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- Release The Kraken 🦑
OVERVIEW
Release The Kraken 🦑
Before we dive in, here’s today’s crypto market heatmap:
Source: finviz
And here’s a look at crypto’s total market and altcoin market cap charts:
Source: TradingView
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TECHNICAL ANALYSIS
The Kraken Cometh 🐙
If there was a single crypto exchange that exemplified Rocky Balboa, it’s Kraken. 🥊
It’s the oldest exchange in the US (second oldest continually operating in the world after Bitstamp) and has faced every bear market, NY regulator, the SEC and CFTC crack downs, fines and penalties and it’s still going.
And now it’s going public - which is kind of a big deal considering it’s been built on little more than pocket lint, belief, and stubbornness.
But just before today’s IPO filing announcement, Kraken collected an $800 million funding round.
Investors don’t know the share count or price range yet, because Kraken’s waiting for the SEC to finish its homework, but the timing leaves no doubt: yuge things coming down the pipe for Kraken.
Some Stats From The Raise
• $800M total raise
• $200M from Citadel Securities
• $20B valuation
• $1.5B revenue in 2024
• Surpassed 2024 revenue in first 3 quarters of 2025
• Only $27M raised before this round
Re-read that last bullet point: They somehow stretched $27 million into a multi-asset platform covering spot trading, derivatives, equities, tokenized assets, staking, payments, custody, clearing, settlement, market data, and wallet services.
They also acquired NinjaTrader for U.S. futures and rolled out KRAK, their global payments and investing app.
Try doing that with $27 million.
Their revenue numbers explain why TradFi is suddenly tripping over itself to get involved. Kraken pulled in $1.5 billion in 2024 and managed to beat that in just the first three quarters of 2025.
This is also why Citadel Securities didn’t wait around. Citadel brings liquidity muscle, risk frameworks, and market structure expertise to an exchange that already runs one of the cleanest, most vertically integrated machines in the industry.
If this is what they built with $27 million, their IPO era might get loud. 📣
TECHNICAL ANALYSIS
Late Day Bounce, Will It Last? 🙏
Oof, Bitcoin and alts were hammered prior to the FOMC notes. Which, if I you read them, the Fed made clear the only thing they would commit to is confusion.
Let’s look at how some tickers moved.
NEAR Protocol
NEARUSD 15-Minute Chart - Click to enlarge.
$NEAR.X ( ▲ 0.77% ) moved as low as -5.5% for the day, but has recovered nicely and is currently lower by only -1.5% and keeps chugging along higher.
Aave
AAVEUSD 15-Minute Chart - Click to enlarge.
$AAVE.X ( ▼ 2.7% ) was down -8% at one point. And if you discount the wick from the Rektober 10th low, today made a new 6-month low. But like NEAR, it’s catching some buyers late into the normal trading day, down only -3% and still turning higher.
There’s still a few hours until the day closes, but so far, almost all major cryptos are well off their lows some even turning positive on the day. 👍️
RWA
RWA News: Sound Cool With Your Golfing Buddies 🪙
There’s just so much happening in this space it now warrants its own, well, space. 🤯
So, welcome to the Real World Asset tokenization section of the newsletter, because everything is eventually getting tokenized.
🔹 IP Strategy scooped up Aria’s $ARIAIP.X ( ▼ 10.21% ) P and APL tokens because music royalties on-chain are suddenly the hot new yield farm.
🔹 $DFDV ( ▼ 4.32% ) signed an LOI with Loopscale so their Solana stash can finally go do something productive.
🔹 Truebit launched Verify, a thing that finally puts cryptographic records on every off-chain mystery box that used to rely on “trust us.” Developers can now prove what happened, when it happened, and stop pretending spreadsheets are oracles.
🔹 Bitget Wallet just turned self-custodial trading into a full RWA buffet with tokenized stocks, ETFs, and stock-linked perps. They’re sweetening it with a five-week event and a $550k prize pool.
🔹 $ALGO.X ( ▼ 4.37% ) and Noah are wiring real bank rails directly into the chain so builders can spin up regulated USD and EUR payment flows without fighting with legacy banks. This is the boring-but-essential plumbing that actually gets DeFi used outside of Telegram chats.
🔹 AIUSD debuted the first “Agentic AI Money Infrastructure,” letting users and AI agents boss their cash around across every major chain with a unified balance. They’ve already pulled millions of users and a fat pre-seed round.
NEWS IN THREE SENTENCES
AI, Stablecoins, & Privacy News 🕵️
🤖 Virtuals Introduces Butler, A Multi-Agent Research Mixer For Unified Analysis
Butler blends outputs from specialized AI agents into one coherent research report triggered by a single prompt. They tested it using agents for technicals, macro framing, and sentiment to produce combined analytics that don’t contradict each other. In simple terms, it finally makes your AI tools stop arguing and start acting like a team. Virtuals.
🕵️ Horizen And Caldera Launch Privacy-First Blockchain On Base
Horizen is deploying a privacy-centric rollup on Base using Caldera’s RaaS stack so developers can build confidential apps with institutional-grade compliance. The chain combines Horizen’s privacy tech with Base’s liquidity to give builders fast throughput without exposing sensitive activity. Think of it as a private room in a giant public network where everything still settles cleanly onchain. Horizen.
NEWS IN THREE SENTENCES
Metaverse, NFT, & Gaming News 🎮️
🖼️ Decentraland Shows Creators How To Build Their Own Virtual Art Gallery
Decentraland’s guide walks artists through uploading art, placing NFTs, adding music, and publishing custom 3D galleries using Creator Hub. It removes the cost and gatekeeping of physical exhibitions by letting creators host always-open digital shows. If you can drag a file into a folder, you can build a gallery visitors can explore from anywhere. Decentraland.
NEWS IN THREE SENTENCES
DeFi, DEX, & Lending News 🏦
🌍 IOTA Joins ADAPT To Build Africa’s Unified Digital Trade System
IOTA is helping AfCFTA, the WEF, and the Tony Blair Institute build a digital trade backbone that links identity, data, and payments across Africa. The idea is to replace slow paperwork and expensive cross-border fees with one trusted system that moves goods and information faster. Think of it as ditching 14-day border delays for something that acts like real infrastructure. Iota.
🔧 1inch Launches Aqua Bounty Program And Wants Devs To Break Everything On Purpose
1inch opened a $100k bounty program asking developers to find bugs, logic flaws, and gas inefficiencies in Aqua and SwapVM. Every submission needs a real proof-of-concept, not an AI spam dump, because they want the code hardened before it scales. It’s basically an open invitation to ethically wreck their system so the users don’t have to. 1inch.
🏦 MANTRA Explains Why Private Credit Is The Next Big Tokenization Play
MANTRA breaks down how putting private credit onchain brings liquidity, transparency, and programmable compliance to a $3 trillion market that’s usually locked behind paperwork and institutions. On MANTRA Chain, loans become fractional, tradeable, automated tokens with clean audit trails and onchain KYC. It turns an opaque, illiquid asset class into something investors can actually manage without a Rolodex (that’s a thing still) of lawyers. MANTRA.
📈 Carbon DeFi Rolls Out Strategy-Focused DEX Upgrade Built For Real Traders
Carbon DeFi revamped its interface with swaps, true onchain limit orders, recurring strategies, and pro-grade tools that don’t rely on bots or centralized systems. The goal is to give traders precision and control without exposing them to sandwich attacks or sloppy execution. It’s basically a pro trading terminal disguised as a DEX. Bancor.
NEWS IN THREE SENTENCES
Protocol News 🏦
☁️ Pocket Network Says Multi-Cloud Isn’t Reliability, It’s Chaos With Extra Steps
Pocket explains that outages still happen in multi-cloud setups because redundancy doesn’t choose the best path when things go sideways. A decentralized access layer fixes that by routing every request to the healthiest provider and discarding garbage responses before they hit your app. You can think of it as cloud insurance that actually checks the policy before paying out. Pocket Network
LINKS
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Author Disclosure: The author of this newsletter holds positions in AVAX, ADA, PUDGY, WLC, IMX, XTZ, NEAR, HBAR, ALGO, INJ, LTC, LINK, ZEC, XLM, and FET. 📋
