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:

• Markets remain unaffected by disappointing inflation figures
  Last Thursday, the US inflation figures were released. With a CPI (Consumer Price Index) of 2.4%, inflation was slightly higher than the expected 2.3%. However, this is still lower than September’s 2.5%, indicating that inflation continues to decline steadily. Unlike the reaction to the employment figures, the financial markets did not respond to the inflation data this time.
  
• Bitcoin reaches $67,000
  This is the highest price since July 2024 and the top of the price range where Bitcoin has been trading since March. Many traders view this price level as significant. This was evident on Tuesday afternoon when the price shot up towards $68,000, only to drop back down just as quickly. If Bitcoin breaks through this price level, we will likely head towards the all-time high of $74,000.
  
• Has Bitcoin really reached a new all-time high?
  In dollar terms, yes. But if we adjust those dollars for inflation, then no. Consumer prices have increased by a significant 19% between the peak in April 2021 and now. This means that the record price in 2021, adjusted for CPI, would be around $78,000. The inflation-adjusted price of this year’s high reached $75,000.

News Overview

Signal out of the noise:

• Crypto ranks second choice for ETF investors, behind stocks.
  According to a new survey by Charles Schwab, 45% of ETF investors plan to invest in crypto products in the coming year, with only stocks (55%) taking a higher priority. Among millennials, crypto is even the favorite asset class. Despite the growing popularity of crypto ETFs, demand for spot ether ETFs remains relatively low. So far, investors have placed nearly $19 billion in spot Bitcoin ETFs.
  
• Tesla moves $760 million worth of Bitcoin to unknown addresses
  This sparks speculation about a potential sale. According to Arkham Intelligence, Tesla, once one of the largest Bitcoin holders among companies, now holds just $6.65 worth of BTC after these transactions. This raises questions, as Tesla bought $1.5 billion worth of Bitcoin in 2021 and sold 75% of that stash in 2022. It's unclear whether Tesla is selling its Bitcoin or simply moving it to other wallets.
  
• Mt. Gox repayment deadline postponed to 2025.
  The Mt. Gox trustee has extended the deadline for repaying remaining assets to creditors by a year, now set for October 31, 2025. This decision eases concerns about potential selling pressure in the market, as Mt. Gox wallets still hold 44,900 BTC ($2.8 billion). Earlier this year, $6 billion in assets were distributed, but many creditors still await their repayments.
  
• US catches fraudsters using a fake Ethereum token.
  Fifteen individuals and three crypto companies, including Gotbit, ZM Quant, and CLS Global, have been caught using a fake token to commit fraud. The companies were hired by the fake project to create volume and lure consumers into buying the token. “This is a case where new technology, crypto, meets an old-fashioned form of fraud,” said the prosecutor. A total of $25 million in crypto assets has been seized in the arrests.

Amdax’s take:

While the positive employment figures from two weeks ago signaled strength, the disappointing inflation figures do not signal weakness. Bitcoin is moving towards the top of the price range we've been in since March this year. Interest in crypto among ETF investors is clearly visible, as confirmed by Charles Schwab’s research and data. In recent days, over $1 billion has flowed into spot Bitcoin ETFs, while the inflow for spot Ether ETFs remains low.