The Drop #46

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🇨🇭 The Swiss central bank increasingly exposed to Bitcoin

📊 Briefing - The state of crypto ETF / ETP in Q3 2025

🌊 Is the crypto market running out of liquidity?

🎯 55% of hedge funds hold crypto assets

🇬🇧 The Bank of England softens its stance on stablecoins

🇨🇭 EXCLUSIVE: The Swiss central bank increasingly exposed to Bitcoin

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‍The Swiss National Bank (SNB) does not buy bitcoins directly, but it is increasingly exposed to the asset by ramping up its investments in Strategy, Trump Media and several American miners, making Bitcoin an implicit component of its portfolio. This strategy, discreet yet deliberate, allows it to benefit from Bitcoin's performance while avoiding the risks and political noise of a direct purchase. Read our investigation.

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📊 Briefing - The state of crypto ETF / ETP in Q3 2025

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‍In the third quarter of 2025, the United States saw a stabilization of flows into Bitcoin ETFs while a historic shift occurred toward Ethereum, whose assets under management rose from 10 to 25 billion dollars, establishing BlackRock as the ultra-dominant player with 58% of the market. In Europe, momentum rebounded strongly with $1.32 billion in net inflows, driven by the explosion of Solana products and the rise of issuers 21Shares and WisdomTree, which are emerging as the new engines of the regional market. Read our briefing.

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🌊 Is the crypto market running out of liquidity?

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‍After a bullish summer, the crypto market is facing a marked contraction in liquidity: Bitcoin has fallen back below $100,000 and the entire sector is feeling the backlash from the October 10 crash that liquidated more than $19 billion in a matter of hours. According to market maker Wintermute, the three major channels feeding the market (stablecoins, ETFs and Digital Asset Treasuries) are not drying up but have stopped attracting new capital, plunging the ecosystem into a "self-funded" phase where funds circulate in a closed loop.

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🎯 55% of hedge funds hold crypto assets

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‍According to an AIMA/PwC study, 55% of hedge funds now hold crypto assets, a clear increase from last year, even though allocation generally remains modest, around 7% of their portfolio on average. The institutional ecosystem is transforming: funds are heavily using derivatives (67%) and increasingly turning to cryptos not to speculate, but to diversify their portfolios and protect their capital, as confirmed by Swiss bank Sygnum in another study.

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‍🇬🇧 The Bank of England softens its stance on stablecoins

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‍The Bank of England is significantly softening its approach to stablecoins by proposing to allow issuers to invest up to 60% of their reserves in short-term government debt, instead of maintaining them entirely in non-interest-bearing deposits. While maintaining holding caps for individuals and businesses, the institution is paving the way for deeper integration by providing for exceptional access to central bank liquidity for systemic issuers in times of stress.

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