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
The Big Analysis
In brief * Industrial breakthrough: Scheduled for this evening, the "Fusaka" update allows Ethereum to aim for 100,000 transactions per second. A theoretical capacity greater than that of Visa, essential to absorb global financial flows. * Operational gains: this overhaul of the infrastructure should reduce the costs of secondary
The Big Analysis
Briefly * Gold jumped more than 50% in 2025 * Tether became one of the world's biggest gold buyers * Tether (XAUT) and Paxos (PAXG) tokens dominate the tokenised gold market, which is still tiny with around 80,000 holders. * MKS Pamp, a historic player in gold, is entering tokenisation with
The Big Analysis
The moment the crypto ecosystem is going through today does not look like a lasting crash or a fundamental rethink of the sector. Eliézer Ndinga, director of research at index fund issuer 21Shares, sees it instead as a transitional stage, comparable to the situation of the web in the early
The Big Analysis
Key points * The company has made historic profits, with around $10bn already in the first three quarters of the year ($4.3bn in Q3). * Tether is strengthening its balance sheet by sharply increasing the proportion of secured loans (+44% quarter-on-quarter) and gold in its reserves. * The fall in rates is
The Big Analysis
Tokenisation is moving ahead at high speed. After stablecoins, it is now spreading to equities, bonds and even stock market indices. The S&P 500, buoyed by all-time highs, is becoming one of the new grounds for on-chain experimentation. But one issue is emerging: are all tokenised versions of
The Big Analysis
In brief * Bitcoin has lost more than 20% since its ATH, technically entering a bear market. * Two possible paths: a short correction or a full-blown post-halving bear market. * The macro context works in the opposite direction, however: monetary tightening is over, limiting the risk of a prolonged cycle. Has Bitcoin
The Big Analysis
Switzerland likes discretion, especially when it comes to its finances. But behind the hushed tone and stated neutrality of the Swiss National Bank (SNB), a bold move seems to be taking shape: that of exposure, albeit indirect, but very real to Bitcoin. For several months, a debate has been running
The Big Analysis
The party seems to be over, for a while at least. In the space of a few weeks, Bitcoin has lost more than 20% of its value, falling below the symbolic $100,000 mark in early November before stabilising at around $105,000. Ethereum and Solana have suffered even more,
The Big Analysis
This analysis was carried out in collaboration with Castle Labs. Introduction Digital Asset Treasuries (DATs) - or digital asset treasuries - have become an increasingly popular mechanism for attracting interest from traditional finance (TradFi) into major crypto-assets such as Bitcoin (BTC) and Ethereum (ETH). We are now seeing a wave