Every week, Amdax summarizes what's happening in the crypto market for you. Want to learn more? Click through for further insights. 

This newsletter is a co-production with our partner Bitcoin Alpha.

Market Update 

Stay informed in three steps:

1. Bitcoin hits an all-time high of 67,900 euros
   Breaking the previous record of 67,400 euros set in March, Europe joins the ranks of major regions setting new all-time highs for Bitcoin, including South Korea, Brazil, Russia, and Canada. The record high in U.S. dollars has yet to be reached, but it seems only a matter of time.
2. The price range between $68,000 and $74,000 remains crucial
   Bitcoin is now testing the upper end of this range, with the all-time high of $73,800 acting as a key threshold. If Bitcoin manages to break out, we can expect further price increases. However, the recent surge doesn’t guarantee Bitcoin will break through this price range in one go.
3. Strong positive inflows into spot bitcoin ETFs continue
   Over the past 13 trading days, only Tuesday, October 22, didn’t see positive inflows. The remaining 12 days accumulated inflows totalling $4.8 billion, reaching the highest demand for spot bitcoin ETFs in 6 months. In the past month alone, nearly 65,000 bitcoins have flowed into these funds. Interest in spot ether ETFs, however, remains low.

News Overview

Signal out of the noise:

• BlackRock's Bitcoin Fund Now Larger Than Its Gold FundLast week, BlackRock’s Bitcoin fund (IBIT) surpassed its gold fund (IAU) in assets under management. The Bitcoin fund currently holds ~$39 billion, while the gold fund holds ~$33 billion. The difference? The Bitcoin fund reached this value in just 10 months, while the gold fund took nearly 20 years.
• Michigan Becomes the First State to Invest in an Ethereum ETFMichigan's pension fund, the 10th largest in the U.S., purchased $11.1 million in shares of Grayscale’s Ether fund. Previously, it invested $6.6 million in Ark Invest’s Bitcoin fund. Other states, including Florida, are also exploring pension fund investments in crypto.
• More DeFi Protocols Sharing Revenue with Token HoldersThe trend of sharing revenue with token holders is growing, often driven by demands from active investors. For instance, Wintermute advocated for Ethena to share its revenue with sENA stakers. Curve Finance announced that 10% of crvUSD revenue would go to scrvUSD holders. Analysts highlight the benefits for token holders but warn of potential regulatory scrutiny due to expected profits.
• New Stablecoin USDG Backed by Crypto HeavyweightsRobinhood, Kraken, Paxos, and others are launching the Global Dollar (USDG), a stablecoin with revenue-sharing for its holders. Issued by Paxos from Singapore, USDG is supported by the local regulator. Participants like Galaxy Digital and Bullish aim to promote its adoption, with DBS Bank involved as a custodian.

Amdax’s Take

Bitcoin’s rise past its previous all-time high of $74,000 marks the start of a new upward trend. Altcoins are also following suit, though prices won’t rise in a straight line. We can expect significant volatility in the coming months. Bitcoin’s recognition as a serious asset class is evident from the strong interest from investors and BlackRock’s Bitcoin fund catching up with their gold fund.