Crypto markets closed out the weekend with activity spread across derivatives, token sales, regulation, and ETF flows.
Summary
- Hyperliquid’s HIP-3 market reached $5.4 billion in commodity and macro futures volume on March 23.
- World Assets sold 239 million WLD for $65 million as WLD traded near its record lows.
- U.S. spot Bitcoin ETFs saw $296.18 million in weekly outflows, ending a four-week inflow streak.
On-chain commodity trading continued to grow, the World Foundation revealed a new WLD selloff, Washington sued Kalshi, and spot Bitcoin ETFs finished the week with net outflows.
On-chain commodity trading remained in focus after Hyperliquid’s HIP-3 market recorded a new all-time high on March 23. The site processed approximately $5.4 billion in volume of perpetual futures contracts in commodities and macro assets. Silver leads with $1.3 billion, followed by WTI crude with $1.2 billion, Brent crude with $940 million and gold with $558 million. Equity index products linked to the Nasdaq and S&P 500 also generated volume.
Market participants said the trend extends beyond crypto-native traders. Theo’s chief investment officer Iggy Ioppe said weekend oil futures volume was now over $1 billion a day, adding that “geopolitics doesn’t stop on Friday afternoon.”
At the same time, liquidity remains a constraint, with 1inch co-founder Sergej Kunz saying traditional sites remain ahead in terms of depth and quality of execution.
World Foundation Unveils New WLD Token Sale
The World Foundation said its token issuance unit, World Assets, completed $65 million in over-the-counter WLD sales with four counterparties. The first settlement took place on March 20 and the average sale price was around $0.2719 per token, bringing the total to around 239 million WLD sold. The foundation also said that $25 million of these tokens are locked up for six months.
The disclosure came as WLD traded near recent lows. Reports from March 29 indicate that the token was near $0.27 after reaching an all-time high around $0.2444, and that an unlock on July 23, 2026 is expected to cover approximately 52.5% of the total supply. The World Foundation said profits would support core operations, research and development, orb manufacturing, and ecosystem growth.
Kalshi faces retrial
As part of the regulations, Washington State prosecuted Kalshi on March 27. Attorney General Nick Brown said the prediction market operator violated state gambling and consumer protection laws by offering contracts related to sports, elections and other events. The civil suit seeks to stop Kalshi’s operations in Washington, recover money lost by residents and pursue civil penalties.
Kalshi fought back and said it operated under federal supervision as a CFTC-regulated exchange. Reports say the company decided to move the case to federal court and argued there was “no warning or dialogue” before the trial. The case adds to a broader legal fight, with Nevada and Arizona also filing charges against Kalshi in recent weeks.
Spot the Reversal Price of Bitcoin ETFs
U.S. spot Bitcoin ETFs closed the week with $296.18 million in net outflows, ending a four-week streak of inflows. The reversal follows inflows of more than $2.2 billion over the previous four weeks, according to SoSoValue data.
This weekly outflow came after two consecutive days of withdrawals on Thursday and Friday, including $225.48 million on Friday alone. Total net assets of spot Bitcoin ETFs fell to $84.77 billion from more than $90 billion a week earlier, while weekly trading volume fell to $14.26 billion from $25.87 billion earlier in March.
