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, the fundamental backdrop delivered several landmark events that could reshape the balance of power in the industry. From regulatory rifts in traditional banking to new strategies by sovereign investors, we break down the key news from the past night.
Bitcoin and Ether: Sideways Movement Without Surprises
By 09:20 Moscow time, bitcoin (BTC) consolidated around $63,167. Night trading occurred in a narrow range of $63,000–$63,550, but by morning quotes shifted toward the lower boundary. Ether (ETH) held near the $1,877 mark, fluctuating within $1,874–$1,890 after noon. It seems the market is frozen in anticipation of a stronger catalyst, and volatility remains extremely low.
Altcoins: Targeted Moves Amid the Calm
The top-20 assets showed minimal dynamics, mostly moving into the red. The worst performers were TRON (TRX) and Dogecoin (DOGE), losing 1.12% and 1.02%, respectively. In the top-100, Velvet (VELVET) stood out, surging by 28.78%. Ether.fi (ETHFI) and Cosmos (ATOM) also showed notable gains—up 11.95% and 11.54%. The laggards were Lighter (LIT) with a drop of 6.03%, Stable (STABLE) down 5.80%, and LayerZero (ZRO) down 4.47%.
ETF Flows: A Mixed Picture
Spot exchange-traded funds demonstrated mixed dynamics. Ether ETFs attracted $6.72 million, and XRP ETFs brought in $2.25 million. At the same time, bitcoin products lost $131.13 million. This suggests that institutional investors are not yet ready to increase positions in the leading cryptocurrency, preferring diversification instead.
Liquidations: 69,417 Traders in 24 Hours
Over the past 24 hours, positions totaling $210.53 million were liquidated. The largest liquidation order was recorded on Bybit for the BTCUSDT pair—$1.98 million. This serves as a reminder that even in a sideways market, there are hidden risks for overleveraged positions.
JPMorgan Cuts Ties with Polymarket
It has emerged that banking giant JPMorgan ceased banking services for the prediction platform Polymarket back in October 2025. The reason—regulatory risks. The bank recommended the company find a new partner, and Polymarket moved to another financial institution. However, business ties remain: JPMorgan invited Polymarket CEO Shane Coplan to a closed conference for clients and is vying to act as organizer for a potential IPO. The platform itself is currently raising over $1 billion at a valuation of $20 billion—twice 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 marks the fourth straight loss-making period, although revenue grew 37% year-over-year to $45.5 million. The volume of assets on the platform fell by 54%—to $8.4 billion—which is attributed to price declines and an outflow of institutional clients. The company is trying to diversify revenue through prediction markets and stock trading, and managed to reduce its operating loss by 18% compared to the previous quarter.
Norwegian Sovereign Fund Enters ETH via BitMine
Norway's sovereign 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 ether through a public company rather than through direct purchases of digital coins. BitMine itself reported holding around 5.805 million ETH as of August 9, of which approximately 5.067 million were in staking.
My take: JPMorgan's rejection of Polymarket is a warning sign for the entire prediction market industry. Even with a growing valuation and interest from major capital, regulatory uncertainty remains the main obstacle. As for Norway, this is a classic example of how institutions bypass direct cryptocurrency investments by using public companies as proxies. This approach could become a new trend for conservative funds.