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Daily Market Dispatch – August 28, 2025 Tight ranges, big stakes: Crypto’s next move is coming into view After a week of mixed signals, digital assets are showing tentative signs of stability. The total crypto market cap has inched up to $3.91 trillion, signaling modest resilience despite recent volatility. Bitcoin steadied near $112,000, while Ethereum settled above $4,600, pulling in record ETF inflows and pushing the ETH/BTC ratio above 0.04. The rotation reflects shifting momentum, with potential volatility, as data from K33 shows leverage in Bitcoin futures has surged to a two-year high. Beyond crypto, macro forces are adding to the tension – traders are leaning toward an 85% chance of a September Fed rate cut, with Friday’s PCE inflation report set to confirm or challenge that view. Bitcoin Bitcoin trades just above $112,000, consolidating after an 11% retreat from its all-time high near $124,000. On-chain data shows $113,600–$115,600 as immediate resistance zones, aligning with the cost basis of short-term holders. Key support lies at the six-month cost basis of $107,000. Futures positioning has grown stretched. K33 reports notional open interest in Bitcoin perpetuals has climbed above 310,000 BTC (~$34 billion), the highest in two years, with annualized funding rates jumping from 3% to nearly 11%. This reflects aggressive long positioning at a time when spot prices remain subdued. Even so, the structural backdrop is constructive: ETFs and corporate treasuries continue to absorb approximately 3,600 BTC/day – four times the rate of miner issuance. Bitcoin’s consolidation reflects a standoff – resistance from recent buyers on one side, long-term accumulation on the other. Ethereum & Altcoins Ethereum has taken center stage. Spot ETH ETFs pulled in $307 million on Wednesday, outpacing Bitcoin’s $81 million for a third straight day. Since August 21, ETH ETFs have absorbed nearly $1.9 billion, compared to Bitcoin’s $171 million. That surge coincided with ETH’s breakout to a new all-time high of $4,956 over the weekend, lifting the ETH/BTC ratio above 0.04 for the first time this year. Institutional data shows investment advisers now hold $1.35 billion in ETH ETFs, with Goldman Sachs leading at $722 million. VanEck CEO Jan van Eck recently described Ethereum as the “Wall Street token,” arguing that banks and financial institutions will increasingly need its rails to handle stablecoin flows and tokenized assets. Elsewhere, Solana advanced 4% as the network began voting on its Alpenglow upgrade, a proposed consensus overhaul, slashing finality times and improving data dissemination. Altcoins were mixed: Cardano +0.2%, XRP -0.6%. Macro & Markets Traditional markets are caught in a push-pull – Nvidia’s wobble clipped tech’s wings even as the S&P 500 hovers at record highs. Nvidia’s beat was overshadowed by China risks, knocking $110 billion off its valuation and trimming momentum for the Nasdaq. Tesla’s European sales slumped 40% YoY. Meanwhile, bond yields steadied and the dollar remained firm ahead of key U.S. data. Markets focused on the rising probability of a September rate cut, now priced at 85%. Thursday’s jobless claims and Q2 GDP projections, followed by Friday’s PCE inflation report, will be decisive in shaping expectations. On the crypto side, Metaplanet’s planned $880 million Bitcoin raise marks another step in treasury adoption, while ETF flows highlight diverging dynamics: Ethereum is capturing near-term capital, while Bitcoin remains the long-term anchor. Looking Ahead Markets now turn to a dense stretch of U.S. data that could shape sentiment in both equities and crypto. Thursday brings initial jobless claims and Q2 GDP projections, offering insight into labor market resilience and growth. On Friday, attention shifts to the all-important PCE and Core PCE inflation figures, the Fed’s preferred gauges, which will be decisive for September rate-cut expectations. — Iliya Kalchev, Nexo Dispatch analyst For informational purposes only; not financial or investment advice

What does a “decentralized AI agent network” look like? Lin from Hetu Protocol reframes it as a city where every car is an agent: ambulance, bus, sports car, each with its own incentives. When priorities collide, right of way becomes governance. 🔴Watch on YouTube 🎧Listen on Spotify