JPMorgan distanced itself from Polymarket, Gemini is drowning in losses, and Norway entered ETH through the back door — digest for August 14
While the market consolidated in a narrow range, several landmark events occurred in the industry that will determine the balance of power for the coming months. These include the severed ties between JPMorgan and Polymarket, another loss-making quarter for Gemini, and an unconventional entry of sovereign capital into ether.
Market: Bitcoin and ether drift, altcoins move in different directions
At the time of analysis, around 09:20 Moscow time, bitcoin (BTC) was trading near $63,167. The night session passed calmly: the price held within the $63,000–$63,550 corridor, and by morning it had slipped slightly to $63,170. Ether (ETH) held near the $1,877 mark, fluctuating in the $1,874–$1,890 range after noon.
Altcoins in the top 20 showed low volatility but mostly declined. TRON (TRX) fell the most at 1.12%, followed by Dogecoin (DOGE) at 1.02%. In the top 100, the situation was more interesting: the growth leader was Velvet (VELVET) with a jump of 28.78%, followed by Ether.fi (ETHFI) and Cosmos (ATOM), which gained 11.95% and 11.54%, respectively. The day's laggards were Lighter (LIT) with a drop of 6.03%, as well as Stable (STABLE) and LayerZero (ZRO), which lost 5.80% and 4.47%.
Flows into spot ETFs show a clear rotation: Ethereum funds attracted $6.72 million, XRP funds — $2.25 million, while bitcoin products lost $131.13 million. Over the past day, positions of 69,417 traders were liquidated for a total of $210.53 million, with the largest order being $1.98 million on the BTCUSDT pair on Bybit.
JPMorgan and Polymarket: split due to regulatory issues
It became known that JPMorgan severed its banking relationship with the prediction platform Polymarket back in October 2025. The reason is regulatory risk. The bank suggested the company find a new partner, and Polymarket moved to another bank. Business ties have been maintained, however: JPMorgan invited Polymarket's head to a closed client conference in February and is vying to organize a potential IPO. The platform itself is currently raising more than $1 billion 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 to $45.5 million. The volume of assets on the platform fell 54% to $8.4 billion, which the company attributes to falling prices and an outflow of institutional clients. To diversify revenue, Gemini is developing prediction markets and stock trading, while the operating loss was reduced by 18% compared to the previous quarter.
Norway: sovereign capital enters ETH via shares
Norway's sovereign wealth fund disclosed a holding 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 direct purchases of digital coins. BitMine was not listed in the report for the end of 2025, and the fund did not disclose the date or price of the purchase. As of August 9, BitMine itself held about 5.805 million ETH, of which approximately 5.067 million were in staking.
My comment: JPMorgan's split with Polymarket is a signal that even the largest banks are not willing to tolerate regulatory uncertainty in the prediction market space. At the same time, Norway's entry into ETH via shares is a sign of market maturity: institutions are seeking workarounds to gain exposure to digital assets without direct ownership. This is a trend worth watching.