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
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