Fixygen has prepared an analysis of the cryptocurrency market for this week. After updating its historical high last week, Bitcoin spent the week in the range of ~$112–117 thousand, approaching $117 thousand by the end of Friday;
Ethereum remained around $4,600. The total capitalization of the cryptocurrency market was approximately $3.97 trillion, with BTC accounting for 58.2% and ETH for 14.0%. The skew towards Bitcoin reflects the weakness of some altcoins (Altcoin Season Index ≈44/100). These figures are according to CoinMarketCap.
The market reacted to Fed Chair Jerome Powell’s speech in Jackson Hole: a cautious hint of further rate cuts supported risk assets — BTC and large altcoins rebounded after morning weakness.
At the beginning of the week, there were net outflows from spot Bitcoin ETFs (several consecutive days of withdrawals), which intensified the correction after August’s ATH. Towards the end of the week, there was a noticeable net inflow of ~$287 million into spot ETFs — the first after a four-day series of outflows.
General market regulatory policy.
Technology and networks. Investors are focusing on performance roadmaps (e.g., Firedancer and bandwidth upgrades in the Solana ecosystem), which are sustaining interest in high-performance L1/L2s despite price volatility. AInvest
What to watch next week
Venezuelan President Nicolás Maduro has announced the deployment (mobilization) of up to 4–4.5 million Bolivarian National Police officers in response to “threats from the US” and the build-up of American military presence in the Caribbean. This was reported by international media outlets, including El País, CBS News, and Al Jazeera.
According to the publications, Maduro’s statement came after the US decided to double the reward for information leading to his arrest and/or conviction to $50 million. The US State Department and the Associated Press/PBS agencies reported on the increase in the reward.
El País and other sources also note that Venezuela’s mobilization was a response to the deployment of US destroyers and other forces near the country’s coast, which has increased tensions in the region. Washington had previously accused Maduro of involvement in international drug trafficking and related crimes; the decision to increase the reward was announced this month.
American and international analytical publications note the growing military and political rhetoric on both sides and warn of the risks of further escalation. At the same time, there is no independent confirmation of the start of a “war” between the US and Venezuela; we are talking about mobilization steps and increased readiness against the backdrop of political confrontation.
In January-June 2025, Nadina Insurance Company (Kyiv) collected gross insurance premiums totaling UAH 18.938 million, which is 41.8% less than in the same period last year, according to data from Standard-Rating on the update of the company’s credit rating/financial stability (reliability) rating at the level of CAA+ on the national scale.
It should be noted that premiums from individuals amounted to UAH 362,000, while premiums from reinsurers were absent.
Insurance payments sent to reinsurers in the first half of 2025 decreased by 96.49% to UAH 379,000 compared to the same period in 2024, and the reinsurers’ share in insurance premiums decreased by 31.21 percentage points to 2%.
The insurer’s net premiums for the first half of 2025 decreased by 14.62% to UAH 18.559 million compared to the first half of 2024, and net earned premiums decreased by 9.48% to UAH 18.981 million.
The volume of insurance payments and indemnities made by IC “Nadyina” in the first half of 2025 compared to the same period in 2024 increased by 1.28% to UAH 6.394 million, and the level of payments rose by 14.36 p.p. to 33.76%.
The company’s operating profit increased to UAH 10.346 million, and net profit to UAH 10.577 million.
As of July 1, 2025, the insurer’s assets increased by 6.20% to UAH 86.949 million, equity increased by 16.20% to UAH 73.555 million, liabilities decreased by 27.90% to UAH 13.394 million, cash and cash equivalents increased by 7.56% to UAH 61.414 million.
As of the reporting date, the company also formed a portfolio of current financial investments in the amount of UAH 10.600 million, which consisted of government bonds.
According to the company’s website, it was registered in the Unified State Register of Legal Entities and Individual Entrepreneurs in 2006. Its authorized capital is UAH 15 million.
Its main shareholder is Agroholding 2012 LLC, which owns 90.5% of the insurer’s shares.
In Montenegro, a group of employees of Željeznička infrastruktura Crne Gore (ŽICG) — more than 80 station attendants and dispatchers — announced a work stoppage, which led to the suspension of several trains at the Podgorica, Bar, and Bijelo Polje, according to the Serbian Economist Telegram channel.
According to the publication, a train traveling from Belgrade to Bar has already been stopped, and a train from Bijelo Polje has not continued its route; some passengers are being transported to their destinations by bus.
A representative of the group of workers, Andrej Kaludjerovic, said that the stoppage was linked to a demand that ŽICG management begin negotiations on raising wages and equalizing pay rates with other railway companies in the country.
According to him, the labor action will continue until management invites employee representatives to the negotiating table with the participation of two representative trade unions, the Ministry of Transport, and the chairman of the company’s board of directors.
Source: Serbian Economist.
The Experts Club Information and Analytical Center analyzed updated data on Ukraine’s foreign trade volumes for the first half of 2025, published by the State Statistics Service of Ukraine. The analysis is based on official customs statistics and covers 49 of Ukraine’s main trading partners from all continents. The study revealed key trends in foreign economic relations that demonstrate the depth of the country’s international integration.
China remains Ukraine’s largest trading partner, with a total trade volume of nearly US$9 billion. This is more than three times higher than the figures for any individual European country. Poland ranks second with a result of over US$6 billion, demonstrating its stable role as the main European hub for Ukrainian exports and imports. Germany ranks third with a volume of US$4.28 billion.
Turkey ($4.25 billion) and the US ($2.86 billion) also made it into the top five, reflecting the broad geography of Ukraine’s trade relations.
European countries traditionally play a leading role in Ukraine’s foreign trade. Among them, in addition to Poland and Germany, Italy, the Czech Republic, Bulgaria, Hungary, and Romania are worth noting — all of them are among the top 10 partners. High indicators testify not only to the volume of trade, but also to the stability of logistics and production chains in the region.
This also confirms the gradual reformatting of Ukraine’s foreign trade orientation towards EU markets, particularly after the introduction of a duty-free regime, accession to the single customs space, and reorientation from traditional post-Soviet markets.
Among Asian countries, China remains the undisputed leader, retaining its strategic importance as a market for raw materials and a source of industrial imports. Turkey, although part of the Eurasian space, is actively strengthening its position in trade thanks to its flexible policy and developed logistics through the Black Sea.
Among other Asian players, the Republic of Korea, Japan, and India are notable for their presence, gradually increasing trade volumes with Ukraine, especially in the high-tech and pharmaceutical segments.
The United States remains Ukraine’s most important partner in the Western Hemisphere. Despite its geographical distance, the US is among the top five trading partners with a volume of over $2.85 billion. This testifies to deep economic interaction that complements political and defense partnerships.
Brazil and Mexico are also represented in the overall ranking, demonstrating growth in trade volumes, primarily in the agricultural and industrial goods segments.
They are increasingly appearing in Ukraine’s trade balance. In particular, Algeria, Egypt, Tunisia, and Libya show stable demand for Ukrainian grain, metallurgical products, and machine-building products. At the same time, the potential of African markets for Ukrainian exports remains significant and can be realized under conditions of expanded logistics routes and political stability.
Top 10 trading partners of Ukraine in January–June 2025
No. Country Trade volume (USD million)
1 China 8,996
2 Poland 6,043
3 Germany 4,279
4 Turkey 4,249
5 United States 2,859
6 Italy 2,384
7 Czech Republic 1,641
8 Bulgaria 1,539
9 Hungary 1,526
10 Romania 1,499
“The latest foreign trade data demonstrate not only the geographical diversification of Ukraine’s partners, but also a clear focus on integration into the European and global markets. Despite the difficult security situation, Ukrainian business continues to expand into international economic chains, especially in the fields of agricultural products, metallurgy, and machine building. Significant growth in trade with EU countries and the US, as well as strong cooperation with China and Turkey, show that Ukraine has not lost its ability to be an active player in the global market,” says Maxim Urakin, founder of Experts Club and candidate of economic sciences.
Data for the first half of 2025 indicate that Ukraine’s foreign economic relations remain geographically diverse. The EU remains a reliable economic partner, China retains its position as the No. 1 global player, and North American and Asian countries are strengthening their roles. Africa is a promising direction that requires strategic attention.
Analyse, ANALYTICS, ECONOMICS, EXPERTS CLUB, Handel, TRADE, URACIN, URAKIN, WIRTSCHAFT
Ukrainian fintech startup Fintech Farm (co-founded by former PrivatBank top manager Dmytro Dubilet) has entered the Uzbekistan market with a new digital bank, Tezbank, created in partnership with local Hamkorbank.
This is the company’s fifth market, according to AIN.UA.
According to local media reports, Tezbank operates entirely online (without branches), offering mobile banking, cashback, and credit products; Hamkorbank is its licensing and back-office partner.
Context. Prior to Uzbekistan, Fintech Farm launched neobanks in Azerbaijan (Leobank), Kyrgyzstan (Simbank), India (Roarbank), and Vietnam (Liobank); the company previously closed a project in Nigeria. The startup declares plans to enter 2-3 new markets each year, considering Southeast and Central Asia and Morocco.
Fintech Farm was founded in 2020 by Dmitry Dubilet, Alexander Vityaz, and Nikolay Bezkrovny as a “serial producer” of neobanks on a single technology platform. In 2024, the company raised $32 million in investments (a round involving Bank of Georgia) for international expansion.
According to AIN.UA, Fintech Farm’s total customer base exceeds 2.5 million users; the company’s value at the beginning of 2024 is $100+ million.
