Bitcoin quietly hits a new all-time high

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. New all-time high for Bitcoin in U.S. dollars
Last week, Bitcoin reached a new record price of $112,000. However, a convincing breakout to the upside did not materialize, nor did a widespread euphoric sentiment among investors. The price increase unfolded in a surprisingly measured manner, without extreme volatility or overheated market indicators. The current consolidation appears to be a healthy pause within a broader upward trend, with $120,000 as the next psychological milestone.

2. The ETF engine is running again
U.S. spot Bitcoin ETFs saw a net inflow of over $3.6 billion in May—the strongest monthly inflow since last December. This marks a return of interest from traditional investors after a period of outflows earlier this year. The ETF market remains a key gateway for new capital entering the crypto space and a powerful engine behind the recent price rally.

3. Altcoins are moving, but Bitcoin remains dominant
Bitcoin continues to lead the crypto market by a wide margin. Although other crypto assets like Ether and Solana are showing signs of recovery, there is no indication of a structural shift. Bitcoin still represents more than 60% of the total market, and that dominance is not meaningfully declining. The majority of capital remains focused on Bitcoin for now.

News Overview

Signal from the noise:

• Trump’s media company raises $2.5 billion from major investors for Bitcoin reserve
  TMTG, the company behind Truth Social, plans to use the capital to purchase over 22,500 BTC, instantly positioning itself among the largest corporate Bitcoin holders. The investment is part of Trump’s pro-crypto strategy following his re-election. According to CEO Devin Nunes, Bitcoin is a “top tool for financial freedom” and will serve as protection against discrimination by financial institutions.
   
• Cantor Fitzgerald launches $2 billion Bitcoin lending fund
  The Wall Street investment firm has issued its first loans to FalconX and Maple Finance, with Bitcoin used as collateral. The initiative marks a comeback for crypto lending after the collapse of players like Celsius and BlockFi. Cantor is collaborating with Anchorage Digital and Copper for secure custody and risk management. Chairman Brandon Lutnick stated that the firm aims to accelerate institutional access to Bitcoin financing.
   
• SharpLink raises $425 million and goes all-in on Ethereum
  The U.S.-based provider of sports betting technology is undergoing a radical shift in strategy. It raised $425 million through a private placement to build a strategic Ethereum reserve, effectively transforming into an “Ethereum-first” company—mirroring how MicroStrategy positioned itself around Bitcoin. Joseph Lubin, Ethereum co-founder and CEO of ConsenSys, will join the board.
   
• Pakistan allocates 2,000 megawatts of surplus energy for Bitcoin mining and AI data centers
  The initiative is part of a national digitization strategy that includes tax incentives to attract foreign investors. Multiple international delegations have already shown interest. Renewable energy usage is also on the agenda. Islamabad is targeting digital growth, with hashpower as a strategic lever.
   
• Tether keeps its eyes on international markets
  CEO Paolo Ardoino stated that U.S. stablecoin regulations have little impact on the company’s strategy, though Tether is closely watching how the GENIUS Act addresses foreign issuers. Tether is considering launching a compliant version for financial institutions and is in talks with a Big Four accounting firm for a full audit. Competition from banks? “Our target audience is the three billion unbanked people.”
   

Amdax’s Take
Bitcoin breaks its previous record without euphoria. The price surge is not driven by hype, but by structural demand through ETFs and strategic allocations by institutional players. This indicates that Bitcoin is no longer viewed merely as an experiment or speculative asset, but increasingly as a strategic holding. This marks a fundamental shift from previous cycles and confirms Bitcoin’s growing role within the global financial infrastructure.

Easily Withdraw Crypto Yourself via My Amdax Web

Previously, crypto withdrawals were handled through our service desk, but now you can conveniently manage them yourself via My Amdax Web. From your personal web environment, simply select a pre-approved withdrawal address and enter the desired amount.
A secure and efficient way to move your assets—fully in your control.