ETH/BTC est le prix relatif de deux systèmes distribués en concurrence. Ses déterminants principaux sont :
Prime de contrat intelligent : capitalisation sur l’écosystème DeFi et les dApps.
Concurrence des "ETH Killers" : Solana, Avalanche, Sui, Aptos, etc., qui érodent la part de marché d’Ethereum.
Mécanisme de destruction EIP‑1559 et frais de gaz : l’activité réseau alimente l’accumulation…
1.1 Adaptation of the Merton Model: Adjustment of the Probability of Default (PD) using the CCQI Index
The integration of the CCQI Index into credit risk models relies on adapting the structural framework of Merton (1974), where a borrower's Probability of Default (PD) is determined by the distance between the value of their assets and…
CCQI index and characterization of TCMs: Tracking Tokenization of RWAs and Carbon Credits
1.1 Methodology for the STEELLDY CCQI (Climate Credit Quality Index)
1.1.1 Definition and Objectives of the Index: Carbon Credit Quality Benchmark for the Voluntary Market
The Climate Credit Quality Index (CCQI), developed by STEELLDY, is a proprietary benchmark for the quality of…
(1) XRP — Settlement Layer and Liquidity Bridge
XRP serves as a neutral liquidity bridge between different fiat currencies and tokenized assets. The arrival of seven US spot XRP ETFs (approximately $1 billion in AUM) signals progressive institutionalization. Demand for XRP structurally stems from the volume of transactional flows, which creates continuous buying pressure…
The gradual shift of the XRP Ledger (XRPL) from a simple payment network to a true institutional settlement layer (RWA, tokenization, interbank cross-border settlements) is empirically observable.
J.P Morgan recently revealed its utilization of the XRPL.✅ Up next? 🙇♂️ Goldman Sachs and Citi.😏💨 https://t.co/nCu062uXxz — SMQKE (@SMQKEDQG) May 9, 2026
Quantitative Validation Elements …
The impact of the Pillar Two international tax regime (OECD) on the valuation and structuring of tokenized carbon credit (TCC) investments, particularly in France.
(A) Structural effect of Pillar Two on the taxation of TCCs
¤ Pillar Two imposes a minimum effective rate of 15% on the profits of multinational corporations, neutralizing tax optimization…
XRPL (XRP Ledger) powers regulated Electronic Money Tokens (EMTs) under frameworks like the EU’s MiCA regulation through a native, efficient, and compliance-focused token architecture. Unlike programmable smart-contract platforms, XRPL embeds token issuance, transfers, liquidity, and regulatory controls directly into the protocol. This design delivers 3–5 second finality, sub-cent fees, and institutional-grade features without external layers.…
MiCA (Markets in Crypto-Assets Regulation (EU) 2023/1114) is the EU’s comprehensive framework for crypto-assets not already regulated under traditional financial laws (e.g., not securities under MiFID II). It entered into force in stages: issuer rules for stablecoins from 30 June 2024, and rules for other crypto-assets plus Crypto-Asset Service Providers (CASPs) from 30 December 2024.…
Contexte de l'analyse
Notre analyse, basée sur les données officielles de flux ETF, les registres de transactions on-chain, et les sources institutionnelles primaires (SoSoValue, Farside Investors, The Block), révèle une réalité substantiellement différente et met en évidence un comportement stratégique contra-cyclique caractéristique des gestionnaires d'actifs de niveau 1.
Principaux constats
Validation des flux : le…
Thèse en une phrase
La chute de 38 % du ratio ETH/BTC (0,040 → 0,025) entre août et octobre 2025 coïncide avec :
une dominance BTC qui touche 64 % (niveau structurant des cycles précédents) ;
un affaiblissement immédiat de cette dominance (59 % le 10/11) ;
un transfert de volume spot vers les alt-coins…