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. $100,000 Still Out of Reach for Bitcoin

The psychological and symbolic milestone has prompted many investors to take profits. This was reflected in Bitcoin’s price, which retreated from $99,800 on Friday night, dropping about 9% in the following days. A healthy pause that aligns with Bitcoin’s strong upward momentum.

2. Record Week for U.S. Spot Bitcoin ETFs

Over $3 billion flowed into U.S. Bitcoin ETFs last week, marking the strongest week since their January launch. Total inflows now stand at approximately $37 billion. This robust demand pushed Bitcoin toward $100,000, but it wasn’t quite enough to break the barrier.

3. Ethereum Gains Ground Against Bitcoin

While Bitcoin takes a breather, Ethereum shows resilience and has gained some ground against the leading cryptocurrency. Earlier in November, Ethereum made a similar move against Bitcoin but quickly gave up those gains shortly after.

News Overview

Signal out of the noise:

• Cantor Fitzgerald Owns 5% of Tether and Is Developing a Bitcoin Lending Program
  The Wall Street veteran holds a $600 million stake in stablecoin issuer Tether. The firm is also working on a $2 billion Bitcoin lending program that will allow clients to borrow dollars using Bitcoin as collateral. The timing is notable: CEO Howard Lutnick has been appointed Secretary of Commerce in the incoming Trump administration and plans to step down from Cantor to avoid conflicts of interest.
• MicroStrategy Buys $5.4 Billion in Bitcoin
  Michael Saylor’s company has added 55,500 Bitcoin to its balance sheet, bringing its total holdings to 386,700 Bitcoin. The total purchase value is around $22 billion, with an average acquisition price of $56,761 per Bitcoin.
• Gary Gensler to Step Down as SEC Chair
  Gensler has announced his resignation, effective January 20, 2025, the day of President Donald Trump’s inauguration. Known for his stringent approach to crypto regulation, Gensler faced significant criticism from the industry. His departure is seen as a fresh start for crypto in the U.S.
• Trump’s Media Company Eyes Acquisition of Crypto Platform Bakkt
  Trump Media and Technology Group (TMTG), the parent company of Truth Social, is reportedly in advanced talks for an all-stock acquisition of Bakkt, currently owned by Intercontinental Exchange (ICE). If completed, this deal would significantly expand Trump’s involvement in the crypto sector. Previously, Trump has experimented with NFTs and promoted the DeFi platform World Liberty Financial. Bakkt’s stock soared 162% on the news, while TMTG’s stock rose 16.7%.
• Solana (SOL) Hits a New All-Time High
  On Friday, Solana reached a price of just over $264 on Coinbase. Analysts link this surge to rumors of discussions between the SEC and applicants for spot Solana ETFs. Meanwhile, Phantom, a Solana-focused wallet, has climbed into the top 10 of Apple’s App Store. Recent weeks have seen the network operate at 80% capacity, testing its scalability.

Amdax’s Take

Despite a record week of inflows into U.S. Bitcoin ETFs, Bitcoin has yet to break the $100,000 barrier. This pause allows various altcoins to gain momentum. Additionally, Cantor Fitzgerald’s plans for a Bitcoin lending program highlight the increasing integration of crypto into the traditional financial sector. These developments underscore the strengthening foundations for a new phase of adoption.