Market holds firm despite unrest in the Middle East

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 shows resilience amid geopolitical unrest
After a strong start last week, bitcoin dropped sharply when Israel launched rocket strikes on Iranian targets. The price fell from a local peak of $110,400 to below $103,000. This week also began with strength, only to give up gains once again. The price remains above $100,000, but further escalation could change that.

2. Ether holds up thanks to consistent ETF inflows
The violence came at an unfortunate time for ether. The price briefly topped $2,800 and seemed to be on an upward path. The attack disrupted that trend: ETH dropped by about 15% to $2,440. Nevertheless, inflows into U.S. ether ETFs continued almost uninterrupted.

3. Dips remain buying opportunities, ETF inflows persist
Despite growing concerns in the Middle East, fresh capital continued to flow into bitcoin and ether funds. On June 17, a total of $216 million was invested in bitcoin ETFs, with BlackRock’s IBIT accounting for +$639 million. Outflows from other providers weighed on the daily total, but the message remains clear: dips are being bought. Ether saw only a minor outflow on June 13; the rest of the week was positive.

News Overview

Signal from the noise:

• Senate passes GENIUS Act, laying solid foundation for stablecoins
  The U.S. Senate has passed the GENIUS Act, a bill that imposes strict regulations on stablecoins. Issuers will now be required to maintain 1:1 backing with liquid assets and publish their reserves monthly. The law also introduces bankruptcy protections and a ban on conflicts of interest. It paves the way for companies like Visa and Amazon to integrate stablecoins into their payment networks. Next stop: the House of Representatives.
   

• Tron to go public via SPAC merger
  Tron founder Justin Sun is taking his crypto empire public on the Nasdaq through a merger with SPAC company SRM Entertainment. The new publicly traded entity will be named Tron Inc. The announcement triggered a surge of over 700% in SRM’s share price.
   

• Stripe acquires Privy, a crypto wallet infrastructure provider
  Privy provides embedded wallets to platforms like OpenSea and Hyperliquid. The acquisition fits into Stripe’s broader strategy of making blockchain technology more accessible to developers, following earlier moves involving stablecoins. Stripe says it doesn’t aim to reinvent Web3 but to align it with existing payment networks.
   

• SEC delays decisions on new altcoin ETFs
  ETF proposals for Dogecoin, Avalanche, and Hedera remain on hold. There has been some movement regarding a proposed Solana ETF: the regulator is asking for additional input but shows little urgency. The signal is clear—altcoin ETFs are coming, but not just yet.
   

• Roughly 31% of all bitcoin now held by central entities
  According to a report by Gemini and Glassnode, over 6 million BTC are currently held by governments, exchanges, ETFs, and corporations. This indicates growing institutional maturity. It also affects the market: since 2018, bitcoin’s volatility has steadily declined. Fewer spikes, more gradual growth. At the same time, a key question arises—how decentralized is bitcoin if one in three coins is held by institutions?
   

• BlackRock: “The real growth of crypto has yet to begin.”
  At Coinbase’s State of Crypto Summit, COO Rob Goldstein emphasized the utility of stablecoins and said IBIT was designed as a bridge for those hesitant to buy bitcoin. He noted that the financial sector is ripe for disruption through tokenization. “There’s so much potential. We’re only at the beginning.”

Amdax’s Take
Geopolitical tensions leave their mark, but there’s no sign of panic. Bitcoin remains above $100,000 and ETF inflows continue. Altcoins saw steeper declines, but that’s more the rule than the exception. As long as the conflict doesn’t escalate further, the market appears able to absorb the impact.

While nations clash, the crypto sector continues to build undisturbed. Stablecoin legislation is gaining political traction, Tron is heading to the Nasdaq, and Stripe is investing in crypto infrastructure for developers. What started as an alternative is steadily evolving into financial infrastructure.