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𝐏𝐫𝐢𝐜𝐞 𝐚𝐜𝐭𝐢𝐨𝐧 𝐜𝐚𝐩𝐭𝐮𝐫𝐞𝐬 𝐚𝐭𝐭𝐞𝐧𝐭𝐢𝐨𝐧; 𝐜𝐚𝐩𝐢𝐭𝐚𝐥 𝐚𝐥𝐥𝐨𝐜𝐚𝐭𝐢𝐨𝐧 𝐜𝐚𝐩𝐭𝐮𝐫𝐞𝐬 𝐫𝐞𝐚𝐥𝐢𝐭𝐲. Q4 concluded with a sharp repricing of risk assets, yet this quarterly volatility masks the deeper signal of 2025. While the final months saw a leverage washout, the year delivered a staggering 1,262% surge in global M&A volume.

BBVA’s approach to crypto in Spain and Türkiye illustrates a core truth: Technology is global. Adoption is local. Execution is everything.

Stablecoins used to be a side story. In Q2 2025, they became the plot. Between market noise, shifting sentiment, and real signals of maturity, crypto had a loud quarter. Our Outrun Q2 report cuts through it — a quick read built for a fast-moving world.

If you're relying on "free" traffic from classic search engines to offset expensive advertising traffic, you might have also seen slower than expected growth and a rise in CPAs. I've put some thought into how we might adapt and find new strategies to combat the radical shift in Search behavior that we're all a part of.

MiCA harmonized the rules. But Europe still punishes those who treat it like a checkbox.