Disclaimer

This content (“content”) has been prepared by Flow Traders B.V. and its affiliates (“Flow Traders”) for informational and educational purposes only. Content prepared by Flow Traders is addressed exclusively to professional and institutional investors (i.e. eligible counterparties) residing in eligible jurisdictions. Flow Traders is a principal trading firm, and this Information does not constitute investment, financial, legal, tax, or regulatory advice. It should not be used as a basis for making any investment or transaction decision and is not intended to be, nor should it be construed as, independent research, an offer, a solicitation, or a general invitation to engage in any investment activities. It was not prepared in compliance with applicable regulations designed to promote the independence of financial analysis and is not subject to any prohibition on trading following the distribution of research. Flow Traders assumes no responsibility for any investment decisions that may be taken by any other person based on this Information.

The content addresses general market activity, industry trends, and broad-based economic, market, regulatory or political conditions. It is not tailored to any specific financial situation or investment objectives, nor does it consider any internal policies, regulatory restrictions, or suitability requirements of individual investors. Any recipient should perform their own independent analysis and obtain appropriate advice to assess the information’s relevance and suitability for their circumstances.

The content is confidential and intended solely for the recipient to whom it was distributed. Redistribution, disclosure, or use of its contents without Flow Traders’ prior written consent is strictly prohibited unless required by applicable law. Flow Traders disclaims any liability for the accuracy, adequacy, timeliness, or completeness of the information, which is provided “as is” and may be subject to change. Flow Traders undertakes no duty to update, amend, or supplement this Information. Past performance should not be taken as indicative of future results, and investing in digital assets may not be suitable for all investors, particularly those lacking significant experience or risk tolerance.

The digital assets industry entails significant risks, including volatility, liquidity constraints, incomplete information, and evolving regulatory environments. The products referenced may not be available to all investors and should not be construed as an offer or solicitation in any jurisdiction where prohibited by law. Failure to comply with any applicable restrictions may constitute a violation of securities laws in those jurisdictions.

All rights reserved. Redistribution or reproduction of any part of this content requires prior written permission from Flow Traders.

Flow Traders and its affiliates may, from time to time, act as principal traders in the digital assets or related financial instruments referenced in this content. As a proprietary trading firm, Flow Traders may hold positions in these and other digital assets, as well as financial instruments linked to such assets. To manage potential conflicts of interest, Flow Traders has implemented robust policies and procedures, including a conflicts of interest policy, personal account dealing policy, and information barriers. These measures help ensure the integrity of our operations and compliance with applicable regulations.

Flow Traders' traders, analysts, and other professionals may share market commentary or trading perspectives, both orally and in writing, that could differ from the views expressed in this content. As a principal trading firm, our market activities and strategies may not align with the analyses or opinions presented here. Additionally, Flow Traders, its affiliates, officers, directors, and employees may, where permitted by law and internal policies, hold positions, act as principals, and trade in the digital assets or related financial instruments discussed in this content.