Crypto

The SEC, in coordination with the CFTC, released a landmark 68-page regulatory taxonomy on March 17, explicitly naming 16 cryptocurrencies as “digital commodities” under CFTC oversight, with Algorand and LBRY Credits cited as additional examples, citing the most significant U.S. regulatory development in crypto history.

The Federal Reserve held rates steady at 3.50%-3.75% on March 18, maintaining its December projection of one rate cut in 2026 while revising its inflation forecast upward to 2.7% core PCE.

Bitcoin fell sharply after Powell’s press conference, and U.S. spot Bitcoin ETFs recorded $163.5 million in outflows on March 18, reversing a seven-day inflow streak that had pulled in $1.167 billion.

Bitcoin surged by $1,800 in 30 minutes on Monday, reaching a 40-day high of $74,300, triggering roughly $113 million in short liquidations within an hour.

The Strait of Hormuz crisis has driven oil toward $100–$105 per barrel, yet crypto markets have added more than $320 billion in market cap since the conflict began, a surprising decoupling from traditional risk-off behavior.

U.S. spot Bitcoin ETFs recorded approximately $986 million in net inflows through March 10, putting March on track to end a four-month consecutive outflow streak and become the strongest ETF inflow month of 2026 so far.

The Projected Flippening: Perp DEX volume exploded to $7.9 trillion in 2025, more than tripling 2024’s watermark.

In the conservative scenario, the DEX-to-CEX perpetual volume ratio has been in steady growth, going from 4% to 12% in 2025. We believe this trend will continue.

In our opportunistic prediction scenario, Perp DEX trading volume can reach 2X of that on CEX by the end of 2028.