Summary
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Macro: Escalating geopolitical tensions heightened concerns about potential long-term disruptions to the global energy supply chain, sending crude oil prices sharply higher and triggering a broad sell-off in global risk assets. However, market panic eased after G7 countries discussed the potential release of strategic petroleum reserves and Donald Trump stated that the conflict could end soon and that some oil-related sanctions may be lifted to help lower oil prices. As a result, crude oil retreated significantly from intraday highs, and risk assets rebounded rapidly.
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Crypto Market: Macro developments continued to dominate crypto market movements. Bitcoin largely tracked Nasdaq futures, rebounding after a lower open but facing notable resistance near $70,000. Meanwhile, Bitcoin’s market dominance continued to rise, reaching 59.21%, indicating that capital is increasingly concentrating in major assets.
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Project Developments
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Trending tokens: BTC, ETH, HYPE
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HYPE: Amid geopolitical tensions, crude oil trading volume on Hyperliquid surged, with daily volume exceeding $1.2 billion.
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FLOW: Flow submitted a motion to a Seoul court requesting a suspension of the planned delisting on March 16 from major South Korean exchanges Upbit, Bithumb, and Coinone. FLOW rose 35% in the past 24 hours, with KRW trading volume accounting for over 55%.
Major Asset Changes
Crypto Fear & Greed Index: 13 (vs. 8 twenty-four hours ago) — Extreme Fear
Today’s Outlook
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TBD: Hong Kong plans to issue its first batch of stablecoin licenses in March; continued monitoring of developments in the Middle East.
Macro
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Donald Trump stated that military action against Iran would be a “short-term operation,” adding that the conflict may end soon, though not within this week, and that the situation is far from requiring troop deployment to Iran.
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Trump also said the U.S. may temporarily lift certain oil-related sanctions to help lower oil prices.
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Officials said G7 finance ministers have agreed not to release strategic petroleum reserves for now, but remain ready to take necessary measures to support global energy supply.
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Saudi Aramco lowered production at two oil fields.
Crypto Policy
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Bithumb may face a six-month suspension of new-user services for allegedly violating South Korea’s Special Financial Transactions Act.
Industry Highlights
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Strategy’s perpetual preferred stock recorded over $1.1 billion in trading volume in a single week.
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BitMine increased its holdings by over 60,000 ETH last week, bringing total holdings to more than 4.53 million ETH.
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The 20 millionth Bitcoin has been mined.
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Brazil’s central bank Pix has officially expanded to Argentina, enabling instant cross-border payments between the two countries.
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Stablecoin payment company KAST raised $80 million in funding.
Weekly Outlook
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March 11
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U.S. February CPI data release
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IO unlock: 4.37% of circulating supply, worth about $1.3 million
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Oracle earnings release
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March 12
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March 13
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U.S. January Core PCE
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U.S. Q4 GDP
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TBD
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Hong Kong expected to issue first stablecoin licenses in March
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Continued monitoring of Middle East geopolitical developments.
