Market catches its breath

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 cautiously back above $100,000
After dipping below six figures in early November, bitcoin recovered to close the week around $105,000. The price is holding above an important support level and psychological threshold, suggesting that investor confidence remains intact. True conviction is still lacking, but the bull market continues.

2. Inflows return to bitcoin ETFs
After the outflows seen in early November, U.S. bitcoin ETFs recorded meaningful inflows again for the first time since late October. On November 11, total inflows reached more than 520 million dollars, marking the strongest day in weeks. Outflows from ether ETFs remained limited, indicating a stabilizing sentiment and a cautious return of interest from traditional and institutional investors.

3. Macro picture remains resilient as data returns
The U.S. government appears set to reopen this week, restoring the flow of economic data. Meanwhile, the economy remains surprisingly strong. The labor market is cooling slightly, but there are no signs of stress or recession risk. Real interest rates, adjusted for inflation, have edged higher, but not enough to push investors away from risk assets. After the turbulence of early November, the market seems to be finding its footing again.
 

News overview

The key headlines from this week:

• Harvard makes IBIT its largest public equity position.
  New filings show that Harvard’s endowment has put BlackRock’s bitcoin ETF at the top of its portfolio. It is a remarkable signal from an institution known for its caution and its aversion to ETFs. Bitcoin now carries the stamp of approval from even the most conservative asset managers.

• Tether invests in loan platform Ledn.
  The stablecoin issuer has made a strategic investment in Ledn, which offers bitcoin-backed loans to users in more than 100 countries. Ledn has already issued over 1 billion dollars in BTC loans this year. For Tether, it is a logical extension: more credit products that allow people to borrow without selling their bitcoin, and a clear use case for USDT.

• BlackRock aims to make Ether a yield-bearing asset.
  The firm has registered a trust in Delaware named iShares Staked Ethereum, signaling preparation for a product that passes staking rewards through to shareholders. This is a procedural step rather than a formal application with the regulator. VanEck made a similar move in early October.

• US regulators open the door for on-chain activity by banks.
  A new memo from the OCC confirms that US banks may hold crypto to pay network fees. It may sound minor, but it marks a clear shift: banks are now encouraged to use blockchain rails for settlement and payments. The government is moving from caution to integration — a quiet but significant step toward institutional adoption.

• SEC lowers the volume on enforcement.
  Under Chair Paul Atkins, the number of crypto enforcement actions has dropped by around 30 percent this year. The tone is shifting from heavy-handed intervention to clearer rules and dialogue. Fraud remains a priority, but the fear of sudden legal action is fading. The result is a sector that can build again, without constantly watching its back.

Amdax's take

The sharp pullback has clearly shifted market sentiment. The upward trend has been broken, making a phase of recovery and sideways movement the most likely path for now. That does not have to signal the start of a deeper bear market, but it does point to a market that is more selective and less euphoric. For investors, this is a period to stick to the plan and patiently take advantage of opportunities that emerge in quieter phases.