Is the market ready for the next increase?

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. Governments open the money tap and markets smell profit
China, Europe, and the US are increasing their spending, with the side effect of rising long-term interest rates. Investors first expect economic growth and price gains, and only later inflation. The combination of loose fiscal and monetary policy acts as fuel for risk investments such as bitcoin.

2. Bitcoin seeks a bottom, new increase in sight
After a few weeks of consolidation, bitcoin is nearing the end of its correction. Analysts see signals pointing to a potential upward turn around mid-September. As long as no major external shocks occur, the base scenario remains bullish.

3. Bond market warns of debt burden
Yields on British and Japanese government bonds have risen to the highest level since the 1990s. Not because countries are about to go bankrupt, but because investors fear prolonged higher inflation. Bad news for savers and bondholders, but confirmation that hard assets remain attractive.

News Overview

The key headlines from this week:

• Longest queue for Ethereum stakers in two years. More than 860,000 ETH, about $3.7 billion, is waiting to be locked up for staking. At the same time, the line of parties wanting to exit the ecosystem is shrinking, which analysts see as an early sign of declining selling pressure. In the background, institutional players are important buyers: together they now hold 4.7 million ETH, over 4% of the total supply.

• Galaxy Digital brings its shares on-chain. Together with Superstate, Mike Novogratz’s company makes it possible to tokenize the SEC-registered GLXY shares on Solana. According to Novogratz, it is the first time a publicly traded company has put its real shares directly on-chain, instead of derivative tokens that only track the price. According to Superstate CEO Robert Leshner, the shareholder list is automatically updated after each token transaction; a “huge upgrade” for the stock market.

• DeFi experiences its strongest quarter in years. The value locked in protocols rose by 41% in Q3 to $160 billion, the highest point since 2022. Ethereum nearly doubled its TVL to $96.5 billion, Solana grew 30% to $13 billion. The recovery is no surprise. In the same period, the value of ether, which often serves as collateral, rose by more than 80%. And that in turn attracts more trading and lending activity. Some analysts see clearer regulations in the US as a supporting factor.

Amdax’s Take

While the public debate often gets stuck on price news and memecoins, behind the scenes the foundation of crypto is quietly being built further. The longest Ethereum staking queue in years, rising DeFi activity, and shares finding their way to blockchain networks are signals of maturation. Not a revolution, but an evolution. And behind that movement increasingly lies institutional capital. At Amdax, we see this up close: investors are looking not only for returns, but also for infrastructure that is ready for the future. That does not emerge overnight, but it is emerging.