Amdax passes ISAE 3000 Type 2 audit as the first in the EU

This week we’re departing from our usual headline—and with good reason. Amdax has become the first crypto service provider in the EU to successfully complete the ISAE 3000 Type 2 audit. This independent assessment confirms that our internal control measures have been demonstrably effective over an extended period.

For you as a client, this means your assets are managed through reliable, well-controlled, and transparent processes. The audit marks a major milestone that underscores our commitment to trustworthiness, security, and compliance. We are extremely proud of this achievement and didn’t want it to go unmentioned.

And now, back to the Weekly as you’re used to from us.

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. 

Market Update 

Stay informed in three steps:

1. Bitcoin takes a breather
After reaching a record high of $112,000, the bitcoin price has pulled back to around $105,000. This marks a temporary pause in the upward trend that began at $75,000 in early April. In the short term, the price may decline further before resuming its upward trajectory. Potential support levels are around $98,000, while $112,000 currently serves as local resistance.

2. Ether ETF engine running steadily
Capital inflows into U.S. ether funds have been positive for 12 consecutive days. Notably, ether ETFs saw more inflow than their bitcoin counterparts during the first two days of June. This growing interest is also reflected in the price: ether is showing stability, both against the dollar and relative to bitcoin.

3. Derivatives market shows cautious sentiment
In the derivatives market, investors are increasingly hedging against a possible decline in the bitcoin price. This doesn’t indicate panic, but does reflect a degree of caution. The market still expects higher prices—but not through explosive short-term moves.

News Overview

Signal from the noise:

• FTX has started its second round of distributions to creditors. In total, more than $5 billion is being paid out, with convenience claims receiving up to 120%. Customers will receive their funds via BitGo or Kraken within 1 to 3 business days. FTX also warns of phishing attempts: criminals are trying to steal funds using fake customer portals.
   

• Bitcoin companies with large BTC treasuries stole the show at Bitcoin 2025. They’ve now become the largest buyers in the market—and are expected to remain so. Companies like MicroStrategy, Nakamoto, and Asset Entities are making major purchases, with an estimated $30 billion in BTC lined up for the coming year. From bonds to crypto loans and leveraged structures, these firms are not just building their balance sheets, but shaping the market itself.
   

• Trading volume on decentralized exchanges rose to $474 billion in May, the second-highest on record. BNB Chain set new records with $178 billion, driven by airdrops and promotional campaigns. Hyperliquid, a DEX focused on derivatives, recorded $248 billion in monthly volume and earned $70 million in fees. The growth highlights how quickly decentralized platforms are gaining market share.
   

• Banco Santander plans to offer crypto services to customers of its digital bank, Openbank. Spain’s largest bank is also working on its own stablecoin, although those plans are still in the early stages. The move comes in response to new EU regulations on digital assets. With this step, Santander joins other banks aiming to strengthen their foothold in the crypto sector.
   

• Pakistan is planning to establish a strategic bitcoin reserve. During Bitcoin 2025, crypto minister Bilal bin Saqib stated that the country wants to hold bitcoin as a long-term reserve asset, inspired by the U.S. model. At the same time, Pakistan is allocating 2,000 megawatts of power to mining and AI centers. However, internal friction remains: the country’s central bank continues to emphasize that crypto is banned in Pakistan.

Amdax’s Take
The bitcoin price is easing off, but beneath the surface, the market remains active. For the first time, ether ETFs attracted more capital than bitcoin funds—a sign that traditional and institutional investors are broadening their crypto allocations. At the same time, on-chain activity is growing, with new record volumes on decentralized exchanges. While sentiment remains cautious, developments are moving quickly. This phase may be less explosive, but potentially more sustainable.