Recap
- The crypto market slipped last week as surging oil prices crimped appetite for riskier assets.
- The Federal Reserve held interest rates steady as geopolitical tensions delayed any move toward easing, keeping pressure on liquidity-sensitive assets. Prior to the decision, Binance had recorded its largest stablecoin inflow in five months, signalling defensive positioning and capital rotation into dollar-linked assets.
- The SEC carved out large parts of the crypto market from securities laws, signalling a major regulatory shift that could leave many tokens outside traditional oversight and under the purview of the CFTC.
- The S&P 500 US stocks index moved onchain via a Hyperliquid perpetual contract, marking another step toward the integration of traditional financial benchmarks into crypto-native trading venues.
- Evernorth filed for a Nasdaq listing alongside plans to build a $1bn XRP treasury, highlighting continued corporate experimentation with alternative crypto balance-sheet strategies. Nasdaq itself secured SEC approval for a tokenized securities trading pilot, reinforcing institutional progress toward blockchain-based market infrastructure.
- Kraken reportedly delayed its long-awaited IPO as cooling market conditions deter new listings. The exchange operator suggested it may still sell shares to the public at some point.
- A US crypto market structure bill moved toward an April committee vote, keeping legislative momentum alive despite ongoing political fragmentation.
- Crypto.com cut 12% of its workforce, citing AI efficiencies, showing how firms are turning to automation to manage costs in a tougher market environment.
Top Gainers
- DEXE (DeXe) +37%
- RIVER (River) +28%
- KAS (Kaspa) +18%
Top Losers
- TRUMP (OFFICIAL TRUMP) -21%
- NIGHT (Midnight) -16%
- WLD (Worldcoin) -16%
Market Metrics
- Total Market Cap: $2.34tn (-5.7% vs last week)
- BTC Dominance: 58.1% (vs 58.8% last week)
- Fear and Greed Index: 25/100 (vs 36 last week)
- Alt Season Index: 50/100 (vs 40 last week)
ETF Flows
- BTC (Bitcoin): +$93.1mn (vs +767.08mn previous week)
- ETH (Ether): -$60.0mn (vs +$116.4mn previous week)
Futures (CME)
- BTC (Bitcoin): $70,155(-1.87%) (as at Friday close)
- ETH (Ether): $2135.0 (+0.83%) (as at Friday close)
Macro Summary
On the geopolitical front, the macro landscape will continue to be shaped by the war in the Middle East. Over the weekend Donald Trump threatened to strike Iran's power plants if it didn't re-open the Strait of Hormuz in 48 hours. Iran warned that it will attack energy and water facilities in retaliation. Oil resumed its advance on Monday morning in the European session.
Investors will assess the impact of second-round municipal elections in France and a referendum on judicial reforms in Italy. In France, the results will demonstrate the popularity of the far-right National Rally (RN) before next year's presidential elections while the referendum in Italy will gauge the popularity of the Prime Minister’s Giorgia Meloni’s right-of-centre government.
On the macro data side, the week will be relatively quiet, although inflation prints from the UK and Japan may provoke interest. While the February inflation data releases won’t include the surge in energy prices that followed the closure of the Strait of Hormuz, policymakers will closely monitor the figures.
This week, we’ll be monitoring (all times UTC):
Monday 23 March
Crypto event (conference)
- Day 1/3 of Blockworks' Digital Asset Summit 2026 in New York.
- SIFMA Compliance & Legal Annual Seminar in Grande Lakes Orlando: SEC Chair Paul Atkins takes part in a one-to-one conversation; expected focus on broker-dealer custody transitions following the rescission of SAB 121.
Economic data
- 23:30 Japan CPI: February’s inflation data are due to be released. The print comes after the Bank of Japan voted to keep the benchmark interest rate on hold at 0.75%. The statement after the policy decision read that "in the wake of increased tension over the situation in the Middle East (...) crude oil prices have risen significantly; future developments warrant attention." The statement added that "the year-on-year rate of increase in the 2 CPI is likely to temporarily decelerate to a level below 2 percent, with the waning of the effects of the rise in food prices, such as rice prices, and partly due to the effects of government measures to address rising prices. The rate of increase is then expected to come under upward pressure, affected by the recent rise in crude oil prices."
Tuesday 24 March
Economic data
- 07:00 UK CPI: The Office for National Statistics (ONS) is set to release February’s inflation data, following January's reading of 3.1%. Data comes after the Bank of England’s (BoE) Monetary Policy Committee voted to keep rates on hold at 3.75% in a unanimous decision last week. The BoE judged that "conflict in the Middle East has caused a significant increase in global energy and other commodity prices, which will affect households’ fuel and utility prices and have indirect effects via businesses’ costs. CPI inflation will be higher in the near term as a result of the new shock to the economy."
Government
- 13:30 European Parliament: The Committee on Economic and Monetary Affairs (ECON) hold a hearing on the digital euro.
Central banks
- 23:50 The Bank of Japan releases minutes of the January monetary policy meeting.
Crypto event (conference)
- Day 2/3 of Blockworks' Digital Asset Summit 2026 in New York, including a keynote from SEC Chair Paul Atkins.
Crypto event (token unlock)
- Humanity (H) Token Unlock: 134.5mn H (7.37% of circulating supply), worth roughly $12.50mn. The cliff-style release is allocated across the Ecosystem Fund, Identity Verification Rewards, and Foundation Treasury and may introduce short-term selling pressure as tokens enter circulation.
- Plasma (XPL) Token Unlock: 88.9mn XPL (4.94% of circulating supply), worth roughly $8.65mn. The cliff-style release is allocated to Ecosystem & Growth and may introduce short-term selling pressure as tokens enter circulation.
Wednesday 25 March
Crypto event (conference)
- Day 3/3 of Blockworks' Digital Asset Summit 2026 in New York.
Crypto event (token unlock)
- Walrus (WAL) Token Unlock: 377.8mn WAL (16.85% of circulating supply), worth roughly $30.48mn. The cliff-style release is allocated to Investors and Core Contributors and may introduce short-term selling pressure as these tokens enter circulation.
Thursday 26 March
Economic data
- 13:30 US unemployment claims: Weekly initial jobless claims data for the week ending 16 Mar follow a decline of 8,000 in unemployment benefits to a seasonally adjusted 205,000 in the previous week. The US labour market continues to provide a mixed picture with immigration shut down, population ageing and economic uncertainty forcing employers to be cautious with hiring.
Crypto event (token unlock)
- Grass (GRASS) Token Unlock: 33.4mn GRASS (6.17% of circulating supply), worth roughly $12.63mn. The cliff-style release is distributed across Early Investors, Contributors, Future Incentives, Foundation & Ecosystem Growth, and Router Rewards and may introduce short-term selling pressure as tokens enter circulation.
Friday 27 March
Crypto event (token unlock)
- Jupiter (JUP) Token Unlock: 53.5mn JUP (1.53% of circulating supply), worth roughly $8.50mn. The cliff-style release is allocated entirely to the Team and may introduce short-term selling pressure as tokens enter circulation.
Legislative tracking
- CLARITY Act: Lawmakers and the White House have reportedly reached a deal on the bill's language. If confirmed, the next step would be a markup session at the Senate Banking Committee.
- H.R. 6644: Returning to the House following Senate approval, with potential markups ahead to reconcile amendments, including the CBDC ban.
