A big step for Amdax, small steps in the market
2 July 2025
We’re kicking off this Weekly with news we’re proud of: Amdax has secured its MiCAR license that makes us one of the first Dutch firms to operate under the new European crypto legislation.
From the start, we made a conscious choice to build our company on the foundations of regulation, integrity, and risk management. This license confirms that our long-term approach is paying off.
MiCAR is all about better protection for you as a client — and with this step, we’re actively contributing to that goal. You can read more about MiCAR and our license in the official press release.
Now, on to the rest of this week’s update:
Every week, Amdax summarizes what’s happening in the crypto market for you. Want to dive deeper? Click on the links in this email for more insights.
This newsletter is a co-production with our partner, Bitcoin Alpha.
Marktupdate
Stay informed in three steps:
1. Bitcoin Trades Sideways Just Below All-Time High
Since last week, bitcoin has been fluctuating between $105,000 and $108,000. This calm is reflected in the implied volatility — a measure of expected price movements — which is now at its lowest level since mid-2023. Back then, it was followed by a prolonged flat period. With summer approaching, a sudden breakout now also seems unlikely.
2. U.S. Stocks Reach Record Highs Despite Geopolitical Tensions
The S&P 500 and Nasdaq 100 hit new all-time highs last week, supported by growth-oriented policy and interest rate expectations. Investors seem largely unfazed by short-term risks and are instead focused on the favorable long-term outlook. Meanwhile, bitcoin remains stuck just below its record. Market sentiment is optimistic, but a breakout above $112,000 has yet to materialize.
3. Stable Inflation Feeds Optimism Around Rate Cuts
U.S. PCE inflation — the Federal Reserve’s preferred measure — rose by 0.1% in May compared to April, bringing the year-over-year figure to 2.3%. Core inflation came in slightly higher than expected, at 2.7%. The market views these numbers as moderate and continues to expect interest rate cuts later this year. This supports the positive sentiment around risk assets like bitcoin.
News Overview
Signal from the noise:
- Dinari is the first company to obtain a U.S. broker license to offer tokenized stocks. The license is considered a milestone, bringing regulated securities and blockchain technology closer together. Dinari’s so-called dShares are tokens that represent real U.S. equities and can be traded 24/7. These will soon be offered through additional platforms. The news strengthens the expectation that financial markets are gradually becoming tokenized. The trading floor is moving to the blockchain.
- Ledger is discontinuing support for the popular Nano S wallet. The nearly ten-year-old hardware wallet will no longer receive updates or security patches. While the device will continue to function for now, Ledger recommends users migrate to a newer model. Extra caution is advised when transferring a recovery phrase, as this is a sensitive moment. Some users feel pressured to purchase a new device, which has led to understandable frustration.
- Ethiopia has earned $55 million from bitcoin mining in just ten months. The country utilized surplus hydropower — electricity that would otherwise go to waste — to supply energy to miners. This strategy now accounts for 18% of the national energy company's annual revenue. The proceeds are being reinvested into the expansion of the national power grid. In this way, bitcoin not only helps reduce energy waste but also contributes to infrastructure development and improved living standards.
- Financial heavyweight Ric Edelman now advises allocating 10% to even 40% of one’s portfolio to crypto. The former CEO of Edelman Financial Engines and founder of DACFP calls bitcoin and crypto “essential for a modern investment strategy.” His previous recommendation? Just 1%. Edelman now sees less risk, broader adoption, and a longer investment horizon driven by rising life expectancy — leaving room for a larger crypto allocation. Conservative investors? 10%. More daring ones? Up to 40%.
- More London-Listed Companies Add Bitcoin to Their Balance Sheets
An increasing number of London-listed companies are adding bitcoin to their balance sheets. According to the Financial Times, at least nine firms — including Vinanz and Oscillate — have adjusted their strategies and purchased bitcoin or plan to do so soon. The movement follows the MicroStrategy model, despite historically cautious British regulators. Even the FCA is now considering a revision of the crypto ban. The British balance is shifting.
Amdax’s Take
The crypto market remains strikingly calm. In the U.S., stocks are hitting new record highs, interest rate expectations are falling, and the dollar is weakening — a combination that would typically drive price increases. Yet bitcoin is holding steady. European investors appear more cautious, partly due to the stronger euro and the greater distance to bitcoin’s previous all-time high. In the coming weeks, it will become clear whether this is the calm before the storm — or the start of a quiet summer period.
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Research
Amdax Monthly
Perhaps Instability Is Creating the Most Stable Crypto Market Ever
June was a turbulent month — especially due to developments in the U.S. And the crypto market? It remained strikingly calm. While “Daddy” Trump clashed with Elon Musk, preached peace in the Middle East, and companies added bitcoin to their balance sheets, prices barely moved.
In the latest edition of 𝐀𝐦𝐝𝐚𝐱 𝐌𝐨𝐧𝐭𝐡𝐥𝐲, the asset management team discusses:
Why 'stability' in crypto can feel more paradoxical than reassuring
The growing role of publicly listed companies in today’s bitcoin market
How macroeconomic data is reshaping expectations — and what that means for crypto
Behind the scenes
We Deliberately Chose the Difficult Route
In an interview with Quote, our Chief Legal & Compliance Officer Sanne de Gier speaks candidly about the journey toward our MiCAR license. She explains why Amdax deliberately opted for the strict Dutch regulatory regime, what made the licensing process so challenging, and what the consequences are for parties that missed the deadline. A clear behind-the-scenes look at an important milestone for Amdax.
Behind the scenes
We’re in the middle of our office move
This is the week: we’re moving! Not far, but still a noticeable change — one floor up in our familiar tower at the Zuidas. The new floor offers more space and a modern layout, with additional call and meeting rooms, more room for new colleagues, a larger kitchen, and a renewed studio. We look forward to welcoming you soon to our updated home.
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