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
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