SEC & CFTC Reach Agreement

Find out our latest reports, listed below:

• Block Scholes x Panoptic: Bridging The Onchain Convexity Gap
• Volatility Report: February 2026

• 2026 – the year of RWA perps?
  
  
• Bybit x Block Scholes: “2026: It's Different This Time?”

Market Snapshot: Overnight Moves

Daily Updates:

• Risk-on appetite has largely been contained over the past 24 hours despite a tame inflation reading for February. 
• BTC traded between $69K and $71K and the S&P 500 ended the day almost flat. 

• Headline and core CPI came in at 0.3% month-over-month and 0.2% month-on-month, in line with expectations. The biggest monthly increase in energy costs since September 2025 kept headline inflation at 2.4%, matching the increase in January, while core inflation held at 2.5% — its lowest since March 2021. 
• However, given that the report showed a snapshot of US prices prior to the beginning of the US-Iran war, and the subsequent rise in energy prices, markets largely looked through the data. Instead, the focus remained on the Middle East war which is now on its 13th day. 

• President Trump said that the US will utilise its Strategic Petroleum Reserve to help put a lid on the recent soaring of oil prices. 
• During an event yesterday Trump said, “I’m pleased to report that earlier today, the International Energy Agency agreed to coordinate the release of a record 400 million barrels of oil from various national petroleum reserves around the world”, a decision that will “substantially reduce the oil prices, as we end this threat to America and this threat to the world.”
• That’s the largest ever release of oil reserves agreed by member states in the IEA, with the second largest being 183M barrels released after Russia’s invasion of Ukraine back in 2022.
• In his announcement, the President did not include how much oil the US will release from its 415M barrel reserve, though in a separate interview later he said “We’ll do that [draw down the reserves] — and then we’ll fill it up. I filled it up once, and I’ll fill it up again. Right now we’ll reduce it a little bit, and that brings the prices down.”

• Despite the announcement, oil prices showed few signs of easing with WTI crude oil briefly rising past $95 a barrel earlier today, and Brent prices briefly jumping above $100.
• Trump also provided some mixed messages yesterday regarding how much longer the conflict would continue. 
• Speaking to Axios News he said that the war would be over soon because there is “practically nothing left to target” in Iran, however during a speech in Kentucky he also suggested that the US would stay in the region as long as it needs to achieve its goals — “We don’t want to leave early, right?” he told the crowd.
• Iran on the other hand has said that in order to reach a ceasefire, the US will need to guarantee that its own military and that of Israel’s will not strike the country in the future. 
• Iranian President Masoud Pezeshkian added that the only way to end the war is “recognizing Iran’s legitimate rights, payment of reparations, and firm int’l guarantees against future aggression.” 
• Oil futures activity over the past 24 hours was again heavily concentrated on Hyperliquid, which recorded $991M in trading volume. 
• By comparison, WTI crude futures alone recorded roughly $160B in notional volume over the same period.

• Total perpetual futures volume on the platform reached $6.48B over the same period, while open interest recorded $6.41B
• For oil perpetuals, the daily volume has climbed sharply from roughly $2M to $1.39B, making crude one of Hyperliquid’s most actively traded markets, beating ETH.

• The SEC and CFTC have agreed to work more closely on a regulatory approach intended to support financial innovation, including in digital assets.
• Under a new Memorandum of Understanding, the two agencies said they will coordinate on policy development, reduce unnecessary regulatory friction and support the lawful introduction of new crypto-related products.

• Memecoin launchpad Bonk.fun said its domain was compromised by a malicious actor and advised users not to interact with the website until security is fully restored. 
• The team clarified that only individuals who signed a fake terms-of-service message on the compromised domain after the incident may have been impacted, with reported losses so far limited.
• Users who previously connected to Bonk.fun or trade its tokens via external terminals are not affected.

• Pump.fun has become the first Solana-based platform to surpass $1B in cumulative revenue, marking a significant milestone for both the protocol and the broader Solana ecosystem.
• The platform has coupled that revenue growth with an aggressive PUMP buyback programme, directing nearly all protocol revenue towards repurchases.
• On 11 March alone, Pump.fun bought back around $1.25M of PUMP, equivalent to 99.93% of the previous day’s revenue.
• Since the programme began, it has repurchased roughly $323.4M of tokens, removing 28.8% of circulating supply from the market.

• Metaplanet, a Bitcoin treasury firm, is expanding beyond its bitcoin treasury strategy with the launch of two new subsidiaries focused on venture investing and asset management.
• Metaplanet Ventures will back companies building crypto financial infrastructure in Japan, while Metaplanet Asset Management will focus on bitcoin-related investment products and capital markets activity.
• The company is making its first investment through the venture arm - JPY 400mn into yen-backed stablecoin issuer JPYC. 

• OP Labs, the blockchain infrastructure firm behind Optimism, announced it has laid off around 20 employees, roughly 20% of its workforce, as part of a move to narrow its strategic focus. 
• Optimism is an Ethereum Layer 2 scaling network designed to improve transaction speed and reduce costs using optimistic rollups. The decision follows the mid-February announcement that the Coinbase’s Base network, currently the largest chain in the OP Stack’s Superchain ecosystem, will shift to a unified, Base-operated stack as part of an evolution of the underlying software.

• Ripple is preparing a share buyback worth up to $750M, which would value the company at $50B and mark an increase from its previous private market valuation, reported by Bloomberg.
• The tender offer, expected to run through April, will allow both existing investors and employees to sell shares back to the company.
• Following the news, XRP, however, has not moved significantly and is trading below $1.40, up just above 1% in the past 24h.

• Hyperliquid has activated HIP-4 on testnet, introducing binary outcome markets based on HyperCore mark prices under its new Predict tab. 
• The first planned mainnet listings are 1-day binary markets on BTC and HYPE, with support for HIP-4 markets also set to roll out on Chance, a prediction markets platform.

• Grayscale’s Avalanche Staking ETF (ticker: GAVA) is set to begin trading on Nasdaq tomorrow.
• The fund will hold AVAX directly and aims to capture potential staking rewards, which averaged about 7.36% in 2025. The ETF is sponsored by Grayscale Investments, with Coinbase serving as digital asset custodian and BNY acting as fund administrator.

This Week’s Calendar:

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