and BNB edged down. Hyperliquid's HYPE was the week's standout performer — up around 28% over seven days after reaching a new all-time high — though it pulled back on Thursday as the broader risk-off move weighed. The GMCI 30 index tracking the top 30 cryptocurrencies by market cap is down on the session, bringing its year-to-date decline to nearly 36%.

Macro & Institutional
The Fed held at 3.5%–3.75% as expected, but the hawkish dot plot was the session's defining moment — nine of nineteen officials now project at least one hike this year, a marked shift from March. Warsh's first statement was stripped to 132 words, dropped forward guidance entirely, and ended with a single assertion: the FOMC "will deliver price stability." Five task forces were announced to review Fed communications, the balance sheet, data sourcing, the inflation framework, and AI's role in the economy. The message is clear — Warsh is focused on inflation and is deliberately reducing the hand-holding that markets have relied on under Powell. The near-term implication for crypto is a higher-for-longer rate environment with less predictable guidance, both of which cap upside.

On the geopolitical side, the U.S. and Iran signed the interim framework at a dinner in Versailles — earlier than the planned Switzerland ceremony. The 14-point deal covers a permanent ceasefire, gradual easing of U.S. oil sanctions, and Hormuz reopening within 30 days. Nuclear negotiations begin in Switzerland this weekend. Brent at $78 is now down nearly 11% on the week, and the IEA projects a global oil surplus of over 5 million barrels per day by 2027 once Middle Eastern production recovers — a structural shift that, if it holds, should meaningfully reduce the inflation premium that has driven hawkish central bank positioning since February.

SpaceX pulled back on Wednesday before recovering in premarket. The company announced a $60 billion all-stock acquisition of Anysphere, the startup behind AI coding agent Cursor — its first deal since going public and a direct move into the AI infrastructure space.

Looking Ahead
The Bank of England decision lands today — a hold at 3.75% is widely expected, but Bailey's forward guidance on inflation and the Iran deal's energy implications will be closely watched. U.S. jobless claims and the Philadelphia Fed manufacturing index also release, offering an early read on whether the labour market resilience underpinning the hawkish Fed shift is holding. For Bitcoin, the CLARITY Act's July 4 working deadline and progress of Iran nuclear negotiations in Switzerland this weekend are the two variables most worth watching. A deal that meaningfully reduces the energy inflation premium — combined with regulatory clarity, would be the combination most likely to break the current range.

Author: Iliya Kalchev, Analyst at Nexo’s Dispatch

This material is produced by Nexo for informational purposes only and does not constitute financial, investment, legal, or tax advice, or a recommendation to transact in any digital asset. Views are the author's as of the date of publication and may change without notice. Information is from sources believed reliable, but Nexo makes no warranty as to its accuracy and accepts no liability for any loss arising from reliance on this material.

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