Report & Docs
February 2026 marked a regime shift for crypto markets.
Within eight days, a Supreme Court tariff ruling and the Strait of Hormuz shutdown compressed macro uncertainty into a single month, driving oil, gold, and risk assets into violent repricing.
This edition examines Bitcoin’s corrective movement, rising equity correlation, institutional rotation into gold, evolving stablecoin regulation across the U.S., EU and Hong Kong, and key DeFi developments including Robinhood Chain, Jupiter’s emissions vote, and major protocol exploits.
Many thanks to Artemijs Kobecs, Nursat Omirbekov, Haotian Yang, James Menoud, Riccardo Baldelli, and Ksawery Bednarek for their great work on this report.
— February 2025
We’re excited to share the BSBA Market Report – Special Edition: December 2025 – January 2026, produced by our Market Division.
This edition explores a volatile two-month stretch marked by Bitcoin’s drop toward $58K before recovery, persistent inflation keeping the Fed cautious, long-end yields near 4.1%, and growing geopolitical hedging into gold. We break down regulatory shifts in the U.S. and EU, China’s stablecoin crackdown, major token launches including STABLE and SKR, Uniswap’s fee switch activation, BlackRock’s BUIDL move into DeFi, and the evolving governance dynamics shaping early 2026.
Many thanks to Artemijs Kobecs, Nursat O., Haotian Yang, James Menoud, Riccardo Baldelli, and Ksawery Bednarek for their great work on this edition.
December 2025 – January 2026
We’re excited to share the BSBA Market Report – November 2025, produced by our Market Division.
November saw a broad crypto leverage reset, a rare U.S. data blackout shaping macro expectations, and renewed regulatory pressure from major economies. The report covers market-wide drawdowns, key signals ahead of the Fed’s December decision, and major DeFi developments including the Monad launch, Ethereum’s Fusaka upgrade, and notable security events.
Many thanks to Artemijs Kobecs, Nursat O., Haotian Yang, James Menoud, Riccardo Baldelli, and Ksawery Bednarek for their exceptional work on this edition.
— November 2025
We’re excited to share the BSBA Market Report – November 2025, produced by our Market Division.
November saw a broad crypto leverage reset, a rare U.S. data blackout shaping macro expectations, and renewed regulatory pressure from major economies. The report covers market-wide drawdowns, key signals ahead of the Fed’s December decision, and major DeFi developments including the Monad launch, Ethereum’s Fusaka upgrade, and notable security events.
Many thanks to Artemijs Kobecs, Nursat O., Haotian Yang, James Menoud, Riccardo Baldelli, and Ksawery Bednarek for their exceptional work on this edition.
— November 2025
We’re excited to share the BSBA Market Report – Special Edition (July to October 2025), produced by our Market Division.
This is our most extensive and detailed edition yet, covering four months of major developments across macro, markets, and DeFi.
Both the Macroeconomic and DeFi sections received significant upgrades – featuring deeper analysis, broader coverage, and sharper insights into how regulation, institutional flows, and innovation continue to shape the crypto landscape.
From the Fed’s rate cuts and the U.S. GENIUS Act, to record ETF inflows, stablecoin regulation breakthroughs, and landmark DeFi launches on Solana and BNB Chain – this report captures the key forces driving the market’s next phase.
Thanks to Artemijs Kobecs, Nursat O., Haotian Yang, James Menoud, Riccardo Baldelli, and Ksawery Bednarek for their exceptional work and research in producing this edition.
This is a must-read for anyone following markets, crypto, or macro-finance – a comprehensive and insightful deep dive into one of the most pivotal periods of 2025.
— July to October 2025
We explore how blockchain and NFTs are reshaping the art world by merging physical craftsmanship with digital ownership. From phygital works and smart-contract royalties to immersive metaverse galleries.
👏 Written by Marcin Zielinski and Tommaso Lapi
— June 2025
We’re excited to share the BSBA Monthly Market Report for June, produced by our Market Division.
In June, institutional momentum continued to build as regulatory clarity improved and major players like MicroStrategy and Coinbase Institutional expanded their crypto exposure. Meanwhile, Bitcoin hovered just below its all-time high, consolidating in a narrow range as markets await a decisive breakout.
Thanks to Luca Ruspini, Paris Adonis Dinichert, Ksawery Bednarek, Artemijs Kobecs, Simon Lifshits and Adriano La Ragione for their contributions!
📌 This is our last report before the summer break — BSBA is taking a short pause to recharge and come back in September with fresh insights, renewed energy
— June 2025
We’re excited to share the BSBA Monthly Market Report for May, produced by our Market Division.
In May, Bitcoin surged to a record $112K, driven by global liquidity, supportive regulations, and growing institutional interest. From U.S. crypto investment laws to tokenization projects and digital dollar discussions, the month highlighted accelerating mainstream adoption amid ongoing macro uncertainty.
Thanks to Luca Ruspini, Paris Adonis Dinichert, Ksawery Bednarek, and Artemijs Kobecs for their contributions!
— May 2025
We explore how central banks are assessing the inclusion of cryptocurrencies like Bitcoin in their reserves. While crypto offers strategic potential amid inflation and geopolitical shifts, its volatility, low liquidity, and regulatory uncertainty raise critical concerns.
Written by Felipe Waddington Achatz
— April 2025
We’re excited to share the BSBA Monthly Market Report for April, produced by our Market Division.
April was a rollercoaster for crypto markets, dominated by major macroeconomic shifts and significant regulatory changes. Institutional interest soared with record ETF inflows and corporate Bitcoin acquisitions hitting new highs. Meanwhile, the UK’s new crypto regulations and Mastercard’s stablecoin initiatives signaled growing mainstream adoption.
Thanks to Luca Ruspini, Alessandro Lovisolo, Paris Adonis Dinichert, Ksawery Bednarek, Simon Lifshits, Artemijs Kobecs, Tommaso Cortesi, and Razvan Cristian Gliga for their contributions!
— April 2025
We explore how the EBITTS project, launched by Enel X and promoted by Conio, leverages blockchain to let users access renewable energy through Energetic Utility Tokens — without needing to install anything. A new way to save on bills and support sustainability, straight from your phone.
Written by Matteo Crespi
— April 2025
We’re excited to share the BSBA Monthly Market Report for March, produced by our Market Division.
March has been a defining month for crypto, shaped by major macroeconomic shifts and policy moves. The establishment of the U.S. Strategic Bitcoin Reserve signals a new era of government involvement while conflicting inflation data and shifting liquidity conditions have fueled market uncertainty.
Thanks to Luca Ruspini, Alessandro Lovisolo, Paris Adonis Dinichert, Ksawery Bednarek, Simon Lifshits, Artemijs Kobecs, Tommaso Cortesi and Razvan-Cristian Gliga for their contribution!
— March 2025
Written by Andrea Pecori and Luca Ruspini
— March 2025
Written by Carola Rossi, Ludovica Nappi and Matilde Fumagalli
— March 2025
We’re pleased to share the BSBA Monthly Market Report for February, produced by our Market Division. After Bitcoin’s record highs in January, this month brought intense corrections, with BTC dropping below $80,000 amidst regulatory tensions, major outflows, and unexpected shocks like the $1.5B ByBit hack.
Thanks to Luca Ruspini, Andrea Pecori, Alessandro Lovisolo, and Razvan-Cristian Gliga for their commitment to delivering this analysis!
— February 2025
We are excited to share the first BSBA Monthly Market Report of the year, produced by our Market Division. January was a game-changing month for crypto, with Bitcoin reaching a new ATH of $109,114, major macroeconomic shifts and the unexpected launch of a Trump meme coin shaking up the markets.
Thank you to Luca Ruspini, Andrea Pecori, Alessandro Lovisolo, and Razvan-Cristian Gliga for their hard work on this report!
Read the full analysis on our Medium page and stay tuned for more in the coming months!