Crypto is shifting into the heart of finance

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 Approaches Record High Again

Bitcoin quickly rebounded from last week's brief dip below $100,000. The price is now hovering around $110,000, just a few percent below the all-time high of $112,000. Notably, dips are being bought up rapidly, indicating strong demand. For now, prices below the symbolic $100,000 threshold appear unlikely.

2. Ether ETFs Show Consistent Inflows

U.S.-based Ether funds have seen steady inflows for 17 consecutive days, totaling nearly $850 million since mid-May. This indicates structural interest rather than opportunistic buying. At the same time, the broader altcoin market is starting to heat up. The crypto-friendly stance of the U.S. regulator seems to be playing an encouraging role in this trend.

3. Altcoins Lag Behind, but Show Signs of Recovery

Since the launch of the Bitcoin ETFs, BTC has risen by about 150%. In stark contrast, the ‘OTHERS’ index—covering crypto assets outside the top 10—is only up 10% since the start of 2024. Still, optimism for a recovery is growing. The recent correction appears to be ending, and the current setup resembles earlier phases like October 2023 and November 2024, during which altcoins rallied strongly after a period of consolidation.

News Overview

Signal from the noise:

• JPMorgan Accepts Bitcoin as Collateral. U.S. banking giant JPMorgan is now offering credit lines backed by bitcoin ETF shares, starting with BlackRock’s IBIT. With this move, a heavyweight of Wall Street embraces bitcoin as a financial instrument. Clients can retain their crypto exposure while unlocking liquidity—just as they can with real estate or stocks. This step further integrates bitcoin into traditional wealth structures and marks a significant turning point: while CEO Jamie Dimon was once a skeptic, the bank is now yielding to client demand and competitive pressure.
   
• Circle Goes Public; Stock Soars 168%. The issuer of stablecoin USDC made its debut on the NYSE on Thursday, reaching a valuation of over $18 billion. Circle raised $1.1 billion and received a warm welcome from investors. Wall Street appears ready for regulated stablecoins—now it’s up to policymakers to catch up.
   
• Deutsche Bank Explores Issuing Its Own Stablecoin. Germany’s largest bank is considering launching a proprietary stablecoin and exploring the use of tokenized deposits to enable more efficient payments, Bloomberg reports. With clear regulations in the EU and greater regulatory clarity emerging in the U.S., the banking sector is gaining confidence in digital tokens. Whether stablecoins or tokenized deposits, blockchain-based forms of money are increasingly being taken seriously by traditional financial institutions.
   

• Apple, Google, X, and Airbnb are in active discussions with crypto companies to integrate stablecoins into their payment infrastructure. The goal: lowering transaction costs and making cross-border payments more efficient. Google Cloud already accepts payments in PayPal’s PYUSD stablecoin, while X is collaborating with Stripe to develop stablecoin functionality. Airbnb is holding talks with Worldpay to enable stablecoin payouts, and Apple is exploring integration with Circle’s USDC.
   

• Japanese firm Metaplanet has announced plans to raise $5.4 billion to grow its bitcoin reserve from 8,888 BTC to 210,000 BTC. Following the announcement, its share price jumped 22% on Monday. Inspired by Michael Saylor’s strategy, the company aims to fund its purchases through equity issuance, with the ambition to own nearly 1% of the total bitcoin supply by 2027
   
• Uber plans to add bitcoin and other cryptocurrencies as payment options. According to CEO Dara Khosrowshahi, the move aligns with Uber’s broader strategy to offer users greater flexibility. While the company does not intend to hold crypto on its balance sheet, it is actively exploring ways to enable secure and seamless transactions. A proprietary crypto wallet may be on the horizon. The question is no longer if, but when the integration will happen.

Amdax’s Take
Bitcoin is edging closer to its highest price ever, fueled by sustained inflows into ETFs and a growing number of companies adding bitcoin to their balance sheets. Ether, too, continues to attract capital. But the most striking signals are coming from the traditional financial world: JPMorgan is accepting bitcoin ETFs as collateral, Circle made a spectacular stock market debut, and Big Tech is exploring stablecoin integration.

The market is not only rising in price—it is maturing. The institutional infrastructure around crypto is rapidly taking shape, and sooner or later, that progress will be reflected in asset valuations.