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. Bitcoin breaks free from the 100k zone
After months of struggle, bitcoin finally seems to be distancing itself from the psychological threshold of 100,000 dollars. Yet, there is no convincing breakout just yet. Is the bitcoin price a reflection of its own strength, or merely the weakness of the dollar? That doubt disappears at a price of 123,000 dollars, and only above 125,000 dollars will the euro record also be broken. Until then, the tension remains.

2. Ether breaks through its years-long weakness
The price of ether – the currency of the Ethereum network – rises 50% in two weeks and corrects only minimally. ETF inflows and on-chain data point to a large group of new buyers, allowing existing investors to take profits without the price flinching. After years of lagging behind, a trend reversal now seems to be in the making.

3. Investors must choose: modest continuation or euphoric rally?
The market seems to be at a crossroads. Will it be a calm continuation in which bitcoin rises steadily? Or will the real bull market erupt, with altcoins rising faster than bitcoin? The coming week, in which we expect meaningful news from central banks and politics, could be the tipping point.

News Overview

The key headlines from this week:

• Major investors say it plainly: “We’re in.”
  A new report from top firm Barnes & Thornburg confirms what has been palpable since BlackRock’s ETF filing: crypto has become normalized among institutional investors. No less than 85% of funds plan to (further) invest in crypto in 2025. Not out of hype, but due to regulation, market growth, and mature products. Bitcoin is (still) not seen as a safe haven, but it is regarded as a serious market.
   
• Bitmine is the new ETH front-runner with $2 billion on its balance sheet.
  The trend of companies accumulating ether is gaining momentum. Bitmine Immersion Tech now holds more than 560,000 ETH; more than all companies combined two weeks ago. Through staking and other yield strategies, these companies put ETH to productive use. A parallel is being drawn with digital oil: it doesn’t stand still, it keeps flowing.
   
• Goldman Sachs and BNY Mellon want to tokenize money market funds.
  Via a new platform, fund shares will be issued as digital tokens on Goldman’s blockchain, with real-time settlement and use as collateral as key functions. Compared to competitors, Goldman chooses a closed approach: an upgrade of existing systems, but not on public infrastructure. Globally, over $7 trillion is held in money market funds.

Amdax’s Take

The major investors and professional parties are no longer bystanders, but active participants. Not out of opportunism, but because the conditions are finally right: clear regulations, mature products, and reliable infrastructure. This makes the inflow of capital fundamentally different this time. It’s not a passing trend, but a structural shift.

For Amdax, this confirms what we’ve been observing for years: crypto is maturing into a fully-fledged asset class. Those who take it seriously ensure that every aspect is in order — from custody to reporting. That is precisely where our strength lies: translating complex technology into a trusted investment environment.