Reports

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.

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