FYI Thumbnails 4

Cautious momentum, activity in stablecoins

Remo
Remo Zuiderwijk Content Specialist

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   

Market update

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. 
 

News overview

The key headlines from this week:

  • European banks unite for euro-stablecoin 
    Nine banks, including ING and UniCredit, plan to launch a MiCA-approved euro-stablecoin in 2026. Issued via a new Dutch entity, it aims to be a regulated, trusted alternative to dollar-dominated stablecoins. Where Brussels hesitates, the market takes the lead. 
     
  • AFM warns against MEXC 
    The Dutch regulator warns that crypto platform MEXC offers services without a license and is no longer registered in a trade registry. Consumers face significant risks, including losing funds held with the platform. 
     
  • Cloudflare introduces NET Dollar 
    Cloudflare unveiled a stablecoin designed for the internet. The idea: AI agents and apps will be able to make payments themselves—eliminating banks and advertising as the dominant revenue model. Cloudflare wants to embed this “money layer” directly into the web. 
     
  • Swift builds its own blockchain 
    The global payments network is developing a blockchain platform to process stablecoins and tokenized payments, according to the Financial Times. The goal: maintain relevance as digital assets increasingly become an alternative payment method. 
     
  • Tether seeks $15–20 billion at $500 billion valuation 
    According to Reuters, Tether is in talks to raise fresh capital at a valuation that puts it in the league of Big Tech. The move underscores both USDT’s profitability and Tether’s ambition to evolve into global financial infrastructure. Whether investors accept that price tag remains uncertain. 

Amdax take

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. 

Amdax has a chance to win the Golden Bull 2025

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

Monthly - September | Prices are declining because the biggest reason for rising prices is now behind us

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: 

  • Why the labor market now takes center stage
  • How rate cut expectations move markets
  • What the funding rate says about sentiment and risk 

Behind the scenes

Amdax at the Zuidas Cup

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. 

Zuidas
Remo
Remo Zuiderwijk Content Specialist

Our website uses cookies

We use cookies to personalize content and advertisements, to offer social media features and to analyze our website’s traffic. We’ll also share information about your usage with our partners for social media, advertising and analysis. These partners can combine this data with data you’ve already provided to them, or that they’ve collected based on your use of their services.