Crypto markets wrapped up the weekend with activity spanning derivatives trading, token sales, regulation, and ETF flows, highlighting a mixed but eventful landscape.
Summary
On-chain commodity trading volumes surged, led by Hyperliquid’s HIP-3 market hitting $5.4 billion in daily activity.
World Assets sold 239 million WLD tokens for $65 million as prices hovered near record lows.
U.S. spot Bitcoin ETFs recorded $296 million in weekly outflows, snapping a four-week inflow streak.
On-chain commodity trading gains traction
On-chain commodity markets continued to expand, with Hyperliquid’s HIP-3 segment posting a record $5.4 billion in perpetual futures volume on March 23.
Silver led the activity with $1.3 billion in volume, followed by WTI crude ($1.2 billion), Brent crude ($940 million), and gold ($558 million). Equity-linked products tied to indices like the Nasdaq and S&P 500 also saw notable participation.
Market participants noted that this growth is no longer limited to crypto-native traders. Increasingly, traditional market participants are exploring on-chain platforms, particularly for round-the-clock trading access. However, liquidity constraints remain, with centralized venues still dominating in depth and execution efficiency.
World Foundation confirms fresh WLD sale
World Foundation disclosed that its issuance arm, World Assets, completed $65 million worth of OTC sales of WLD tokens to four counterparties.
The transactions, which began settling on March 20, were executed at an average price of $0.2719 per token, totaling around 239 million WLD. Of this, $25 million worth is subject to a six-month lock-up period.
The announcement came as WLD traded near $0.27, close to its recent all-time low of $0.2444. Attention is also on a major token unlock scheduled for July 23, 2026, which will release over 50% of the total supply.
Proceeds from the sale will be directed toward operations, research and development, orb production, and ecosystem expansion.
Kalshi faces regulatory pressure
On the regulatory front, prediction market platform Kalshi is facing a lawsuit from Washington state.
Attorney General Nick Brown alleged that the platform violated gambling and consumer protection laws by offering contracts tied to sports, elections, and other events. The lawsuit aims to halt Kalshi’s operations in the state and recover funds from users.
Kalshi has pushed back, stating 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 warning. Similar actions have recently been taken in Nevada and Arizona, signaling broader regulatory scrutiny.
Bitcoin ETFs see outflows
U.S. spot Bitcoin ETFs ended the week with $296.18 million in net outflows, reversing a strong four-week streak that brought in over $2.2 billion.
The shift followed consecutive outflow days on Thursday and Friday, including a significant $225.48 million withdrawal on Friday alone.
Total net assets across spot Bitcoin ETFs declined to $84.77 billion, down from over $90 billion the previous week. Weekly trading volume also dropped to $14.26 billion, compared to $25.87 billion earlier in March.
Overall, the market reflected a cautious tone, with growth in niche sectors like on-chain commodities offset by pressure from token supply events, regulatory developments, and cooling institutional flows.
