Dispatch #242: Nexo returns to the USA

In this patch of your weekly Dispatch:

• Bitcoin bullish signals
• Ethereum builds momentum
• A tough week in macro

Market cast 

BTC: neutral, with a bullish twist

Bitcoin is currently consolidating around the $95,000 mark, with prevailing bullish momentum intact. On the weekly chart, key momentum indicators and oscillators remain in neutral territory, suggesting a period of stabilization following recent gains. However, the daily chart paints a more dynamic picture: both the Relative Strength Index (RSI) and Stochastic indicators are in overbought territory, while the MACD remains above its signal line, reinforcing the bullish bias. Additionally, the price is approaching the upper band of the Bollinger Bands, a further indication of short-term overbought conditions.

On the upside, immediate resistance levels are situated around $98,500, followed by the psychologically significant $100,000 mark, and further at $102,500.On the downside, initial support is seen near $91,000, with a broader support zone between $88,000 and $90,000 if the price retraces further.

Overall, BTC remains in a strong position, but overbought signals on lower timeframes suggest a potential for short-term volatility around key resistance levels.

The big idea

Nexo returns to the USA

At Nexo, we have always believed that innovation thrives where vision, leadership, and opportunity meet. We are proud to announce that we are returning to the United States — a country once again ready to lead the digital asset revolution.

There’s no better way to say it than loud and proud. Nexo is coming back stronger, smarter, and determined to win. President Donald Trump’s administration’s open embrace of innovation has created an environment where entrepreneurs are empowered, and where pioneers like us are not only welcomed but celebrated. 

As Co-Founder Antoni Trenchev put it, "America is back — and so is Nexo." 

The historic re-entry was unveiled at an exclusive business event, hosted by us and headlined by Donald Trump Jr., Executive Vice President of The Trump Organization.

America’s renewed spirit of support and optimism is unmistakable. Leaders like Donald Trump Jr. have recognized that crypto and digital assets are not just part of the future — they are the future. 

The United States is positioning itself once more at the forefront of financial and technological leadership, and Nexo is honored to be part of this new chapter. We are coming back to a market that enjoyed our seamless solutions and, on our part, one that we have sincerely missed supporting with all its crypto needs.

The news is so big, it’s been making headlines across the board — from crypto staples like Cointelegraph and CoinDesk to global outlets like Reuters. And just to make sure our most dedicated readers don't miss a beat, we're bringing the highlights straight to you here.

So here it is: Nexo re-enters the U.S. market.

With $11 billion in assets under management and a proven track record of delivering advanced wealth solutions worldwide, Nexo is ready to serve American retail and institutional clients with high-yield savings, crypto-backed credit lines, advanced trading, and institutional liquidity solutions.

And we're not coming back to the U.S. empty-handed. In 2025, Nexo’s product ecosystem received top honors at the Digital Banker’s Digital CX Awards and the FinTech Breakthrough Awards. These recognitions reflect our dedication to loyalty, intuitive design, powerful utility, and delivering tangible value to our clients.

Today, we reaffirm our commitment: to empower individuals, to drive innovation, and to help build a financial future without barriers.

America, we're back – and we’re just getting started.

Bitcoin 

Bitcoin’s fundamentals: Consolidation with catalysts building

With the technical picture addressed, it's time to turn the page — and when it comes to Bitcoin’s fundamentals, the story is getting a lot more exciting.

Spot Bitcoin ETFs surge: U.S. spot Bitcoin ETFs recorded over $3 billion in inflows last week — their second-best week on record. 

Mining costs climb: The average cost to mine one Bitcoin among public miners rose to over $82,000 in Q4 2024, with total production costs exceeding $137,000. Rising input expenses and potential tariff risks could constrain new supply, adding upward pressure to prices over the medium term.

Fidelity sees strong fundamentals: According to Fidelity, Bitcoin’s fundamentals remain robust despite short-term price volatility. Their latest report highlights that key technical structures — such as the golden cross formed in late 2024 — are intact, while on-chain data show continued accumulation by long-term holders.

Standard Chartered's bullish outlook: Standard Chartered forecasts Bitcoin reaching $120,000 by Q2 and $200,000 by year-end 2025, citing shifting capital away from U.S. assets, ETF-driven adoption, and Bitcoin’s emerging role as a systemic hedge against macro risks.

Strategy keeps buying: MicroStrategy continues to double down, adding 15,355 BTC last week at an average price of $92,737. Its holdings now total 553,555 BTC, valued at over $52 billion, further signaling that institutional conviction remains strong.

Ethereum

ETH sparks momentum 

Ethereum is flashing strong bullish signals after a major wave of accumulation and fresh regulatory wins. Long-term holders scooped up over 1.11 million ETH last week – the biggest weekly inflow of 2025 – while futures data shows sellers are running out of steam.

ETH has rebounded nearly 30% from this year’s lows, breaking out of a falling wedge pattern – a classic bullish reversal, according to FXStreet.com. Adding to the dynamics, the SEC approved options trading on spot Ethereum ETFs. And on the subject of ETFs, spot ETH ETFs posted $157.1 million in weekly net inflows – their best performance since February. Banking giant Fidelity also highlights the fundamental story is taking a brighter turn. Their latest report notes that despite Ethereum’s technical setbacks and lower network activity earlier this year, valuation metrics like the MVRV Z-Score and Net Unrealized Profit/Loss (NUPL) have moved into historically undervalued territory, suggesting a potential accumulation phase.

TradFi trends

Fed eases on crypto

In a major win for the crypto sector, the U.S. Federal Reserve has scrapped previous rules that restricted banks’ involvement with crypto and dollar-backed tokens, marking a major shift toward a more supportive stance.

Banks will no longer need to seek prior approval for crypto activities; instead, operations will be supervised through the usual oversight process. The Fed, along with the FDIC and OCC, also withdrew earlier warnings about crypto risks, signaling plans for new, innovation-friendly guidance.

Macroeconomic round up

Traders brace for big data week

Bitcoin (BTC) is trading just below $95,000, with key U.S. economic reports this week set to drive fresh volatility.

Here’s what matters:

• ADP Employment (Wed): Strong jobs data (>160K) boosts risk appetite; weak data lifts Bitcoin as a hedge.
• Core PCE Inflation (Wed): Cooling inflation (<2.5%) would be bullish for Bitcoin.
• Initial Jobless Claims (Thu): Rising claims could tilt sentiment risk-off.
• Non-farm Payrolls (Fri): Strong jobs (>130K) support risk assets; misses could spark safe-haven buying.

Big Tech earnings (Microsoft, Meta, Apple, Amazon) could also sway market sentiment.

The week’s most interesting data story

The long-term belief

Long-term Bitcoin holders (LTHs) are showing unwavering conviction as the cryptocurrency recovers above $90,000. For every 1 BTC sold by short-term holders, LTHs have accumulated 1.38 BTC, according to Glassnode and media reports. Since January’s market bottom, LTHs — investors holding for at least 155 days — have amassed 635,340 BTC, boosting their total to 13.75 million BTC. In contrast, short-term holders have sold off 460,896 BTC, reducing their exposure to 3.51 million BTC.

The numbers

Top 5 stats of the week

• 86.9% — Bitcoin supply in profit, flashing signals of growing market euphoria.
• 91% — The probability that the Fed will keep rates steady after the May 7 FOMC meeting.
• 40% — Bitcoin’s discount to its intrinsic energy value of $130,000K.
• 60% — The weekly surge for Sui (SUI), outperforming Bitcoin.
• 34.7% — Bitcoin’s rally since Trump’s election, outperforming gold and the Swiss franc.

Hot topics

What the community is discussing

Food for thought on ETH.

Well done, Arizona.

It is all about the fundamentals.

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].