The market is slowly regaining momentum

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 enters a new upward trend
After weeks of hesitation, the correction appears to be over and bitcoin has begun a new upward trend. The price is once again trading above the 50-day moving average, confirming a pattern of higher highs and higher lows. That points to regained momentum. Nevertheless, caution is still warranted. The market is in a zone of heavy trading, where many investors previously entered. They can now exit without a loss, which may create temporary selling pressure.

2. Risk appetite is cautiously returning
Bitcoin isn’t the only asset showing recovery; broader financial markets also seem somewhat more optimistic. The S&P 500 has erased much of its recent decline and is at an inflection point. Investors are once again gravitating toward riskier assets, although the recovery is still in its infancy. Several sentiment indicators point to rising risk appetite. This creates a favorable backdrop for crypto, but confidence remains fragile.

3. U.S. bitcoin funds attract billions again
U.S. spot bitcoin ETFs are once again seeing strong inflows. In the week of 21 to 25 April, a net total of more than USD 3 billion flowed into products from BlackRock, Fidelity, Ark and others. IBIT (BlackRock) and FBTC (Fidelity) in particular remain leaders. This breaks the trend of outflows and reaffirms traditional investors’ confidence in bitcoin as a strategic asset. This momentum offers an additional tailwind for the recent price recovery.

News Overview

Signal from the noise:

• Trump invites the top 220 holders of his $TRUMP memecoin to a dinner on May 22.
  The 25 largest holders receive VIP access and a special tour. Since the announcement, the token’s price has surged by 50%. Critics call it pay-to-play, but Trump is simply bending the crypto world to his will. Those who buy enough literally get a seat at the table. An uneasy convergence of crypto, loyalty, and influence.

• Vitalik Buterin wants to massively boost Ethereum’s computing power.
  In a new proposal, he suggests replacing the engine behind smart contracts – the EVM – with more efficient technology. The goal? To make Ethereum faster, more scalable, and future-proof, especially for applications currently hindered by network limitations. Not a plan for tomorrow, but a clear signal: Ethereum’s foundation must be strengthened.

• Bitcoin on the corporate balance sheet? A no-brainer.
  At Bitwise’s Bitcoin Investor Day, top executives predicted it’s inevitable: thousands of companies will add bitcoin to their balance sheets—not as a luxury, but out of necessity. Kraken’s CFO estimates 20% of listed companies; Saylor calls it “obvious”: cash loses value, and BTC becomes the alternative. According to Fundstrat Capital CIO Tom Lee, bitcoin acts “like a new accounting standard—the idea that your cash reserve doesn’t have to consist of just dollars.”

• Blockchain could generate over 1.5 million jobs by 2030, says Bitget.
  According to the exchange, the technology is now where AI was ten years ago: full of potential, waiting for a breakthrough. With the right incentives—adoption, education, regulation—blockchain-based technologies and applications could become a major global job engine. Not quite AI yet, but the gap is closing.

• Stablecoins battle for dominance in global payments.
  Stablecoins are rising as the engine behind international transactions. Circle launched the Circle Payments Network to accelerate USDC payments. Tether is also seeing strong growth, especially in emerging markets where it often substitutes the dollar. PayPal has joined the race with its own stablecoin, aimed at business use. Traditional financial institutions are watching closely and preparing to enter once regulation provides clarity. Stablecoins are no longer auxiliary money—they’re on their way to taking center stage in global payments.

Amdax’s Take
Bitcoin’s price recovery is supported by a more stable technical outlook, growing risk appetite, and renewed inflows into U.S. bitcoin funds. As a result, confidence is gradually returning, even among traditional investors. Still, the recovery remains fragile. In a market where sentiment can shift rapidly, caution remains essential.