Night crypto market review: JPMorgan distances itself from Polymarket, Gemini at a loss, and Norway finds a loophole to ETH
While most market participants were resting, several landmark events occurred in the industry. The largest American bank finally severed ties with the prediction platform Polymarket, the Gemini exchange continues to generate losses, and Norway's sovereign wealth fund found an original way to gain exposure to Ethereum.
Market in numbers: sideways movement and divergent flows
Bitcoin (BTC) was trading near $63,167 at 09:20 Moscow time. Overnight, on the 15-minute chart, quotes held within a narrow range of $63,000 – $63,550, but by morning they had slightly dipped to $63,170. Ether (ETH) held near $1,877, fluctuating within $1,874 – $1,890 after midnight.
Altcoins from the top 20 showed low volatility but mostly declined in price. The biggest drops were TRON (TRX) by 1.12% and Dogecoin (DOGE) by 1.02%, while other assets lost less than a percent. In the top 100, Velvet (VELVET) stood out with a gain of 28.78%. Ether.fi (ETHFI) and Cosmos (ATOM) rose by 11.95% and 11.54%, respectively. The outsider was the Lighter (LIT) token, which plunged by 6.03%.
Flows into spot ETFs were divergent. Ethereum products attracted $6.72 million, XRP — $2.25 million, while bitcoin funds lost $131.13 million. Over the day, positions of 69,417 traders were liquidated for a total of $210.53 million. The largest liquidation order was on the BTCUSDT pair on Bybit — $1.98 million.
JPMorgan and Polymarket: severing ties
I learned that JPMorgan severed its banking relationship with Polymarket back in October 2025. The reason — regulatory risks. The bank offered the platform to find a new partner, and Polymarket moved to another bank. At the same time, business ties were not completely severed: JPMorgan invited Polymarket CEO Shane Coplan to a closed conference for clients in February 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 — double last year's figure.
Gemini: fourth consecutive loss-making quarter
The Gemini exchange reported a net loss of $107.7 million for the second quarter. This is already the fourth consecutive loss-making period, although revenue grew by 37% year-over-year, reaching $45.5 million. 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 the operating loss was reduced by 18% compared to the previous quarter.
Norwegian fund and indirect access to ETH
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 access to ETH through a public company rather than through a direct purchase of digital coins. 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 approximately 5.805 million ETH, of which about 5.067 million were in staking.
My view: the Norwegian fund's decision is a vivid example of how institutional investors bypass regulatory restrictions by gaining access to digital assets through traditional instruments. This is a signal of growing interest in ETH from large capital, even if it formally remains "behind the scenes." For the market, this is more of a positive factor than a cause for concern.