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JP Morgan Highlights Hyperliquid’s 24/7 Perp Futures in Recent Report 

By
Paul Ugbede Godwin
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0

JP Morgan has highlighted Hyperliquid’s 24/7 perpetual futures (“perps”) in a recent report, noting significant traction among traders—particularly non-crypto ones—seeking continuous exposure to assets like oil during periods when traditional markets are closed.

This comes amid escalating geopolitical tensions, such as the Iran conflict, which drove volatility in oil prices over weekends and off-hours. Hyperliquid’s WTI crude oil perpetual contract (CL-USDC) saw a surge, peaking at around $1.7 billion in daily trading volume and roughly $300 million in open interest, with up to 20x leverage and USDC margining.

This made it one of the platform’s top pairs, behind only Bitcoin and Ethereum perps. JPMorgan analysts led by Nikolaos Panigirtzoglou emphasized that decentralized exchanges like Hyperliquid are filling a key gap in traditional finance by enabling 24/7 trading of real-world assets.

They noted this appeal extends beyond crypto natives to institutional and algorithmic traders who need uninterrupted hedging or speculation, especially during events like weekend market closures on venues such as the CME. The bank suggested this trend is likely to grow and expand to other assets beyond commodities, as DEXs exploit limitations in legacy markets for better capital efficiency and constant liquidity.

This recognition aligns with Hyperliquid’s broader momentum, including recent launches like officially licensed S&P 500 perpetual contracts via Trade[XYZ] and S&P Dow Jones Indices, allowing non-U.S. investors 24/7 leveraged exposure to equities on-chain.

It’s a strong signal of TradFi convergence with DeFi infrastructure, where platforms like Hyperliquid are increasingly viewed as practical tools for real economic risk management rather than just speculative crypto trading. This could further boost adoption and volumes on the platform.

Hyperliquid’s S&P 500 perpetual contracts (often called “S&P 500 perps”) represent a major milestone in bridging traditional finance (TradFi) with decentralized finance (DeFi). Launched on March 18, 2026, this is the first officially licensed perpetual derivative based on the S&P 500® index, made possible through a licensing agreement between S&P Dow Jones Indices (the index provider) and Trade[XYZ] (a perpetuals product layer built on Hyperliquid).

Perpetual futures (perps) are derivative contracts that track the price of an underlying asset without an expiration date. Unlike traditional futures, they don’t settle at a fixed time—instead, they use a funding rate mechanism to keep the contract price aligned with the spot price over time.

Hyperliquid’s S&P 500 perps provide synthetic exposure to the S&P 500 index (tracking ~500 leading U.S. companies), allowing traders to go long or short with leverage. Key features include: Officially licensed index data — Powered directly by real-time, institutional-grade feeds from S&P Dow Jones Indices not synthetic oracles or approximations.

24/7 trading — Available continuously on-chain, even when traditional U.S. equity markets are closed, weekends, or holidays. This fills gaps for reacting to global news or events outside standard hours. Leverage — Up to 20x. Uses USDC as collateral/margin, with sub-second settlements on Hyperliquid’s high-performance Layer 1 blockchain.

Positions can be held indefinitely, with funding payments adjusting periodically.
Target users — Primarily eligible non-U.S. investors due to regulatory considerations, including retail, institutional, and algorithmic traders seeking leveraged, non-custodial exposure without touching traditional brokers or exchanges.

This isn’t just another crypto perp—it’s the first time a major equity benchmark like the S&P 500 has been licensed for a decentralized perpetual product, marking significant TradFi convergence. Hyperliquid is a decentralized exchange (DEX) specializing in perpetuals, with fully on-chain order books, low fees, and high throughput.

Trade[XYZ] structures and launches these real-world asset (RWA) perps on the platform. Traders access it via Hyperliquid’s app/interface, depositing USDC to open positions. It builds on Hyperliquid’s momentum with other non-crypto perps, where volumes and open interest have surged—often outpacing native crypto pairs.

Enables better hedging and speculation for global events impacting equities. Signals growing institutional/DeFi overlap, with Hyperliquid capturing a large share of on-chain perps volume. Boosts adoption of blockchain for “real” economic exposure beyond crypto natives.

As of mid-March 2026, early volumes and open interest remain modest compared to crypto majors but are growing fast amid excitement around 24/7 access. This product positions Hyperliquid as a key infrastructure for tokenized/continuous TradFi derivatives.

Morgan Stanley Recently Added Fidelity to its S-1 Filing in Pursuit for a Direct Spot Bitcoin ETF 

By
Paul Ugbede Godwin
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0

Morgan Stanley Investment Management (MSIM) initially filed registration statements with the U.S. Securities and Exchange Commission (SEC) in early January 2026 for spot cryptocurrency exchange-traded products, including the Morgan Stanley Bitcoin Trust (proposed ticker: MSBT, to list on NYSE Arca).

This marked a significant step as the first major U.S. bank to pursue a direct spot Bitcoin ETF. Recent updates to the S-1 filing added Fidelity as a custodian, joining BNY Mellon and Coinbase Custody, including a fee waiver for the first $5 billion in assets for six months, and confirmed preparations for launch pending final SEC approval.

This reflects growing institutional interest from traditional finance giants in regulated Bitcoin exposure, following the 2024 approvals of other spot Bitcoin ETFs. Bitcoin ETFs Snap 7-Day Inflow Streak with $164M Outflows. U.S. spot Bitcoin ETFs ended a seven-consecutive-day inflow streak on Wednesday (March 18 or 19, 2026, based on reporting), recording approximately $163.5–164 million in net outflows amid a Bitcoin price dip below $71,000 (with BTC trading around $70,000–$71,000 in recent sessions).

This broke momentum after roughly $1.2 billion in cumulative inflows over the prior week. Led by Fidelity’s Wise Origin Bitcoin Fund (FBTC) with ~$104 million redeemed. Followed by BlackRock’s iShares Bitcoin Trust (IBIT) at ~$34 million. The reversal aligned with broader market pressures, including macroeconomic uncertainty, pushing BTC lower after brief surges toward $75,000 earlier in the week.

Despite the pullback, Bitcoin spot ETFs maintain strong overall stats: total net assets around $92 billion representing ~6.46% of BTC’s market cap, with cumulative net inflows since inception exceeding $56 billion. Earlier in March 2026, flows had been positive in stretches, but single-day reversals like this highlight volatility in institutional sentiment.

Ongoing Wall Street expansion into crypto via new filings like Morgan Stanley’s, contrasted with short-term outflow pressure on existing ETFs tied to price action. Bitcoin’s price remains sensitive to ETF flows as a key demand driver. U.S. spot Ethereum ETFs (approved in mid-2024) continue to see active institutional interest, with recent flows showing momentum after earlier volatility.

Key developments include strong inflow streaks, the launch of yield-generating (staked) products, and overall positive trends amid broader crypto market recovery.

Spot Ethereum ETFs have experienced a resurgence in inflows during mid-March 2026, they recorded $138.2 million in net inflows—a three-week high—extending a six-consecutive-day inflow streak totaling $385 million. This contributed to combined spot crypto ETF inflows (Bitcoin + Ethereum) of $361 million that day, with Ethereum products capturing a significant portion.

Earlier in the month: Net inflows of $57 million on March 11, $12.6 million on March 10, and weekly positives. However, flows remain volatile— led by Fidelity’s FETH at ~$37 million, and occasional single-day negatives earlier in March like ~$51 million on March 9 in prior data points.

Cumulative since inception: Total net inflows exceed $11–12 billion across products, with total AUM around $12–14 billion; representing ~4.7–5% of Ethereum’s market cap, Major issuers’ performance approximate recent highlights: BlackRock’s iShares Ethereum Trust (ETHA): Often leads inflows e.g., $81.7 million on March 17

Fidelity’s Wise Origin Ethereum Fund (FETH): Strong cumulative (~$2.3+ billion) but mixed daily (outflows on some days like March 18). Grayscale products (ETHE/ETH Mini): Ongoing conversions/redemptions, with mixed but generally positive recent contributions.

A major March 2026 development is BlackRock’s launch of the iShares Staked Ethereum Trust ETF (ETHB) on Nasdaq around March 12–13: It holds spot ETH, stakes a portion; pass-through of 82% of staking rewards to holders, and debuted strongly with $100–155 million in day-one AUM/inflows and solid trading volume ($15–16 million).

This addresses a key demand for yield-bearing regulated exposure, differentiating from plain spot ETFs and attracting institutional capital seeking passive staking without direct node management. It builds on BlackRock’s dominance in crypto ETFs similar to their Bitcoin products and signals broader acceptance of staking in regulated wrappers.

Ethereum spot ETFs have helped stabilize and support ETH price action, with ETH trading in the $2,000–$2,300 range recently recovering from early-March lows near $2,000. Flows correlate with macro factors and network upgrades. While not as explosive as Bitcoin ETFs’ ~$90+ billion AUM, Ethereum products show growing traction, especially with staking innovations enhancing appeal.

March 2026 reflects renewed institutional momentum for Ethereum ETFs—positive weekly/monthly inflows, new product launches, and resilience despite occasional outflows—positioning them as a maturing channel for regulated ETH exposure.

Major League Baseball Names Polymarket as Exclusive Prediction Market Partner

By
Paul Ugbede Godwin
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0

Major League Baseball (MLB) has officially named Polymarket as its exclusive prediction market exchange partner. This multi-year partnership, designates Polymarket as MLB’s “Official Prediction Market Exchange.”

It grants Polymarket and its brokers exclusive rights to use MLB marks, logos, and official league data to create and resolve prediction markets related to baseball events. Polymarket will also receive brand exposure across MLB’s digital platforms, events, and other marketing channels.

The deal aims to enhance fan engagement through predictive experiences tied to games and outcomes, while addressing concerns in the rapidly growing prediction market sector. A key component is a first-of-its-kind memorandum of understanding (MOU) between MLB Commissioner Rob Manfred and CFTC Chairman Michael S. Selig.

This agreement establishes an information-sharing framework to monitor and respond to integrity issues, such as potential manipulation, in real time. MLB emphasized proactive management of the space, noting that federal oversight under the CFTC helps streamline integrity efforts compared to state-by-state sports betting regulations.

MLB Commissioner Rob Manfred stated: “The new agreements that we formed with Polymarket and the CFTC are imperative steps in proactively managing the new and rapidly growing prediction market space.” Reports suggest the deal could be worth around $300 million over three to four years, with a clause allowing termination if courts rule that prediction markets violate state laws.

This reflects ongoing regulatory tensions, as some states view these platforms as akin to gambling. Polymarket has pursued similar partnerships recently, positioning itself as a leader in crypto-based prediction markets for sports and events.

This move marks MLB’s entry into the prediction market arena, building on its existing sports betting relationships while prioritizing safeguards amid past integrity challenges in the sport. Major League Soccer (MLS) has entered a multi-year partnership with Polymarket, designating it as the league’s Official and Exclusive Prediction Market Partner.

Announced on January 26, 2026, by Soccer United Marketing (SUM)—MLS’s commercial arm—the deal makes Polymarket an Official Partner of Major League Soccer, the MLS All-Star Game, MLS Cup presented by Audi, and Leagues Cup in the United States.

This positions Polymarket as the exclusive platform for prediction markets tied to these events, allowing it to leverage MLS branding, logos, and official data to create and resolve relevant markets. The partnership focuses on boosting fan engagement through innovative, data-driven experiences on MLS digital platforms, particularly enhancing live match viewing and “second-screen” interactions.

MLS aims to integrate prediction market insights as a new way for fans to interact with the game, positioning the league as an early adopter among global soccer properties. MLS officials emphasized integrity safeguards, similar to their sports betting approach. Conversations with Polymarket began in mid-2025, with the league viewing the partnership as a way to oversee and influence markets on its competitions proactively—especially since Polymarket and others already offered MLS-related markets.

Chris Schlosser, MLS’s senior vice president of emerging ventures, highlighted the value of nationwide access in states without traditional sports betting. Shayne Coplan, Founder and CEO of Polymarket: “As soccer’s audience continues to grow and evolve in the U.S., fans are looking for new ways to engage more deeply with the game.

Through our partnership with MLS and Leagues Cup, we can surface real-time collective sentiment around key moments, matches, and season-long storylines.” MLS deputy commissioner Gary Stevenson: “Partnering with Polymarket allows us to integrate prediction markets as a new fan engagement format and position MLS as an early leader among global soccer properties.”

This marks Polymarket’s expansion into North American sports leagues, following its NHL partnership and preceding the MLB deal in March 2026. MLS joins the NHL and UFC as major entities embracing prediction markets, amid ongoing debates about integrity and gambling parallels.

Gold Experiencing a Significant Sell-off in March 2026

By
Paul Ugbede Godwin
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0

Gold has experienced a significant sell-off in March 2026, dropping to 1-month lows amid a sharp correction from recent highs.

Gold prices peaked around early March; above $5,200–$5,300 per ounce in the first week or so but have declined steeply over the past couple of weeks. As of March 19–20, 2026: Spot gold has traded in the $4,550–$4,700 range per ounce. For example, reports show levels around $4,535–$4,652 per ounce on March 19–20, with futures settling near $4,652 after sharp daily drops.

This represents a pullback of roughly 10–12% from levels a week or two earlier from ~$5,000–$5,200, and it’s the lowest since early February 2026 in many cases. The sell-off intensified particularly mid-March, with multi-day declines: Sharp drops of 3–6% on certain days.

Gold broke below the $5,000 psychological level for the first time in over a month. Several factors appear to be driving this correction, based on market reports: Stronger U.S. dollar — The dollar index rose amid uncertainty, making gold more expensive for non-USD buyers and pressuring prices.

Inflation fears and higher-for-longer rates — Escalating geopolitical tensions; Middle East conflicts involving Iran, potential oil disruptions like Strait of Hormuz issues spiked energy prices and inflation expectations. This reinforced views that the Federal Reserve would keep interest rates elevated longer, reducing gold’s appeal as a non-yielding asset.

After a strong run-up; gold hit all-time highs near $5,600 in January 2026, institutional investors and traders likely took profits, with some “paper” (futures/commodities trading) liquidation accelerating the move lower. Hawkish Fed signals, hot economic data, and risk-off sentiment in commodities contributed.

Despite the pullback, some analysts note this as a healthy correction within a longer-term bull trend, supported by ongoing central bank buying, geopolitical risks, and inflation hedging demand. Risks remain tilted to the downside short-term if dollar strength or rate expectations persist, but many see potential support around current levels or lower.

Gold price forecasts for 2026 remain predominantly bullish among major analysts and institutions, despite the recent sell-off pushing spot prices to around $4,550–$4,700 per ounce as of mid-March 2026.

This correction follows an extraordinary run-up in prior periods, with all-time highs exceeding $5,500 earlier in the year. The consensus views the current pullback as a healthy reset within a longer-term structural bull market, driven by sustained central bank buying, investor diversification away from dollars, geopolitical risks, inflation hedging, and potential shifts in monetary policy.

However, forecasts vary based on assumptions about Fed rates, dollar strength, global growth, and risk events. J.P. Morgan: Stands out as one of the most bullish, maintaining a year-end 2026 target of $6,300 per ounce. They expect strong demand from central banks and investors to drive prices higher, with an average for Q4 2026 around $5,000–$5,055 in some scenarios, and a raised long-term floor to $4,500.

Goldman Sachs: Year-end 2026 target at $5,400 per ounce; upgraded from prior levels like $4,900, citing private-sector inflows and persistent supportive factors.

UBS: Projects $5,900–$6,200 per ounce by year-end 2026, with potential peaks toward $6,200 in coming months before consolidation; upside scenario up to $7,200 in extreme risk events.

Average/median forecast around $4,746 per ounce for the full year 2026 (highest in poll history), reflecting upward revisions amid uncertainties. Consolidation in $4,000–$4,500 range as base case, with upside to $5,000 possible from reallocations and geopolitics.

Macquarie: Full-year average around $4,323 per ounce. Conservative estimates hover in the $4,200–$5,000 area; annual averages or end-year, while bullish ones target $5,900–$6,300+, implying 20–35%+ upside from current ~$4,600–$4,700 levels. Central bank purchases, ETF/investor inflows, geopolitical escalation, persistent inflation, and de-dollarization trends.

Bearish/counter risks: Stronger-than-expected dollar, delayed Fed cuts or hikes, profit-taking after the rally, or resolved global tensions leading to risk-on flows elsewhere. Many note the rally won’t be linear—corrections like the current one are expected, but the structural demand story supports higher averages over time.

These are forward-looking opinions and subject to rapid change with new data. If you’re considering positions, this isn’t financial advice—consult professionals and consider your risk tolerance.

South Korea’s Opposition Party Introduced Bill to Abolish Crypto Capital Gains Tax 

By
Paul Ugbede Godwin
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0

South Korea’s main opposition party, the People Power Party (PPP), has recently introduced a bill to abolish the planned cryptocurrency capital gains tax.

This tax, often referred to as a 20% rate; technically 20% national income tax plus 2% local surcharge, totaling up to 22%, targets annual gains exceeding 2.5 million Korean won roughly $1,665–$1,900 USD. It was originally legislated in 2020 but has been postponed multiple times due to industry pushback, investor concerns, and political debates—shifting from an initial 2022 start to the current scheduled date of January 1, 2027.

As of March 2026, cryptocurrency gains remain untaxed in South Korea—no capital gains tax on crypto applies yet. The PPP’s bill, proposed around March 19, 2026 spearheaded by figures like Rep. Song Eon-seok, seeks to amend the Income Tax Act by completely removing the provisions for digital asset taxation.

Key arguments include: Tax unfairness — Traditional investments like stocks are no longer subject to similar income taxes following recent policy changes, creating an uneven playing field for crypto investors. Risk of stifling innovation in the blockchain and digital asset sector.

Concerns over enforcement, double taxation risks, and disproportionate impact on retail investors. The ruling Democratic Party has indicated it will review and discuss the proposal, though no firm commitment to support or oppose has been finalized.

This is the latest development in a long-running saga, with prior delays reflecting similar pressures.This move has generated positive sentiment in crypto communities, including on X, where users highlighted it as potentially bullish for adoption, liquidity, and market momentum in South Korea—one of the world’s largest crypto markets.

If passed, it would eliminate the tax entirely rather than just delay it again. However, the bill must go through the National Assembly process, so the outcome remains uncertain at this stage. Japan’s cryptocurrency tax policies remain in a transitional phase, with significant reforms proposed but not yet fully implemented.

Cryptocurrency gains in Japan are classified as miscellaneous income under the National Tax Agency (NTA) guidelines. This includes profits from trading, mining, staking rewards, airdrops, and other crypto-related activities. Gains are added to your total taxable income and subject to progressive income tax rates (national) plus a flat 10% local inhabitant tax.

National income tax brackets range from 5% (on lower income) up to 45% (on income over ¥40 million, approx. $260,000+ USD), resulting in a maximum effective rate of around 55% for high earners when including local tax.

There is no separate capital gains tax category for crypto unlike stocks or other securities, which enjoy a flat ~20% rate under separate taxation. Losses from crypto can offset other miscellaneous income but not salary or business income in most cases, and carry-forward rules are limited.

Reporting is required if annual miscellaneous income exceeds ¥200,000 (~$1,300 USD), with detailed transaction records needed in yen terms. This high progressive rate has been criticized for discouraging retail and institutional participation, pushing some trading activity overseas or into indirect vehicles like Bitcoin-related stocks.

In late 2025 (December), Japan’s ruling coalition released the 2026 Tax Reform Outline, proposing major changes to align crypto more closely with traditional financial assets like equities:Introduce a flat separate taxation rate of 20.315%; 20% national + 0.315% reconstruction surtax, often rounded to 20% on gains from specified crypto assets.

This would apply to certain transactions involving digital assets handled by registered Financial Instruments Business Operators under the Financial Instruments and Exchange Act (FIEA). Major cryptocurrencies like Bitcoin and Ethereum are expected to qualify as “specified” assets on licensed domestic exchanges.

The reform aims to level the playing field with stocks/investment trusts (already at ~20%) and boost domestic adoption, innovation, and revenue through increased activity. Additional elements include potential loss carry-forwards, mandatory disclosures for listed tokens, insider trading rules, and broader regulatory oversight.

The changes are contingent on amendments to the FIEA and other laws. Implementation is targeted for transactions on or after January 1, 2028, though some sources reference earlier application or phased rollout starting 2026/2027 for eligible assets.

As of March 2026, these reforms have been approved in the tax blueprint and supported by the government/FSA, with momentum following political developments. However, they await full legislative passage in the Diet (parliament) during 2026 sessions. No major changes have taken effect yet—crypto remains under the progressive miscellaneous income regime.

This shift is viewed positively in the crypto community as a step toward making Japan more competitive globally, similar to how stock taxation works, and could encourage institutional entry and domestic trading revival.

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