Market

Today's letter

Crypto: between price lull and revival of systemic risks

The session of October 25 confirms a form of lull in the main crypto assets, with bitcoin stabilised around 71 000 € and volumes slightly down. This respite comes after a sustained rally since the start of the school year, while traditional markets remain focused on upcoming macroeconomic indicators and monetary policy decisions. At the same time, the underlying signals remain mixed. On the regulatory front, authorities are progressively refining the framework for crypto-asset oversight, whether it is the post‑MiCA monitoring in Europe or the still lively debates in the United States about investor disclosure. On the security side, a new governance attack on the Arkadiko protocol recalls that operational risk in DeFi remains high, despite the professionalisation of audits. Institutional investors, finally, continue to cautiously explore exposure to digital assets, as evidenced by several strategic reports published this year. The challenge for the coming months will be to determine whether this gradual normalisation can coexist with an environment still marked by technical vulnerabilities and regulatory uncertainties.