Reports

Discover what Amdax's asset management team expects to be the key themes of 2026.

Tim Stolte

September once again brought weak U.S. labor market data, though investors initially viewed this as a positive sign: the Federal Reserve would likely continue with accommodative policy. Equities and crypto rallied briefly, until the latter corrected by more than 10% following the rate cut, driven in part by liquidations. Still, there are few signs that the market has reached a definitive top, allowing crypto investors to enter the final quarter with confidence.

Tim Stolte

While early in the month people were still cheerfully pointing to the supposed correlation between precious metals and bitcoin, a sharp price drop hit many crypto investors like a cold shower. Bitcoin turned out not to be a safe haven after all, but subject, among other things, to the turmoil around the U.S. government and global unrest caused by Chinese export restrictions. The sour mood, however, seemed largely confined to the group of investors who may have been a bit too optimistic.

Tim Stolte

At the macroeconomic summit in the US at the end of August, financial markets held their breath. At the annual Jackson Hole Economic Symposium, the focus was primarily on disappointing labor market figures rather than inflation. That fueled hopes of rate cuts. Meanwhile, both bitcoin and ether broke price records, but the real frenzy is still absent.

Tim Stolte

After the fallout between Trump and his (ex-?)buddy Musk, the Daddy left his mark on the Israel–Iran conflict by actively “mediating.” This de-escalation, combined with relentless bitcoin purchases by listed companies, helped prevent the crypto market from sliding deeper than necessary. Will optimistic macroeconomic expectations now bring summer fireworks?

Tim Stolte

At first glance, easing inflation figures and some positive geopolitical signals suggest a calm summer for risk markets. However, beneath the surface, new inflation fears are brewing, and the U.S. economy appears far from recovered after recent turmoil. This climate breeds uncertainty—even in a bitcoin market that has climbed to new heights.

Tim Stolte

April werd gedomineerd door oplopende spanningen tussen de VS en China. Dit zette obligatie- en valutamarkten onder druk, terwijl de cryptomarkt opvallend stabiel bleef. Dalende inflatie bood enige verlichting, maar zorgen over economische groei en een mogelijke recessie bleven boven de markten hangen. Dit zal ook effect hebben op de risicobereidheid in de cryptomarkt, zeker gezien er nog altijd weinig bewijs is dat bitcoin in crisistijd functioneert als veilige haven.

Tim Stolte

In the Amdax House View, we share our views on the crypto market, discuss key developments and provide our key expectations for 2024

Tim Stolte

In this House View, we share our views on the current state of the crypto market, discuss some key developments and outline our expectations for the year ahead. The House View is a publication of the Amdax Asset Management team.

Roshan Yousefzadeh