JPMorgan vs. Polymarket, Gemini losses, and Norwegian ETH: key events in the crypto market by August 14
While the market consolidated in a narrow range, important institutional shifts were brewing in the industry. My analysis shows that behind the facade of calm trading lie tectonic changes in the relationship between traditional finance and the crypto sector.
Market picture: Bitcoin and altcoins
At the time of analysis, at 09:20 Moscow time, Bitcoin (BTC) was trading near $63,167. During the night hours on the 15-minute chart, quotes held in the $63,000–$63,550 range, but by morning seller pressure shifted the price to $63,170. Ether (ETH) showed similar dynamics, hovering near $1,877, with fluctuations in the $1,874–$1,890 corridor after noon.
The top-20 coins showed minimal volatility, mostly moving into the red. The leaders of the decline were TRON (TRX) with a loss of 1.12% and Dogecoin (DOGE) with a drop of 1.02%. The remaining assets lost less than one percent.
Among the top-100, Velvet (VELVET) stood out, rising by 28.78%. Ether.fi (ETHFI) and Cosmos (ATOM) also demonstrated solid growth, adding 11.95% and 11.54%, respectively. The day's laggard was the Lighter (LIT) token, which collapsed by 6.03%, followed by Stable (STABLE) and LayerZero (ZRO) with declines of 5.80% and 4.47%.
ETF flows and liquidations
Spot ETFs showed mixed dynamics. Ethereum funds attracted $6.72 million, while XRP products brought in $2.25 million. At the same time, Bitcoin ETFs lost $131.13 million, indicating continued caution among institutional investors toward the leading cryptocurrency.
Over the past 24 hours, positions of 69,417 traders were liquidated for a total of $210.53 million. The largest liquidation order came on Bybit — positions worth $1.98 million were closed on the BTCUSDT pair.
Institutional news: JPMorgan, Gemini, and Norway
The key event was the disclosure that JPMorgan severed banking relations with the prediction platform Polymarket back in October 2025. The reason was regulatory risks. The bank offered the company to find a new partner, after which Polymarket moved to another bank. Notably, business ties remained: JPMorgan invited Polymarket's head to a closed conference for clients and claims the role of organizer for a potential IPO. The platform itself is currently raising more than $1 billion at a valuation of $20 billion.
The Gemini exchange reported a net loss of $107.7 million in the second quarter — this is already the fourth consecutive loss-making period. Revenue grew by 37% to $45.5 million, but the volume of assets on the platform fell by 54% to $8.4 billion. The company attributes this to falling prices and an outflow of institutional clients. To diversify revenue, Gemini is developing prediction markets and stock trading, and managed to reduce its operating loss by 18%.
Norway's sovereign wealth fund disclosed an investment of approximately 6.15 million shares in BitMine Immersion Technologies worth about $81.87 million as of June 30. Thus, the fund gained indirect exposure to ETH through a public company rather than through a direct purchase of digital coins. BitMine reported that as of August 9, it held about 5.805 million ETH, of which approximately 5.067 million were in staking.
My comment: JPMorgan's break with Polymarket is a clear signal that even the largest banks fear regulatory uncertainty in the sphere of decentralized prediction markets. At the same time, Norway's entry through BitMine shares is an elegant way to bypass direct investments in crypto assets, which could become a new trend for conservative institutions. The market remains in an accumulation phase, but institutional flows point to hidden interest in ETH.