📈 Coinbase Says a “Full-Scale Altcoin Seasons” May Be Just Ahead

Welcome to today’s market bulletin! We’ve gathered the most relevant trends and developments shaping the crypto and finance world, all in one place. Clear, concise, and focused, here’s what you need to know to stay on top of the markets this week. Let’s begin:

• Surfing the Market, with Big Cap Index and AI Index.
• Don’t miss the news about Thailand’s crypto-to-baht tourist pilot and Coinbase signaling a full-scale altseason!
• Naoris Protocol is under the spotlight.
• A short article about The Famous Form 13F.

I hope you had a great weekend, seems like we are back to the old traditions with the red Mondays… on the Big Caps Index, I’m tracking the response around the $1,100 range, which was the previous resistance during 2024 and 2025. Will be an interesting endurance tests to see the buyer pressure on the given level:

The AI Index got rejected on the downtrend resistance and it’s now facing the key support over the $56 range. Key squeeze here:

Thailand Pilots Crypto-to-Baht Payments for Tourists

Thailand has launched “TouristDigiPay,” a regulatory sandbox that lets foreign visitors convert crypto into Thai baht for everyday electronic payments via regulated e-money providers. The move aims to revive a cooling tourism sector while keeping merchants insulated from crypto volatility by settling in baht. Authorities say the pilot will run within strict safeguards and oversight from financial and anti-money-laundering regulators.

Highlights

• KYC & Compliance First: Tourists must open accounts with SEC-supervised digital-asset firms and Bank of Thailand–regulated e-money providers, completing KYC/CDD checks before spending.
• No Direct Crypto Payments: Merchants receive baht, not tokens; cash withdrawals from the tourist wallet are blocked to curb misuse.
• Spending Caps: Monthly limits apply , up to 500,000 baht at card-terminal merchants and 50,000 baht for small shops, tightening risk controls.
• QR-Code Rails: A Bank of Thailand–backed “Tourist Wallet” will enable QR payments nationwide, including for visitors without cross-border QR agreements.
• Tourism Context: Officials cite a drop in foreign arrivals, especially from China, as motivation for the scheme to stimulate on-the-ground spending.

If the sandbox proves effective, Thailand could offer a blueprint for crypto-to-fiat spending that balances convenience with compliance. Success will hinge on smooth wallet onboarding, merchant acceptance, and clear rules that maintain security without adding friction for travelers.

Coinbase Flags a Possible “Full-Scale” Altseason

Coinbase Institutional says market conditions are tilting toward a full-blown altcoin season as September approaches. The call is backed by Bitcoin dominance sliding to ~59% (a six-month low) and a ~50% jump in total altcoin market cap since early July, alongside growing odds of Fed easing that could boost risk appetite.

Highlights

• What counts as altseason: Coinbase defines it as at least 75% of the top-50 altcoins outperforming Bitcoin over the prior 90 days, an objective, breadth-based yardstick.
• Heat gauges rising: Altseason indexes are climbing but not “there” yet, CMC ~44, BlockchainCenter ~53, CryptoRank ~50, signaling early rotation rather than a confirmed regime.
• Derivatives tilt: Altcoin open-interest dominance has been pushing higher, with deeper order books and improving execution quality aiding capital rotation.
• Dry powder: Coinbase notes significant retail cash parked in money-market funds that could rotate on clearer policy cues and easier financial conditions.
• Narrative drivers: Institutional interest in Ethereum and stablecoin/treasury use-cases is helping lead the move beyond BTC.

Bottom line: the ingredients are assembling, macro support, falling BTC dominance, and strengthening altcoin participation, but breadth hasn’t met the 75% threshold yet. If current trends persist into September, the shift could solidify into a bona fide altseason.

Naoris Protocol

The Origins:

Naoris Protocol is a decentralized cybersecurity network (DePIN) that aims to validate device integrity and network behavior at scale. It targets issues such as centralized points of failure, device spoofing, and malware propagation by distributing verification across a mesh of nodes and participants.

The project positions itself as a cybersecurity consensus layer for web2 and web3, using cryptographic attestations and reputation to flag anomalous devices and events.

The Operative:

Naoris combines distributed device attestation, consensus-driven validation, and on-chain evidence to create a shared view of trust across endpoints and services.

It does it following this flow:

1. Devices and agents submit cryptographic proofs and telemetry that are scored by the network.
2. Validators reach consensus on risk and integrity states.
3. The protocol emphasizes real-time signaling, post-quantum-ready cryptography, and privacy-preserving verification.
4. Participants can react to threats without disclosing sensitive raw data.

Endpoints, gateways, or partner systems integrate lightweight clients to report integrity signals, receive network-derived risk scores, and consume security attestations on chain. Economic incentives are used to reward accurate reporting and penalize manipulation, supporting continuous monitoring across heterogeneous devices. This way the design seeks to reduce false trust, surface compromised nodes early, and share verifiable security context across organizations and ecosystems, including web2 infrastructure, IoT, and blockchain environments.

Summary and Competitors:

The $NAORIS token went live July 31, 2025 with initial listings in several exchanges. It has a total supply of 4 billion tokens with a circulating supply of roughly 15% at the moment.

The project raised $14.5 million in different rounds with investors like Draper Associates, Mason Labs, Level One Robotics, Tradecraft Capital, Expert Dojo and others.

Comparable and adjacent projects that could be seens as competiors are:

• Lossless (LSS) — focuses on exploit detection and transaction freezing for token contracts, adding a mitigation layer at the on-chain transaction level rather than device integrity.
• PolySwarm (NCT) — a crowdsourced malware detection marketplace that aggregates engines and threat intel to score artifacts, centered on sample analysis rather than network-wide device attestation.
• Automata Network (ATA) — provides privacy and verifiable-execution middleware using TEEs and multi-prover designs, serving computation integrity more than endpoint trust.
• Nodle (NODL) — a DePIN for smartphone nodes used to verify real-world data and IoT interactions, adjacent through device-level participation but oriented to connectivity and attestations rather than cybersecurity scoring.

Decentralized security and DePIN efforts continue to test shared-signal models, incentive-aligned reporting, and verifiable attestations for infrastructure that spans web2, IoT, and blockchain. The field’s progress will be measured by integration with existing security stacks, accuracy of signals under adversarial conditions, and operating cost at scale.

The Famous Form 13F

Last week, all financial news outlets were talking about Warren Buffett’s new positions through the famous Form 13F, a filing that allows us not only to see what the biggest investors in the market are holding, but also, why not, try to replicate some of their long-term strategies. Let’s take a look at what it’s all about.

What is it?

Form 13F is simply a quarterly report filed with the SEC by investment institutions with Assets Under Management (AUM) greater than $100 million.

Its main purpose is to bring transparency and avoid market manipulation.

Institutions required to file include:

• Hedge funds.
• Mutual funds.
• Asset managers.
• Insurers and banks with large investment portfolios.

What does it include?

It lists long positions in U.S. listed equities, showing:

• Ticker, company name, and type of instrument.
• Number of shares held.
• Market value of the position at the quarter’s end.

The filing is quarterly, and must be submitted within 45 days after each quarter closes:

• Feb 15 → for Q4 of the prior year.
• May 15 → for Q1.
• Aug 15 → for Q2.
• Nov 15 → for Q3.

Why is it relevant?

The goal is transparency, given the potential impact of these large investors on the market. It lets us track the so-called smart money, the biggest players.
Some of the most followed are Warren Buffett (Berkshire Hathaway), Michael Burry, Bill Ackman, and BlackRock, among others.

Even though the data comes with a 45-day delay, it often serves as a guide to these investors’ positioning and market vision. For example:

• Spotting new positions (like Buffett’s recent buy in $UNH).
• Seeing when big positions are liquidated, signaling weaker conviction in a business.
• Observing overall portfolio strategies.

Limitations

Does not include short positions and does not cover derivatives or futures (except equity-linked). Also recent trades (right after the quarter ended) are not reflected.
There’s potential for window dressing (tweaking positions to look better at quarter-end), though it’s not too common.

Example from this week

Berkshire Hathaway’s latest 13F was released. There had been speculation about a new position, but no one knew which one. It turned out to be the heavily beaten-down $UNH, seen as a risky bet for Buffett’s usual style, but the news pushed the stock up 15% and it may continue to recover. Interestingly, Michael Burry also initiated a position in the same company.

Clearly, a 13F is not a buy or sell signal, at least not for us, but it’s a valuable tool to see where big money is moving and what mid- to long-term narratives are driving their portfolios.

Quick note vs. crypto

In crypto there’s no need for a “13F” since the blockchain gives full transparency of movements in real time. In traditional markets, though, this quarterly report is the closest we get to that visibility.

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