The Big Analysis
The important question in 2026 is no longer whether a DeFi protocol generates revenue: many do, and sometimes at levels comparable to those of a world-scale fintech. The real question is now stricter: who captures this value, who sends it back to the token, and with what degree of credibility
The Big Talk
The Big Whale. Today, stablecoins are at the heart of all the tensions: regulatory tug-of-war in the United States, acceleration in Asia, persistent scepticism from the European Central Bank. Against this explosive backdrop, why does Abu Dhabi believe that now is the right time to launch a sovereign stablecoin? Precisely
The Big Analysis
The arrest on Saturday of Nicolás Maduro by the US authorities marks a turning point in a tug-of-war that has lasted nearly ten years between Washington and Caracas. The charges brought by the US justice system (drug trafficking, corruption and money laundering) remain at the heart of the case, of
The Big Analysis
Key points * Many factors (institutional adoption, the macroeconomic environment and an extremely concentrated market) distinguish this cycle from previous ones. * Bitcoin's performance is highly correlated with the growth in cumulative flows to ETFs * Quantitative tightening (QT), rising unemployment and weak economic activity explain the lack of a euphoric
The Big Analysis
In brief * Five separate portfolio allocations have been analysed in 2025 using a number of indicators. * The "Mag7" portfolio comes out on top in terms of absolute performance, but also records the highest drawdown. * The tangible assets portfolio (gold + bitcoin) outperforms the benchmark and all other allocations in
The Big Talk
The Big Whale: You have just obtained your MiCA approval from the French market authority. Why is this so important? Jérôme de Tychey: More and more companies want to get a foothold in the world of onchain finance and they want to work with regulated players. So it's
The Big Analysis
Key takeaways * Coinbase is the main driver of crypto M&A in 2025, with nearly 19% of committed amounts in an exploding market (+532% year-over-year). * The strategy aims to transform the business model, from a simple spot exchange to an integrated platform (derivatives, venture capital, services, prediction markets). * Deribit
The Big News
This is a potential turning point in the tax regulation of digital assets in France. Last Tuesday, an amendment tabled by the Communist Party was passed, aimed at requiring holders of cryptocurrencies to declare their "self-custody" portfolios to the tax authorities, once their value exceeds €5,000. A
The Big Talk
The Big Whale: You're in Abu Dhabi for Abu Dhabi Finance Week. What brings you here and what specific opportunities do you see in the UAE? Brian Armstrong: We're very excited about investing more in the UAE. The country has become a global hub, both for
The Big Analysis
This is a major strategic shift that is being played out discreetly in Berne. Until 6 February 2026, the Federal Council is consulting the industry on a comprehensive revision of the financial markets laws, including money laundering and financial institutions. While the stated intention is to modernise the system following
The Big Analysis
The essentials * A structural pivot: MARA is emerging from all-mining to become a hybrid conglomerate (AI, energy infrastructure) and a "Bitcoin treasury company" (53,000 BTC). * Financial fragility: Behind book profits driven by asset valuations, the group is burning through operating cash and financing its growth through dilution.
The Big Analysis
The crypto-asset market this Sunday offered a glimpse of what the coming end-of-year weeks could be like: erratic and violent. In an environment of low liquidity, Bitcoin swung wildly between $88,000 and $92,000, while Ethereum made a jump from $2,910 to $3,150. For analysts at QCP