Overnight events in the crypto market: JPMorgan distanced itself from Polymarket, Gemini at a loss, and Norway entered ETH through stocks
While most market participants were resting, several landmark events occurred in the crypto industry that could shape sentiment for the coming weeks. From the largest bank severing ties with a popular prediction platform to an unexpected move by a sovereign investor, I break down the key moments.
Market in numbers: sideways movement and targeted moves
Bitcoin (BTC) was trading around $63,167 by 09:20 Moscow time. Overnight, on the 15-minute chart, the asset held within a narrow range of $63,000–$63,550, but by morning it had dipped slightly to $63,170. Ether (ETH) held near $1,877, fluctuating between $1,874 and $1,890 — volatility is minimal, indicating a wait-and-see stance among major players.
In the top 20 by market cap, declines prevailed, albeit slight ones. The biggest losers were TRON (TRX) down 1.12% and Dogecoin (DOGE) down 1.02%. In the top 100, Velvet (VELVET) stood out with a gain of 28.78%, along with Ether.fi (ETHFI) and Cosmos (ATOM), which added 11.95% and 11.54%, respectively. The laggard was Lighter (LIT), which lost 6.03%.
Flows into spot ETFs were mixed: Ethereum funds attracted $6.72 million, XRP funds $2.25 million, while bitcoin products lost $131.13 million. Over the past 24 hours, $210.53 million in positions were liquidated, affecting 69,417 traders. The largest liquidation order occurred on Bybit — the BTCUSDT pair at $1.98 million.
JPMorgan and Polymarket: a split over regulatory issues
My analysis shows that banking giant JPMorgan ceased banking services for the prediction platform Polymarket back in October 2025. The reason was regulatory risks that became unacceptable for the bank. After that, Polymarket was forced to seek a new partner, although business ties between the companies remained: JPMorgan even invited Polymarket's head to a closed event for clients and is positioning itself as the organizer of a potential IPO.
Notably, Polymarket is currently raising over $1 billion at a valuation of $20 billion — double last year's figure. This signals growing institutional interest in prediction markets despite regulatory pressure.
Gemini: fourth consecutive loss-making quarter
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 54% to $8.4 billion — the company attributes this to falling prices and an outflow of institutional clients. In response, Gemini is diversifying its revenue by developing prediction markets and stock trading, and managed to reduce its operating loss by 18%.
Norwegian sovereign fund: entry into ETH via shares
The most interesting event — the Norwegian sovereign fund disclosed ownership of 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 without buying coins directly. BitMine, in turn, holds approximately 5.805 million ETH, of which about 5.067 million are staked.
This move shows how traditional giants circumvent regulatory restrictions by using public companies as a bridge into digital assets. The trend toward "hidden" institutional participation will intensify.
My conclusion: the market is in a consolidation phase, but institutional moves — from JPMorgan's split with Polymarket to Norway's entry into ETH — point to structural changes. Gemini's losses underscore the difficulty of surviving in a competitive environment, yet revenue growth and diversification offer hope for a turnaround. Keep an eye on liquidity and ETF flows: they will be the main driver in the coming weeks.