Cautious momentum, activity in stablecoins
1 October 2025
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.
Stay informed in three steps:
1. ETF inflows bounce back
After the largest outflow week ever, ether spot ETFs saw strong inflows again on September 29 and 30. In just two days, more than $675 million pushed ether back to around $4,300. Bitcoin also ended the month on a positive note. The recovery in ETF flows signals renewed investor interest.
2. Bitcoin recovery continues
Bitcoin dipped below $110,000 over the weekend before recovering past $117,000 in recent days. At the same time, stablecoin movements and on-chain data point to fresh capital entering the market, while long-term holders keep accumulating. These are supportive signals, but convincing momentum is still missing.
3. Crypto is behind on equities and gold
The S&P 500 and gold have been setting record after record, while crypto lost ground. That weighs on sentiment but doesn’t change the bigger picture: bitcoin remains in a bull market, just with less momentum than traditional markets.
The key headlines from this week:
The crypto market is in a consolidation phase. Prices are recovering, but convincing momentum is still lacking. In the background, attention for stablecoins keeps growing: from Tether seeking record capital to European banks and Swift launching their own initiatives. The fundamentals of the sector continue to broaden, even if price action suggests a pause.
Each year, IEX Media conducts the National Investor Survey: the key research into how Dutch investors value financial service providers. The results not only determine how our services are assessed, but also who gets nominated for the prestigious, independent Golden Bull Award.
Research
September highlighted the influence of macro data. A weak labor market raised hopes of an easing policy, but after the first rate cut, sentiment quickly reversed. Crypto markets corrected too, but key indicators suggest no overheating.
In this Amdax Monthly, our wealth management team looks at:
Behind the scenes
On September 19th, Amdax joined the annual Zuidas Cup, the football tournament for companies on the Zuidas. Our team secured a third-place finish, but more importantly, it was a fun and active afternoon with colleagues.
As tradition goes, the tournament also supported a good cause. This year, more than €4,000 was raised for Spieren voor Spieren, supporting the fight against muscular diseases. We look forward to next year’s edition.
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