Crypto markets closed the weekend with activity across on-chain commodity derivatives, token sales, regulatory litigation and ETF flows.
Summary:
– Hyperliquid’s HIP-3 market recorded about $5.4 billion in perpetual futures volume on March 23.
– World Assets sold roughly 239 million WLD for $65 million amid WLD trading near recent lows.
– US spot Bitcoin ETFs had $296.18 million in weekly outflows, ending a four-week inflow streak.
On-chain commodity trading continues to expand
On-chain commodity futures posted significant volume as Hyperliquid’s HIP-3 market did roughly $5.4 billion in perpetuals on March 23. Silver led the pack with around $1.3 billion, WTI crude saw about $1.2 billion, Brent about $940 million, and gold roughly $558 million. Equity index products tied to the Nasdaq and S&P 500 also drew trading activity.
Market participants say activity is broadening beyond crypto-native traders. Iggy Ioppe, CIO at Theo, pointed out that weekend oil futures are now regularly above $1 billion per day and noted geopolitical events don’t stop on Fridays. However, liquidity and execution quality remain limitations, and 1inch co-founder Sergej Kunz says traditional venues still lead on depth and execution.
World Foundation sells WLD in OTC transactions
World Foundation disclosed that its issuance arm, World Assets, completed $65 million in over-the-counter WLD sales to four counterparties, with the first settlement on March 20. The average sale price was about $0.2719 per token, implying roughly 239 million WLD were sold. The foundation said $25 million of the sold tokens are subject to a six-month lockup.
The disclosure arrived as WLD traded near recent lows—reports on March 29 placed the token around $0.27 after it touched a record low near $0.2444. A scheduled unlock on July 23, 2026 would release about 52.5% of total supply. World Foundation said proceeds will fund core operations, research and development, orb manufacturing, and ecosystem growth.
Washington sues Kalshi
Washington state filed a civil suit against prediction market operator Kalshi on March 27, alleging the platform violated state gambling and consumer protection laws by offering contracts tied to sports, elections and other events. Attorney General Nick Brown seeks to halt Kalshi’s operations in Washington, recover funds for residents and pursue civil penalties.
Kalshi responded that it operates under federal oversight as a CFTC-regulated exchange and has asked to move the case to federal court, saying the state brought the suit without prior warning or dialogue. The Washington action follows similar regulatory moves from Nevada and Arizona.
Spot Bitcoin ETFs reverse inflows
US spot Bitcoin ETFs recorded $296.18 million in net outflows for the week, ending a four-week inflow streak that had drawn more than $2.2 billion over the prior month, according to SoSoValue. The weekly outflow followed two consecutive days of withdrawals on Thursday and Friday, including $225.48 million on Friday alone.
Total net assets for spot Bitcoin ETFs fell to $84.77 billion from more than $90 billion a week earlier, while weekly trading volume dropped to $14.26 billion from $25.87 billion earlier in March.
