The Big Whale

🔍From gold to treasuries… and back again. In our October Market Call, André Dragosch, PhD (Head of Research, Bitwise Europe) explained the global shift we’re seeing: capital is moving away from US Treasury bonds and back toward gold as a reserve asset. But here’s the twist: Bitcoin might be an even better hedge against Treasuries than gold itself. 🔷 Capital shifting back to gold since 2022 🔷 Bitcoin as a lower-correlation hedge to Treasuries Ready to join top minds to decode the next big shifts? Join us for our Monthly Market Calls. 🔗 Watch the full session in the comments

“DeFi won’t replace banks. It will complement them. Acting as the liquidity layer beneath traditional finance.” — Michael Bentley, Co founder and CEO, Euler Labs Michael’s intervention positioned DeFi as a complementary liquidity layer that can sit under existing institutional plumbing. 🐳 This insight came during our previous Deep Dive, a focused session on how markets, liquidity, and product design must evolve to reach institutional scale. Our monthly in person sessions take place in Paris, London and Geneva, where top voices from finance and crypto come together to study the instruments and infrastructure shaping tomorrow’s markets. 🎟️ Join our next Crypto Derivatives on November 25 in Paris. Link in the comments. 🔍 Want more details? Find the key insights of the Deep Dive in the comments.

🔍 Spot Bitcoin Trends: New Bitcoin Dashboards Available Get a complete view of Bitcoin markets with our new interactive dashboards. Bbuilt for desks, product teams and portfolio managers. 🔷 Live price, liquidity and order-book metrics for top venues 🔷 On-chain flows, ETF inflows and custody snapshots to track demand 🔷 Hover charts and get quick info Get clarity on market structure, flows and execution risk.All in one dynamic dashboard. 🐳 If you’re a The Big Whale subscriber, find our new dashboards in the comments. You’re not? Contact Benoit de Jessey to get more information.

Beyond Spot: Scaling Crypto Derivatives for Institutions 📈 Join The Big Whale and Gemini for a Deep Dive breakfast on crypto derivatives, the tools institutional traders and risk teams use to hedge, arbitrage and optimise capital. Derivatives are a key signal of market maturity and they are evolving fast as regulation tightens and institutional participation grows. 📅 November 25, 2025 | 8.30AM | Paris. 🎟️ Save your seat ➜ link in the comments.

“Retail investors aren’t driven by ideology, they go where the yield is. Tokenization gives them more choice and more diversity.” — Bilal EL ALAMY, Cofounder and CEO, Zaiffer.org 🐳 This insight came during our previous Deep Dive, a focused session on how markets, liquidity, and product design must evolve to reach institutional scale. Join our monthly in person sessions in Paris, London, and Geneva, where top voices from finance and crypto come together to study the instruments and infrastructure shaping tomorrow’s markets. Bilal’s intervention highlighted tokenization as a distribution lever that widens access and product design options for issuers and intermediaries. 🔍 Want more details? Find the key insights of the Deep Dive in the comments.

🔍 Bitcoin, now productive. During our October Market Call, Theo Chapman (Babylon Labs) explained how Bitcoin can finally become productive, without leaving its own network. Babylon allows BTC holders to secure other blockchains trustlessly, turning Bitcoin into yield-bearing collateral without wrapping or bridges. 🔷 Bitcoin as productive capital 🔷 Trustless cross-chain security 🔷 Institutional-grade infrastructure 💬 The Big Whale’s Market Calls are our monthly online gatherings where we bring together leading voices shaping the future of crypto and finance. 🔗 Watch the full talk 👉 link in the comments

📑 Don’t just track the rally, act on it. This Q3 analysis gives you decision-ready signals, charts you can use in meetings, and a short list of the questions portfolio teams should be asking now. 🔷 Instant takeaways you can brief your desk on 🔷 Decision-focused charts and guardrails for risk allocation 🔷 Practical next steps for PMs, treasuries and product teams 🐳 If you’re a The Big Whale subscriber, find the briefing in the comments. You’re not? Contact Benoit de Jessey to get more information.

❌ Our Deep Dive Banks & Protocols: The New Architecture of Credit is officially sold out. Thank you to our speakers: 🔵 Emma Lovett - Markets DLT, Executive Director, JPMorganChase 🔵 Bilal EL ALAMY - Cofounder & CEO, Zaiffer.org 🔵 Michael Bentley - Co-founder & CEO, Euler Labs We're also thanking Jones Day for welcoming it. 🐳 See you tomorrow!

Four days to go - Banks & Protocols: The New Architecture of Credit. 📅 Tuesday 14 Oct | 08:00–10:00 | London During the Digital Asset Summit, an invite-only, market-facing breakfast on tokenisation, bank–protocol rails and the operational controls needed to scale institutional credit on-chain. Practical talks. Technical Q&A. Tight discussion. 🎙️ Speakers: Emma Lovett (JPMorganChase); Bilal EL ALAMY (Zaiffer); Michael Bentley (Euler Labs). Moderator: Raphaël Bloch. 🎟️ Reserve your seat now ➜ link in the comments

⏳ 24 hours to Market Call — Oct 10, 2025 • 1:00 PM CEST Final reminder: join Aleksandar Bukovski and Raphaël Bloch for a 45-minute, data-driven briefing with guests André Dragosch, PhD (Head of Research, Bitwise Europe) and Theo Chapman (Institutional Partnerships, Babylon Labs). Expect a concise market read, practical implications for trading and product teams, and live Q&A. The topics: 🔵 Review of the latest Bitwise report 🔵 Bitcoin performance and tactical reads 🔵 A clear take on bitcoin staking’s real benefits 🎟️ Register now in the comments.