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. Altcoins hit hard in market crash
On Friday evening, the crypto market experienced its steepest crash in years. Donald Trump’s announcement of a 100% import tariff on all Chinese goods shook global financial markets. Bitcoin fell from $117,000 to $103,000, and ether dropped from $4,000 to $3,500. Altcoins suffered the most, some plunging up to 80% within minutes. The sudden sell-off triggered a cascade of liquidations, briefly throwing the market into chaos. 

2. Market cautiously recovers
By the end of the weekend, the market began to stabilize. At the start of the trading week, bitcoin’s loss had narrowed to 5%, down from 14% at Friday night’s low. Altcoins still have ground to recover, but prices now stand well above their lowest levels. Sentiment remains cautious, yet the rebound shows that confidence among investors has not disappeared. 

3. ETF inflows slow down
After a strong start to the final quarter, ETF inflows eased this week. Monday saw significant outflows after the turbulent weekend but mild inflows returned on Tuesday, suggesting that the pullback is temporary. Interest from institutional and traditional investors remains strong, although the pace of inflows is slower than earlier in October. 
 

News overview

The key headlines from this week:

• US government shutdown delays approval of crypto ETFs. The ongoing government shutdown has largely halted operations at the SEC, delaying new spot ETFs for litecoin, solana, and XRP. Only essential activities and fraud cases continue. Bloomberg analyst Eric Balchunas likened it to “a rain delay”: once the government reopens, the predicted wave of ETF launches will resume. 
• US seizes $15 billion in bitcoin. The Department of Justice seized over 127,000 bitcoin worth around $15 billion. The assets stem from a major fraud case linked to Cambodian businessman Chen Zhi, marking the largest crypto seizure ever by US authorities. 
• French bank Oddo BHF develops euro stablecoin. Oddo BHF, which manages around €150 billion in assets, is developing EUROD, a MiCAR-compliant stablecoin to be listed later this year on Spanish platform Bit2Me. The goal is to simplify international payments and digital asset trading, underlining how European banks are increasingly embracing digital currencies.  launching BlackRock’s successful bitcoin fund IBIT, as the key force behind the change.
• Deutsche Bank: Bitcoin could join central bank reserves. A new report suggests that by 2030, bitcoin may appear alongside gold on central bank balance sheets. The bank cites lower volatility, clear regulation, and growing institutional adoption. Bitcoin may not replace the dollar, but it could serve as a modern hedge. 
• Ethereum prioritizes privacy. The Ethereum Foundation launched Kohaku, a toolkit that helps developers integrate privacy and data-protection features into their apps. According to Vitalik Buterin, privacy and security have “top priority.” Privacy-focused coins, already performing well, gained new momentum after the announcement. 

Amdax's take

Friday’s wave of liquidations flushed out much of the speculative leverage, creating room for a healthier foundation. Corrections like this are painful but necessary: they remove excess leverage and bring focus back to fundamentals, which remain strong. While traders regroup, banks continue to move toward digital currencies. As long as macro conditions stay favorable, this crash looks more like a reset within an ongoing bull market.