Night Watch: JPMorgan distances itself from Polymarket, Gemini sinks into losses, and Norway quietly enters ETH
While the market consolidated in narrow ranges, significant events were taking place in the shadows, capable of determining the industry's trajectory for months ahead. From the severing of ties between traditional finance and decentralized platforms to strategic moves by sovereign capital, we break down the key news from the past night.
Market: Bitcoin and Ether sideways, altcoins moving in divergent directions
Bitcoin (BTC) traded near $63,167 by 09:20 Moscow time, showing minimal volatility. Overnight, the asset held within the $63,000–$63,550 corridor, and by morning it had slightly declined toward the lower boundary. Ether (ETH) remained near the $1,877 mark, fluctuating in the $1,874–$1,890 range after noon. Such stability suggests the market is waiting for a trigger but is not yet ready to form one.
Among the top-20 assets, the biggest losers were TRON (TRX) and Dogecoin (DOGE), which fell 1.12% and 1.02%, respectively. The remaining coins in the top twenty declined by less than one percent. In the top 100, the situation was more interesting: Velvet (VELVET) surged 28.78%, Ether.fi (ETHFI) gained 11.95%, and Cosmos (ATOM) rose 11.54%. Among the 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%, respectively.
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, positions worth $210.53 million 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 due to regulatory risks
As it turned out, JPMorgan severed its banking relationship with the prediction platform Polymarket back in October 2025. The reason — regulatory risks that the bank deemed unacceptable. After that, Polymarket moved its banking services to another financial institution. Notably, business ties did not completely cease: JPMorgan invited Polymarket CEO Shayne Coplan to a closed client conference in February and claims a role as organizer of a potential IPO. Polymarket's valuation has doubled to $20 billion, and the company is raising more than $1 billion in investments.
This is a telling signal: even while maintaining business contacts, traditional banks are extremely cautious about platforms operating at the intersection of finance and predictions. Regulatory uncertainty remains the main obstacle to integrating such services into the traditional financial system.
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, reaching $45.5 million. The volume of assets on the platform fell 54% — to $8.4 billion, which the company attributes to declining 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.
The situation at Gemini underscores a fundamental problem for many centralized exchanges: revenue growth does not compensate for the loss of assets under management. Without new product lines and the attraction of institutional money, such companies risk remaining hostage to the market cycle.
Norwegian sovereign wealth fund: indirect entry into ETH via BitMine
Norway's sovereign wealth 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 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 share purchase. BitMine itself reported holding approximately 5.805 million ETH as of August 9, of which about 5.067 million were in staking.
This move is a vivid example of how large institutional players prefer to bypass direct investments in cryptocurrencies due to regulatory constraints. Buying shares of a miner with a large ETH reserve is an elegant way to gain exposure to the asset while formally remaining compliant with traditional norms.
My take: The overnight events confirm that institutional interest in cryptocurrencies is not waning, but is taking increasingly sophisticated forms. JPMorgan's split with Polymarket is not a flight from the industry, but rather a tactical regrouping. At the same time, Gemini's losses show that survival in this cycle requires not just having licenses, but real business diversification. The market is consolidating, and those who fail to adapt risk being left behind.