Now, on to the rest of this week’s update:

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. 

Marktupdate

Stay informed in three steps:      

1. Strong rally for ether
Ethereum surged to $3,800 this week, marking a gain of over 150 percent since April. The second-largest crypto asset is showing renewed strength, not only against the dollar but also compared to bitcoin. Supportive factors include new U.S. regulation, increasing institutional demand and significant inflows into spot ETFs.

2. Bitcoin takes a breather
Bitcoin is holding firm near $120,000 after last week’s breakout. In euros, the price briefly reached €103,000 but fell just short of the January high of €105,000. ETF flows turned slightly negative on July 21 and 22, ending a 12-day streak of inflows. The decline appears to reflect temporary profit-taking, with no signs of broader market weakness.

3. Altseason still uncertain
Ethereum’s strong performance, along with a handful of major altcoins, has pushed bitcoin dominance down from 66 percent to 60 percent. But most smaller altcoins have yet to follow, and investor appetite remains limited. The market sits at a crucial junction. If momentum continues, a broader rotation into altcoins could be next.

News Overview

The key headlines from this week:

• United States opens the door for stablecoins with GENIUS Act
The new law allows U.S. banks to issue stablecoins, provided they back them with dollars or short-term Treasury securities and disclose their reserves monthly. Treasury Secretary Scott Bessent estimates the market could grow to more than $3 trillion by 2030.

• Ethereum ETFs attract record capital inflows
Ethereum-focused ETFs brought in $3.2 billion this July. BlackRock’s ETHA fund led the way, and for a brief moment last week, ETH matched bitcoin’s daily ETF inflow. More than 10 percent of ETH trading volume now runs through ETFs. BlackRock has also requested permission to stake the ETH it holds on behalf of its investors.

• Coinbase introduces an all-in-one wallet for crypto, social features and AI
Coinbase has rebranded its wallet to Base, turning it into a multi-purpose app. Users can post, chat, save, game and use AI tools—all from a single interface. Coinbase wants crypto to become a social, mobile experience. The big question is whether people really want to live fully on-chain.

• Bank of America confirms plans for a proprietary stablecoin
CEO Brian Moynihan confirmed the news during the company’s Q2 earnings presentation. The infrastructure is ready and deals with partners are in place. With regulatory clarity now in place, BofA can join JPMorgan and Citi in the race to launch a bank-issued stablecoin.

• Cantor Fitzgerald plans to buy $4 billion in bitcoin through SPAC deal
Crypto pioneer Adam Back is contributing 30,000 BTC, worth over $3 billion, in exchange for shares in BSTR Holdings. Cantor also aims to raise another $800 million for additional purchases. The strategy echoes that of Michael Saylor: accumulate bitcoin via public markets. Including earlier deals with SoftBank and Tether, Cantor’s total crypto investment this year could reach $10 billion.
 

Amdax’s Take

For the first time since 2021, it is not bitcoin but ether that is capturing the spotlight. The price is climbing, ETFs are attracting billions, and more institutions are positioning ETH as a strategic asset. Meanwhile, the broader crypto infrastructure is advancing. The U.S. has legalized stablecoins, and banks such as Bank of America are preparing their own issuance. Ethereum is no longer just a promising investment; it is becoming a foundation for the financial system of the future.