The bullmarkt holds up

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:

• Privacy coins are making a comeback 
  While most of the crypto market was in the red, Monero, Zcash, and Dash turned positive. Analysts say this is not a hype cycle but a genuine revaluation: privacy is moving from being an ideal to becoming a market standard. Stricter regulations are making anonymity harder to find, on-chain activity is rising, and privacy networks are evolving into complete application ecosystems. In short, privacy is back on the menu for traders.
   
• Tether’s new blockchain ventures are off to a rough start
  Stable, a Bitfinex and Tether affiliate, was forced to pause its second funding round after website crashes and failed transactions left users frustrated. Its sister project, Plasma, promoted as a Bitcoin layer-2 network, is also struggling to gain traction. Tether wants to go beyond issuing stablecoins and start owning the infrastructure of crypto itself but building, it turns out, is harder than printing.
   
• Ethereum projects unite for political influence.
  Seven major Ethereum teams: Aave, Aragon, Curve, Lido, Spark, The Graph, and Uniswap, have formed the Ethereum Protocol Advocacy Alliance in Brussels and Washington. Their goal is to strengthen developers’ voices in global crypto regulation debates, ensuring that policymakers hear directly from protocol builders, not just exchanges and lobbyists.
   
• Sequans sells Bitcoin to reduce debt.
  The French company, which recently adopted Bitcoin as a treasury asset in the style of MicroStrategy, sold 970 BTC worth about $100 million to pay down debt. The sale underscores how thin the line can be between long-term holding and forced liquidation, a warning sign for investors in companies following the “Bitcoin reserve” playbook.

Amdax's take

After the correction in early November, markets appear to be finding their balance again. Bitcoin is holding above 100,000 dollars, and ETF inflows are picking up. The signals are neutral, with neither euphoria nor panic. This fits the current stage of the bull market, which is broader, less speculative, and increasingly shaped by institutional capital. In such a market, confidence is not driven by short-lived hype but built gradually through patience and consistency.