Night Watch: Bitcoin froze at $63K, JPMorgan distances itself from Polymarket, and Norway enters ETH through the back door.
While most market participants were resting, the crypto industry continued to live its own life. The past night brought a number of landmark events that could set the tone for the coming weeks. From the actions of traditional financial giants to unexpected moves by sovereign investors, we break down what really matters.
Market: Bitcoin holds the line
At the time of writing this review (09:20 MSK), Bitcoin was trading around $63,167. The night session passed in a narrow range of $63,000 – $63,550, but by morning buyers had given up some ground, pushing the price to the lower boundary. Ether, in turn, consolidated near the $1,877 mark, showing a similar picture — flat trading in the $1,874 – $1,890 range.
Altcoins from the top 20 showed low volatility but were mostly in the red. The laggards were TRON (-1.12%) and Dogecoin (-1.02%). In the top 100, the situation was more interesting: the growth leader was Velvet (VELVET) with an impressive +28.78%, followed by Ether.fi (ETHFI) with +11.95% and Cosmos (ATOM) with +11.54%. Among the decliners, Lighter (LIT) stood out, losing 6.03%.
Flows into spot ETFs were mixed. Ethereum funds attracted $6.72 million, XRP — $2.25 million, while Bitcoin products lost $131.13 million. Over the day, positions worth $210.53 million were liquidated, affecting 69,417 traders. The largest liquidation order came on Bybit for the BTCUSDT pair — $1.98 million.
JPMorgan and Polymarket: a broken relationship
One of the main overnight news items was confirmation that banking giant JPMorgan severed its banking relationship with the prediction platform Polymarket back in October 2025. The reason — regulatory risks. The bank suggested the company find a new partner, which it did, moving to another financial institution. Notably, business ties were not completely severed: JPMorgan invited Polymarket CEO Shane Coplan to a closed client conference in February and claims a role as organizer of a potential IPO. Polymarket itself is currently raising over $1 billion in investments at a valuation of $20 billion — double last year's figure.
Gemini: fourth consecutive loss-making quarter
Crypto exchange Gemini reported a net loss of $107.7 million for the second quarter. This is already the fourth consecutive loss-making period, although revenue grew 37% year-over-year, reaching $45.5 million. The volume of assets on the platform fell by 54% — to $8.4 billion, which the company attributes to falling prices and an outflow of institutional clients. In response, Gemini is actively developing prediction markets and stock trading, and managed to reduce its operating loss by 18%.
Norway: indirect entry into ETH
The most curious signal came from Norway's sovereign wealth fund. The fund disclosed holding approximately 6.15 million shares of BitMine Immersion Technologies worth about $81.87 million as of June 30. Thus, the fund gained indirect exposure to Ethereum through a public company rather than through a direct purchase of digital assets. BitMine itself reported holding about 5.805 million ETH as of August 9, of which approximately 5.067 million are in staking.
My comment: The Norwegian fund's decision is a telling trend. Institutions are not ready to buy ETH directly due to regulatory uncertainty, but they are actively seeking workarounds through miner stocks and public companies. This creates an interesting dynamic: demand for ETH is growing but is not reflected in classic ETF statistics. For the market, this is more of a bullish signal than a bearish one, albeit a less transparent one.