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. Spot bitcoin ETFs see the strongest week since July
   Over the past 7 days, more than $2.5 billion flowed into U.S. spot bitcoin ETFs, the most since July 2024 when bitcoin hit a local peak around $69,000. On Tuesday, this positive streak ended with an outflow of $79 million.
2. Bitcoin meets resistance at $69,000
   The all-time high of 2021 still proves too much of a hurdle for bitcoin. The entire range between $68,000 and $74,000 is crucial. Breaking through this range could signal the start of a new upward trend for bitcoin.
3. Bitcoin's price rally cools down
   The upward movement bitcoin experienced last week appears to be calming. Currently, we're in a minor correction, with prices hovering around $63,000 to find support before resuming the upward path. Should bitcoin drop further, the next significant level is around $60,000.

News Overview

Signal out of the noise:

• Crypto breaks records despite regulatory uncertainty
  That’s according to the “State of Crypto” report, published annually by venture capital firm Andreessen Horowitz (a16z). The report notes that there were 220 million active addresses in September, three times as many as at the end of 2023. A significant driver of this growth is the broader adoption of stablecoins, whose use and issuance are described as “off the charts.” Despite growing interest, regulation remains a gray area.
• Speculation on U.S. presidential election hits new high
  Prediction market Polymarket . hit a record $1 billion monthly volume in October. On October 7, a daily trading record of $98.4 million was set. Currently, Polymarket gives Trump a 61% chance of winning, while traditional polls show Harris with a slight lead. Notably, a few large accounts, possibly controlled by a single entity, have made $26 million in bets.
• Kamala Harris pledges crypto regulations to support ‘Black men’
  As part of her "Opportunity Agenda for Black Men," Harris’s team believes new technologies like crypto can expand access to financial services. The plan also includes loans for entrepreneurs and the legalization of recreational cannabis. Critics call for a broader, more inclusive policy for all groups within the crypto community.
• Thailand's Siam Commercial Bank launches stablecoin service for international payments
  Following successful tests in the central bank's sandbox, the service is now fully commercial. By using stablecoins for settlement, international transactions through SCB have become cheaper and faster. This service, developed in collaboration with Lightnet and Fireblocks, offers customers 24/7 access to efficient cross-border payments. Stablecoins are becoming increasingly important in the traditional financial system.
• Base surpasses Arbitrum as the largest Layer-2 network on Ethereum
  In terms of Total Value Locked (TVL), Base ($2.49 billion) has overtaken Arbitrum ($2.41 billion). Base’s growth is driven by the decentralized exchange MetaDEX Aerodrome, which accounts for $1.35 billion of the TVL. Additionally, Base leads in user activity, with 1.35 million active addresses daily. Coinbase aims to use Base to transition from online to on-chain.

The take from Amdax:
After a period of price increases and a 7-day streak of positive inflows into U.S. spot ETFs, bitcoin seems to be taking a breather. The range between $68,000 and $74,000 is a key area to break through for further price increases. While the market seems to be cooling off, the bigger picture remains positive. The overall adoption of crypto continues to grow, with stablecoins finding their way into the traditional financial system. Whether it's regulation, political agendas, or technological innovations, it's clear that crypto is here to stay.