Overnight crypto market events: JPMorgan distances itself from Polymarket, Gemini posts losses for the fourth consecutive quarter, and Norway enters ETH via BitMine
While most market participants were resting, several landmark events occurred in the industry that could shape sentiment for the coming weeks. This is not only about price movements, but also about structural changes in the relationship between traditional finance and the crypto ecosystem.
Market picture: bitcoin and ether in a sideways trend
At the time of writing this review (09:20 Moscow time), bitcoin was trading around $63,167. Overnight, on the 15-minute chart, quotes held within a narrow range of $63,000–$63,550, but by morning selling pressure intensified, and the asset slipped to the lower boundary. Ether, in turn, consolidated near the $1,877 mark, with local fluctuations within $1,874–$1,890.
Altcoins from the top 20 showed minimal volatility, but most of them ended the day in the red zone. The worst performance was seen in TRON (-1.12%) and Dogecoin (-1.02%). In the top 100, the situation was more contrasting: the growth leader was Velvet (+28.78%), followed by Ether.fi (+11.95%) and Cosmos (+11.54%). The day's laggards were Lighter (-6.03%), Stable (-5.80%), and LayerZero (-4.47%).
Flows into spot ETFs were mixed: ether products attracted $6.72 million, XRP — $2.25 million, while bitcoin funds lost $131.13 million. Against this backdrop, 69,417 trader positions totaling $210.53 million were liquidated over the day. The largest single liquidation order was on the BTCUSDT pair on Bybit — $1.98 million.
Institutional backdrop: JPMorgan and the Norwegian sovereign fund
Far more interesting processes are unfolding behind the scenes. JPMorgan, as it turned out, severed banking ties with the prediction platform Polymarket back in October 2025. The reason — regulatory risks that the bank deemed unacceptable. Polymarket was forced to move to another bank, although business connections between the companies remained: JPMorgan even invited Polymarket's head to a closed client conference in February. Notably, amid these events, Polymarket is raising over $1 billion at a valuation of $20 billion — twice last year's figure.
Meanwhile, 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 37% year-over-year, reaching $45.5 million. The volume of assets on the platform fell by 54% — to $8.4 billion, which the company attributes to falling prices and an outflow of institutional clients. To compensate, Gemini is actively developing prediction markets and stock trading, while the operating loss was reduced by 18% quarter-over-quarter.
Finally, Norway's sovereign fund disclosed a holding 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 ETH through a public company rather than through a direct purchase of digital assets. BitMine, in turn, reported that as of August 9 it held about 5.805 million ETH, of which approximately 5.067 million were in staking.
My view: JPMorgan's departure from Polymarket is a signal that even amid growing interest in the crypto industry, regulatory uncertainty remains a key brake for traditional financial giants. At the same time, the Norwegian fund's move through BitMine is an elegant bypass of direct ETH investment that could set a precedent for other sovereign investors seeking to diversify into digital assets without attracting unnecessary regulatory attention.