Weekly Update: 20th of March

What happened between March 13 and March 20?

• The crypto market sees a cautious recovery, moving slowly upward within the range it has occupied for weeks. Bittensor (TAO) and Hyperliquid (HYPE) are standout performers. Hyperliquid also benefits strongly from the explosive growth in trading of oil futures on its platform. Read more
• The SEC issues first-ever formal definitions for crypto assets, naming 16 cryptocurrencies as digital commodities, and therefore not securities. Read more
• Strategy accelerates Bitcoin purchases, driven in part by strong and growing demand for its STRC perpetual preferred shares in times of market turbulence. Read more
• S&P Dow Jones Indices grants an official licence for S&P 500 perpetual futures on Hyperliquid — tradeable 24/7 on a decentralised platform for the first time. Read more

Markets recover cautiously: Bittensor and Hyperliquid lead the way

The crypto market shows a cautious recovery this week. Bitcoin drifts slowly higher but remains within the range that has contained prices for several weeks. Sentiment is gradually improving, but a decisive breakout has yet to materialise.

Two assets stand out clearly: Bittensor (TAO) and Hyperliquid (HYPE) are posting strong gains relative to the broader market. For Hyperliquid, the driver is more than crypto sentiment alone. The platform is benefiting from explosive growth in oil futures trading. With daily volumes of over $1.3 billion in the CL-USDC (crude oil) perpetual contract, Hyperliquid surpassed traditional platforms in oil trading activity.

The popularity of oil futures on Hyperliquid is directly tied to persistent geopolitical tensions in the Middle East. Because the platform operates around the clock, traders can react to news outside traditional exchange hours — something that has proven especially valuable when oil prices move sharply during weekends or overnight on the back of unexpected geopolitical developments.

SEC issues first-ever formal definitions for crypto assets

On March 17, the SEC and CFTC jointly published a landmark 68-page interpretive release providing formal definitions for different types of crypto assets for the first time. The document introduces five categories: digital commodities, digital collectibles, digital tools, stablecoins and digital securities.

The most concrete element is the explicit enumeration of 16 crypto assets designated as digital commodities — and therefore not securities. The list includes Bitcoin, Ethereum, Solana, XRP, Cardano, Avalanche, Chainlink, Polkadot, Stellar, Litecoin and Dogecoin, among others.

The implications are significant. Assets classified as digital commodities fall outside the SEC’s jurisdiction and are regulated by the CFTC. This substantially increases legal certainty for exchanges, funds and other market participants working with these assets. SEC Chair Atkins simultaneously announced a ‘safe harbor’ exemption for startups, allowing them to operate without immediate SEC registration. This is intended to further stimulate innovation in the sector.

Strategy accelerates Bitcoin purchases on strong STRC demand

Strategy purchased 22,337 Bitcoin between March 9 and March 15 for approximately $1.6 billion, its largest single purchase of 2026 to date. The acquisition was primarily funded through STRC perpetual preferred share sales ($1.2 billion) and supplementary common stock issuances ($400 million).

Demand for STRC has grown strongly in recent weeks. Strategy raised the STRC dividend for the seventh consecutive month, to an annualised rate of 11.50%, a deliberate choice to attract income-oriented investors seeking indirect exposure to Bitcoin through preferred shares. The stable return is particularly attractive in the current climate of uncertainty caused by the war in the Middle East.

With this purchase, Strategy has expanded its total Bitcoin portfolio to 761,068 BTC, acquired at a total cost of $57.6 billion. Strategy remains by far the largest corporate Bitcoin holder in the world, and the pace of acquisitions shows that Michael Saylor is pursuing his strategy without restraint.

S&P 500 futures go live on Hyperliquid around the clock

On March 18, S&P Dow Jones Indices granted an official licence to Trade[XYZ] to offer perpetual futures on the S&P 500 via Hyperliquid. It is the first time the S&P 500, the world’s most widely followed equity benchmark, has been officially tradeable 24/7 on a decentralised platform.

The contracts are structured as perpetual derivatives with no expiry date, priced using official index data from S&P Dow Jones Indices. Traders can go long or short on the index outside traditional exchange hours. The contracts are primarily available to non-US investors.

The step is both symbolically and practically significant. Symbolically, because one of the most prestigious financial benchmarks in the world now has a formal presence on a crypto-native platform. Practically, because it expands Hyperliquid’s function beyond a pure crypto derivatives exchange towards broader financial infrastructure for 24/7 macro trading.

In other digital assets news

• HSBC and Standard Chartered are set to receive the first stablecoin licences issued under Hong Kong’s new Stablecoins Ordinance. The announcement is expected on March 24. The Hong Kong Monetary Authority received 36 applications; the first batch is expected to be limited to three or four institutions.
• Mastercard is acquiring BVNK, a London-based stablecoin infrastructure provider, for up to $1.8 billion. BVNK’s platform bridges fiat and stablecoins across more than 130 countries and connects directly to Mastercard’s global payment network.
• The Federal Reserve held its benchmark rate unchanged at 3.50–3.75%. Fed Chair Powell acknowledged that rising oil prices driven by Middle East tensions are pushing inflation expectations higher. The dot plot still signals one rate cut in 2026, but the duration and intensity of geopolitical uncertainty leaves the monetary path unclear.

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