The US Must Release Satoshi’s Details 🫥

Markets are a mixed bag. A slight relief rally yesterday was balanced by the Nasdaq and S&P falling into the bear region. 

The big question:

Will China roll back its retaliatory tariffs or risk an additional 50% tariff from an angry POTUS?  

Oh dear crypto, how you’ve become the grass upon which many elephants are fighting!

In Today's Edition

🌕Market Watch: Relief Rally or Dead Cat Bounce?
🌕A Lawsuit to Produce Satoshi
🌕Tokenisation: The New Oil?
🌕What the Coin is Going On?

Market Watch 🔍

Relief Rally or Dead Cat Bounce?

Bitcoin bounced back to flirt with $80K after plunging below $75K on Monday, igniting a sharp relief rally across the board. 

XRP and Dogecoin surged 10%, dragging the top 20 crypto by market cap up nearly 9% in the process. 

But the bigger picture is more sobering: the total crypto market cap has shed $1.2 trillion since December, now down 30% from its peak, thanks to escalating tariff tensions and macroeconomic jitters.

Monday’s sell-off wiped out over $1.2 billion in crypto-tracked futures, forcing traders to unwind bearish bets and fueling the snapback. 

Yet, market sentiment remains deeply cautious. HashKey Capital’s Jupiter Zheng says Bitcoin might attract dip-buyers as a relatively safe haven—if it can hold its ground. 

Meanwhile, FxPro’s Alex Kuptsikevich warns the emotional exhaustion in the market doesn’t yet signal a true bottom. 

Besides, Trump’s not done with his Tariffs. He’s promised to add 50% tariffs on China if they don’t roll back their retaliatory tariffs. 

Adding intrigue: the U.S. is about to get its first leveraged XRP ETF, courtesy of Teucrium. 

That’s right—before a spot ETF has even been approved, investors will soon be able to trade XRP at 2x exposure on NYSE Arca.

In altcoin land, BERA, ZEC, and MKR were hammered—down 14%+.

BTC dominance rocketed to 64%, while altcoin dominance (aka “OTHERS”) dropped below its 2023 lows.

The Trump-backed WLFI is also planning a test airdrop of its USD1 stablecoin.

Relief rally or just a breath before the next plunge? We’ll see.

In Search of Natoshi 🔍

What if the U.S. government knows who created Bitcoin—and just won’t say?

Crypto attorney James A. Murphy, known online as MetaLawMan, has filed a lawsuit against the Department of Homeland Security (DHS) demanding they release records potentially revealing the identity of Satoshi Nakamoto. 

Filed in the U.S. District Court for the District of Columbia, the suit claims that DHS has ignored multiple Freedom of Information Act requests related to a 2019 interview in which Special Agent Rana Saoud allegedly claimed to know Nakamoto’s identity.

According to Murphy’s filing, Saoud said that agents had met with four individuals in California who were involved in Bitcoin’s creation—a bold assertion with profound implications. 

With billions of dollars flowing into spot Bitcoin ETFs and federal interest in establishing strategic crypto reserves, Murphy argues that transparency around Bitcoin’s origins is in the public interest.

The timing is notable: President Trump recently signed an executive order to create a federal Bitcoin reserve, akin to Fort Knox, composed of seized crypto assets. 

Murphy is urging DHS Secretary Kristi Noem to voluntarily release the information.

“If DHS resists disclosure,” Murphy warned on X, “I will pursue the case to conclusion to solve this mystery.”

A pseudonym, a white paper, and perhaps four Californians. The quest to unmask Satoshi continues.

Meanwhile, Strategy, Bitcoin’s largest corporate holder, has more immediate concerns:  $5.91 billion in unrealized losses on its Bitcoin holdings last quarter.

The firm has not purchased any new BTC so far this quarter.

Tokenization: The New Oil? 🛢️

As crypto weathers macro volatility, a not-so-quiet revolution is building in the real-world asset (RWA) tokenization space. 

The momentum is anything but hypothetical.

A new report from Centrifuge and Keyrock lays out three paths for tokenized private credit: a bear case with $12B in total value locked (TVL), a base case of $15B, and a bull case topping $17.5B. 

The latter hinges on deeper traditional finance (TradFi) participation and growing DeFi integration. 

“A downturn in the broader crypto market could dampen appetite,” the report concedes—but even the worst-case scenario sees modest growth.

Zooming out, a joint report from Ripple and Boston Consulting Group sees a much larger wave coming: the entire tokenized asset market—spanning Treasuries, equities, commodities, carbon credits, and private credit—could balloon to $18.9 trillion by 2033. 

That would require a 53% annual growth rate, driven by operational efficiencies, regulatory tailwinds, and growing institutional interest. 

Already, JPMorgan’s Kinexys platform has processed $1.5T in tokenized transactions, while BlackRock’s tokenized money market fund flirts with $2B AUM.

But this isn’t just a tech problem. Fragmented infrastructure, regulatory patchwork, and lack of standards could slow progress. 

Still, the inflection point is visible. As Centrifuge CEO Bhaji Illuminati put it: “We’re sitting at the edge of something big.”

So, is tokenization the new oil? Maybe not yet—but the wells are drilling.

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What The Coin Is Going On? 🪙

1. What would you do when you ‘retire’ from the world’s largest crypto exchange as a billionaire? The answer for Changpeng ‘CZ’ Zhao is simple: Join Pakistan’s National Crypto Council.

2. After a $230M hack in July, WazirX creditors are overwhelmingly voting to start a repayment program that kicks off payments in 10 days—followed by token issuances and buybacks. 

3. Insanely profitable Tether gets a lot of flak when regulations are in focus— to the point of being delisted from European exchanges. Now, it wants to launch an America-only stablecoin.

4. The best place to get all the news about politics and sports is here.

5. Listen to clear takeaways from today’s episode on Apple or Spotify.

That’s all for today, folks.    

Talk Tomorrow,
Your Friend At Token Metrics 💛