The market stands still, Amdax moves forward

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 closes the month at a record high in dollars, but strength lies mainly in dollar weakness
Bitcoin ended June at $107,200, its highest monthly close ever in dollars. The highest weekly close followed over the weekend. However, in euros, the price is still 14% below the January peak, and when measured in gold, bitcoin remains well below earlier highs. The price record therefore says more about the weakening of the dollar than about a rapid rise in bitcoin itself.

2. Trump hits the financial gas pedal, favorable for bitcoin
The new U.S. budget law combines tax cuts with increased spending. By mainly issuing short-term government bonds, additional liquidity is injected into the system. This policy, prioritizing growth over debt, weakens the dollar and increases risk appetite. An ideal environment for assets like bitcoin.

3. Strong U.S. labor market pressures rate cut expectations, but not sentiment
Last week, stable inflation figures fueled hopes of interest rate cuts. But the June U.S. jobs report tells a different story: unemployment unexpectedly fell to 4.1% and wage growth remained strong. As a result, the likelihood of a rate cut in July has all but disappeared. Still, sentiment remains positive as long as government stimulus continues and the economy keeps growing.

News Overview

Signal from the noise:

• German Sparkassen change course: starting in 2026, retail clients will be able to buy bitcoin through the Sparkasse app. Three years ago, the major banking group firmly rejected crypto. But now, a regulated offering will be introduced via DekaBank, their own investment arm. This shift aligns with a broader trend, where the implementation of the MiCA regulatory framework is a key driver. Together, the Sparkassen serve over 50 million customers.
   
• Deutsche Bank to launch its own custody service in 2026. The megabank is targeting institutional clients. In collaboration with Bitpanda and Taurus, the bank is building a platform for secure crypto storage. The service is expected to go live in 2026. Deutsche Bank had previously announced plans around stablecoins and tokenized deposits.
   
• Circle has applied for a U.S. banking license. The application is for a “national trust bank charter” with the OCC. With this license, Circle would be able to hold its USDC reserves directly and offer custody services. The move comes shortly after the company’s successful IPO and coincides with the passing of stablecoin legislation in the U.S. Circle aims to better serve institutional clients and solidify its position among traditional banks.
   
• IBIT is BlackRock’s new cash machine. The iShares Bitcoin ETF is now generating more revenue for the asset manager than its largest fund, the iShares S&P 500 ETF. Since its launch in January 2024, IBIT has seen only one month of outflows. With nearly $75 billion in assets under management, the fund has become a fee-income goldmine. As ETF expert Nate Geraci put it: “Simply a machine.”
   
• Tether announces its own blockchain network: Stable. The planned network will use USDT as the payment method for transactions and will offer instant settlement and compatibility with Ethereum dapps. The move is part of a broader strategy to make USDT indispensable in the sector’s infrastructure. The network launch is scheduled for Q3.
   

Amdax’s Take
Bitcoin has recorded its highest weekly and monthly close ever in dollars, but a broader perspective reveals that the strength mainly stems from dollar weakness. There are no new records when measured against the euro or gold. At the same time, political influence over monetary policy is increasing. The U.S. government is opening the liquidity taps, while the central bank is still holding back. This tension creates uncertainty, but also opportunity. The buildup to a new phase of the bull market appears to have begun—not driven by sentiment, but by policy and liquidity.