Night crypto market digest: JPMorgan distances itself from Polymarket, Gemini sinks into losses, and Norway enters ETH through the back door
While most market participants were resting, landmark events were unfolding behind the scenes in the crypto industry. Key players—from traditional financial giants to sovereign funds—continue to reshape their strategies, and these changes could have long-term consequences for the entire sector. Let's break down the most important news from the past night.
JPMorgan and Polymarket: A Broken Relationship
My analysis shows that banking giant JPMorgan decided back in October of last year to cease banking services for the prediction platform Polymarket. The reason was regulatory risks that the bank deemed unacceptable. JPMorgan strongly recommended the company find a new financial partner, and Polymarket ultimately moved to another lending institution.
However, a complete break did not occur. Business ties remained: JPMorgan invited Polymarket CEO Shayne Coplan to a closed client event in February and even 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—twice as much as a year earlier. Clearly, despite regulatory difficulties, interest in prediction platforms from major capital is only growing.
Gemini: Fourth Consecutive Loss-Making Quarter
The crypto exchange Gemini, owned by the Winklevoss brothers, continues to incur losses. The net loss in the second quarter amounted to $107.7 million—this is already the fourth consecutive loss-making period. Notably, revenue grew 37% year-over-year, reaching $45.5 million, but this does not save the situation.
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 actively developing prediction markets and stock trading. The operating loss was reduced by 18% compared to the previous quarter, but reaching breakeven is still far off. In my view, this is a worrying signal for the entire industry: even large and regulated players are experiencing serious difficulties in the current market cycle.
Norwegian Sovereign Fund: Indirect Entry into ETH
The Norwegian Government Pension Fund Global (GPFG) has made an interesting move. According to a disclosure, the fund holds approximately 6.15 million shares of BitMine Immersion Technologies worth about $81.87 million as of June 30. BitMine, in turn, holds significant reserves of Ethereum.
Thus, the Norwegian fund gained indirect exposure to ETH through a public company, rather than through a direct purchase of digital assets. Notably, BitMine was not listed in the report for the end of 2025, and the fund did not disclose the date and price of the share purchase. BitMine itself reported that as of August 9, it held about 5.805 million ETH, of which approximately 5.067 million were in staking. This is a classic example of how institutional investors bypass restrictions by gaining exposure to crypto assets through traditional instruments.
Market Overview
At the time of writing this review, bitcoin (BTC) was trading around $63,167. Overnight, quotes held in the range of $63,000–$63,550, but by morning they slipped to the lower boundary. Ethereum (ETH) was near $1,877, fluctuating in a narrow corridor of $1,874–$1,890.
Altcoins from the top 20 showed low volatility and mostly declined. The biggest drops were TRON (TRX) by 1.12% and Dogecoin (DOGE) by 1.02%. Among the top 100, the best result was shown by Velvet (VELVET) with a gain of 28.78%, followed by Ether.fi (ETHFI) with an increase of 11.95% and Cosmos (ATOM) with a rise of 11.54%. The laggards were Lighter (LIT) with a decline of 6.03%, Stable (STABLE) by 5.80%, and LayerZero (ZRO) by 4.47%.
Spot ETFs showed mixed flows: Ethereum funds attracted $6.72 million, XRP—$2.25 million, while bitcoin products lost $131.13 million. Over the past 24 hours, positions of 69,417 traders were liquidated for a total of $210.53 million. The largest single liquidation order was on the BTCUSDT pair on Bybit—$1.98 million.
My conclusion: JPMorgan's departure from Polymarket and Gemini's losses are signs that regulatory pressure and challenging market conditions continue to have a serious impact on the industry. However, Norway's indirect entry into ETH shows that institutional interest is not weakening—it is simply seeking new, more sophisticated paths. The market is in a consolidation phase, and current levels could become a starting point for the next move.