The crypto market wrapped up the weekend with a mix of major developments across trading activity, token sales, regulation, and ETF flows. While onchain trading volumes continued to climb, fresh legal pressure and a shift in investor sentiment added new twists to the market narrative.
Onchain Trading Expands Beyond Crypto
One of the standout trends was the continued rise of onchain commodity trading. Hyperliquid’s HIP-3 market hit a new milestone on March 23, recording around $5.4 billion in perpetual futures volume across commodities and macro assets.
Silver dominated the activity with $1.3 billion in trades, followed closely by WTI crude at $1.2 billion and Brent crude at $940 million. Gold also saw solid participation, generating $558 million in volume. Beyond commodities, equity index products linked to the Nasdaq and S&P 500 also attracted notable interest.
Market watchers say this isn’t just crypto-native traders anymore. Theo’s chief investment officer, Iggy Ioppe, pointed out that weekend oil futures trading onchain now exceeds $1 billion daily, highlighting that global events continue to influence markets regardless of traditional trading hours.
Still, challenges remain. Sergej Kunz, co-founder of 1inch, noted that traditional financial platforms continue to outperform decentralized venues when it comes to liquidity and execution quality.
World Foundation Sells $65M in WLD Tokens
In another key development, World Foundation revealed a fresh token sale involving its issuance arm, World Assets. The organization sold approximately 239 million WLD tokens in over-the-counter deals worth $65 million.
The first settlement was completed on March 20, with an average sale price of about $0.2719 per token. Notably, around $25 million worth of tokens will remain locked for six months.
The announcement came at a time when WLD is trading near its lowest levels. As of March 29, the token hovered around $0.27 after previously dipping to a record low near $0.2444. Looking ahead, a significant token unlock is scheduled for July 23, 2026, which will release roughly 52.5% of the total supply.
According to the foundation, the funds raised will go toward operations, research and development, orb production, and broader ecosystem expansion.
Legal Heat Rises for Kalshi
On the regulatory front, prediction market platform Kalshi is facing a new legal challenge. Washington state filed a lawsuit on March 27, accusing the company of violating gambling and consumer protection laws.
Attorney General Nick Brown claims Kalshi offered contracts tied to sports, elections, and other events, which allegedly breach state regulations. The lawsuit aims to halt Kalshi’s operations in Washington, recover losses for residents, and impose civil penalties.
Kalshi has pushed back strongly, stating that it operates under federal oversight as a CFTC-regulated exchange. The company is reportedly seeking to move the case to federal court, arguing that the lawsuit came without prior notice or discussion. This case adds to ongoing legal pressure, with Nevada and Arizona also taking action against the firm in recent weeks.
Bitcoin ETFs See First Weekly Outflow in a Month
Meanwhile, US spot Bitcoin ETFs ended their four-week winning streak, posting net outflows of $296.18 million for the week.
This shift follows a strong run that brought in over $2.2 billion in inflows during the previous four weeks. The reversal was driven by two consecutive days of withdrawals on Thursday and Friday, including a sharp $225.48 million outflow on Friday alone.
As a result, total net assets held by spot Bitcoin ETFs dropped to $84.77 billion, down from more than $90 billion just a week earlier. Trading activity also slowed, with weekly volume falling to $14.26 billion compared to $25.87 billion earlier in March.
Overall, the crypto market continues to evolve rapidly, with growing onchain activity, shifting investor flows, and mounting regulatory scrutiny shaping the landscape.
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