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Cryptos

Why a $108.9M long ETH 10× on Hyperliquid? Reconstruction, microstructure, revealed intention

The position is a long ETH-USD perpetual swap: 41,230 ETH at 10x cross leverage, entry price $2,693.92, mark $2,641.50, break-even $2,698.88. Notional is $108.91 million, with unrealized PnL of -$2.16 million and cumulative funding of -$137,658. Liquidation price is $2,514.72, implying 4.80% from mark and 6.65% from entry. Implicit equity is $8.81 million (the $7.35…
09/25/20260Comments

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Close-up of golden Bitcoin coins on banknotes with a blurred cryptocurrency graph background.
Digitalisation

Stablecoins & CBDC: The Battle for Settlement Rails Stablecoins, facts. Total market capitalization

$314.68B as of 21/06/2026 (382 issuers, DefiLlama), ~$323B at all-time high in May 2026, with remarkable resilience during a crypto bear market of -48%. Concentration: USDT $186.35B (59.22%) and USDC ~$77B = 83.02% of the market. USDC: +28% outstanding in Q1 2026, on-chain volume +263% to $21,500B. The market processed >$33,000B in on-chain transactions…
09/13/20260Comments

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Wooden letter tiles form the word 'blockchain' arranged on a rustic wood background.
Cryptos

RWA & Tokenization: measuring quality, not size Thesis

The RWA market has entered an industrialization phase; the discriminating factor for allocation is no longer TVL but the structural quality of flows (liquidity, compliance, yield distribution). Key data (mid-2026). On-chain distributed value: ~$31–36 billion (+380% from 2022); “represented” value: ~$340–369 billion; stablecoins (settlement layer, counted separately): ~$290–321 billion; RWA holders: ~790,000; tokenized Treasuries: ~$15.1…
09/11/20260Comments

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Detailed view of gold bitcoin in dark soil symbolizing cryptocurrency mining.
Cryptos

From speculative token to yield instrument: the income paradigm in tokenized assets (2026–2035)

For a decade, the value of a digital asset depended on the promise of a higher resale price. The tokenization of real-world assets (RWA) reverses this logic: value is now read in cash flows, rents, coupons, interest—generated by the underlying asset and distributed automatically. Analysis of a paradigm shift that brings crypto closer to private…
09/11/20260Comments

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Dynamic urban scene showcasing interconnected light trails representing digital communication networks.
Digitalisation lntélligence artificielle

Agentic AI, robotics, biotech (MANBRIC) & smart cities: capital shifts from software to physical.

Thesis. The 2026 AI cycle shifts from conversational models to "digital workers" (agents) and physical AI (robots, driving, inspection); value migrates from the model layer to operational integration and automated real assets, converging directly with smart cities and tokenizable infrastructure. Key Data. ~71% of companies are expected to integrate AI agents into key functions…
09/09/20260Comments

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Black and white image highlighting a 20 euro bill in a cash register, capturing financial concepts.
Cryptos

MiCA × ISO 20022: The Dual Plumbing Reshaping European Finance

Thesis. Two "invisible" projects converge in 2026: the completion of the licensed perimeter under MiCA (crypto) and the ISO 20022 mandate for structured addresses (payments). Together, they shape the compliance-execution layer of European programmable finance. Key data. MiCA: ART/EMT applicable since 30/06/2024; CASP since 30/12/2024; end of grandfathering on 01/07/2026 (some states earlier: Germany/Ireland…
09/09/20260Comments

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