The Big Analysis
The market is experiencing severe turbulence. While the correction is affecting all assets, from precious metals to AI-related technology stocks (with AMD, Palantir and Microsoft posting declines of more than 10% from their peaks), one asset class is suffering a more marked disinterest: digital asset treasuries (DATs). At the heart
The Big Analysis
The digital assets market is going through a period of severe turbulence. Since the start of the month, global capitalisation has begun a sharp decline, giving up a further 2.3% between Wednesday and Thursday, to stand at around $2.6 trillion. Bitcoin and Ethereum have not been spared, posting
The Big Analysis
The past week has been marked by an exceptional upsurge in volatility on all commodity markets, whether physical or digital. The figures illustrate the brutality of the movement: realised volatility for silver almost doubled in less than a month, rising from 65.72 on 5 January to 111.16 on
The Big Analysis
It's a document that the financial centre and players in the crypto industry were nervously scrutinising. Concomitantly with the media La Lettre, The Big Whale was able to consult the confidential authorisation document sent by the French Treasury to Mara Holdings, the American Bitcoin mining giant, concerning the
The Big Analysis
The success of BitGo's IPO this week on the New York Stock Exchange is recognition of the regulated custody model for digital assets. And behind this operation is already taking shape one of the major events of 2026: Ledger's IPO. Positioned in the same segment, but
The Big Analysis
Key takeways * October 10, 2025 marked a turning point for the digital asset market: a wave of liquidations exceeding $19 billion caused a lasting shock of confidence among investors. * In the fourth quarter, digital assets underperformed all major asset classes. Bitcoin fell by 23.5%, Ethereum by 28.47%, and
The Big Analysis
The heightened tensions between Europe and the United States seen over the last few days are putting a theoretical hypothesis back on the table: what if a US administration decided one day to suspend access to the Visa and Mastercard networks on the European continent? Such a prospect remains unlikely,
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 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 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