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’s rally continues
   On Tuesday evening, Bitcoin hit $94,000—a new all-time high that was surpassed again on Wednesday afternoon. Bitcoin remains in a strong upward trend, which has gained momentum since Trump’s victory.
2. Continued interest in spot Bitcoin and Ether ETFs
   With over $2 billion flowing into crypto products, last week was another strong one. Spot Ether ETFs saw over $500 million in inflows by the end of the week. This marks the highest weekly inflow for U.S. Ether products since their launch in July 2024.
3. Altcoins show signs of life
   While Bitcoin currently steals the spotlight, several altcoins are also rallying. Ripple and Cardano stand out, surging by more than 100% over the past two weeks. However, such gains are not seen across the broader altcoin market, except for memecoins.

News Overview

Signal out of the noise:

• Options on BlackRock’s IBIT Bitcoin fund reach nearly $2 billion on the first trading day
  This impressive milestone for a new financial product makes it easier for institutional investors to access Bitcoin, manage risks, and adopt new strategies. Over time, this will lead to greater liquidity, less volatility, and a more efficient market.

• MicroStrategy buys 51,000 Bitcoin
  Worth $4.6 billion at an average purchase price of $88,627 per Bitcoin, this marks the largest acquisition by the U.S.-based company. Michael Saylor, founder of MicroStrategy, has announced plans to purchase a total of $42 billion in Bitcoin over the coming years.

• ‘13F season’ reveals widespread interest in Bitcoin
  These mandatory disclosures from large investors show significant Bitcoin investments. BlackRock has heavily invested in its fund, Goldman Sachs’ clients hold hundreds of millions in Bitcoin ETFs, and billionaire Paul Tudor Jones has increased his Bitcoin position by over 400%. Most notably, the conservative pension fund TIAA invested approximately $52,000 in Fidelity’s Bitcoin fund.

• Is SEC Chairman Gary Gensler preparing to step down?
  In a recent speech, Gensler reflected on his efforts to regulate the market and gave what seemed like a farewell. With Trump promising to fire him after taking office, Gensler may be planning his exit. While his policies have shaped the crypto industry, forcing companies like Coinbase to lobby, they’ve also sparked division. As Democrats lose power, questions arise about Gensler’s legacy.

Amdax’s Take

The launch of Bitcoin options marks another step toward Bitcoin’s maturity as an asset class. The sustained interest in Bitcoin is evident in the growing crypto ETF products. MicroStrategy’s commitment to Bitcoin is clear, and Michael Saylor’s recent purchase speaks volumes. Meanwhile, Bitcoin’s price continues to climb toward $100,000. While a period of consolidation is possible, it’s not guaranteed.