The Weekly Wrap: 20 Million BTC Mined, AI-Related Crypto Projects on the Rise & Tokenization Trends

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This Week’s Top Stories

“20 million BTC mined, leaving 1 million to be issued over the next 114 years.” – Monday, 9 March 2026 

• A little over seventeen years after the Bitcoin genesis block, the network has surpassed the historic milestone of 20 million BTC mined. The milestone was reached at block height 939’999, based on the current 3.125 BTC block subsidy, after previously crossing exactly 95 percent of the total supply in November.
• We estimate that the final one million BTC will take more than a century to mine, with the smallest fractions expected to be issued around 2140, when the protocol reaches its hard cap of 21 million BTC.

“Clarity Act unlikely to advance before April. – Friday, 13 March 2026 

• U.S. Senate Majority Leader John Thune said this week that the crypto market structure bill could face further delays because lawmakers may need more time to resolve outstanding issues.
• It seems that lawmakers are prioritizing President Donald Trump’s SAVE America Act. The bill would require Americans to provide documentary proof of citizenship to register to vote.
• Despite the uncertain timeline, we expect that the crypto market structure framework will likely still be a major market driver this year. As we mentioned previously, President Trump also weighed in earlier this month, saying that the Clarity Act is the “next step to finish the job” after the GENIUS Act.

A Quick Crypto Overview: The Crypto Market is Up This Week, With AI-Related Projects Outperforming

The crypto market is trading higher this week after a sharp drop last Friday afternoon and continued downward pressure over the weekend. Bitcoin bottomed above $65’000 last Sunday and is currently trading above $71’000, up almost 10 percent since Sunday evening, with Ethereum trading just below $2’100 at the time of writing. ETHBTC has traded rather flatly since the beginning of the month, with Bitcoin managing to increase its overall market dominance by 2 percent in March, while Ethereum dominance is flat on the month. 

The S&P 500 and Nasdaq had a positive start to the week as well, with the S&P 500 increasing by more than 3 percent on Monday and Tuesday, and the Nasdaq by almost 5 percent, respectively. But both indices have since lost a big chunk of those gains and are now down roughly 3 percent from their Tuesday highs. 

Gold and silver are roughly flat on the week after a short spike to the upside on Monday and Tuesday. Oil was the driving force behind the market moves over the weekend and during the first couple of days of the week. Over the weekend, oil futures spiked to almost $120 on Hyperliquid and, on Sunday evening, traditional oil futures followed suit, shaking up the broader market. Over the course of Monday and Tuesday, oil traded lower and bottomed above $75 on Tuesday, and has since continued to rally, currently trading at $96, up 25 percent from Tuesday’s low. 

In the crypto space, TAO, RENDER, FET, and other AI-related crypto projects are up between 20 and 30 percent this week. Other than that, Hyperliquid (HYPE) is also up more than 20 percent this week, as the platform is capturing the majority of the perpetual DEX market share, and TRUMP is up 15 percent amid the announcement of another exclusive dinner for major token holders. 

Chart of the Week: Industry Rollup Onchain Chart of the Month

This week we want to highlight the onchain chart of the month from our March edition of the Industry Rollup report. We highlighted that the relative perpetual volumes on Hyperliquid show a clear regime shift since January, as non-crypto asset classes have been steadily gaining share, with peaks in February, when commodities alone approached ~25 percent of total perp activity. 

The elevated volume in precious metal perps is closely linked to the current macro environment, where persistently high sovereign debt across major nations, geopolitical fragmentation, and declining confidence in fiat-based financial systems have pushed gold back into focus as strategic collateral. 

While the tokenization penetration rate remains negligible relative to global capital markets, forward projections range from ~$1 trillion to ~$10 trillion in tokenized assets by 2030, implying multi-order-of-magnitude expansion from current levels, and recent industry headlines are certainly reinforcing this trend. 

The bottom line is that we are entering the financial era of blockchains. Crypto-native asset venues will transition toward generalized financial execution layers, and crypto assets will coexist alongside their legacy counterparts on the same distributed infrastructure.

What’s Happening Onchain? Tokenization on the Rise 

Let’s stick to the topic of onchain tokenization of real-world assets. Data from rwa.xyz shows that the total onchain value of tokenized stocks has surpassed $1 billion this week, with Ondo Finance and the xStocks platform dominating the majority of tokenized stock issuance and trading market share. Ondo Finance accounts for roughly 60 percent and xStocks for around 25 percent. Securitize and Superstate are following behind, but the Ondo-xStocks duopoly is clearly dominating this early market, with a combined market share of more than 80 percent.

We mentioned in the previous section that the market share of non-crypto perpetual markets on Hyperliquid has increased dramatically since the launch of HIP-3 in Q4 2025. During the past week, there were times when, out of the top 15 perpetual trading pairs with more than $20 million in 24-hour trading volume, more than 10 were related to HIP-3 markets for non-crypto perps such as indices, commodities, or stocks. 

The oil frenzy over the weekend resulted in the highest HIP-3 share of total volume on Hyperliquid in history, with HIP-3 markets accounting for more than 40 percent of total volume on Sunday, March 9.

Digital Asset Fund Flows: $600 Million Inflows & Launch of BlackRock’s Staked Ethereum ETF 

Last week, digital asset investment products saw net inflows of $619 million, largely dominated by Bitcoin with $521 million, followed by Ethereum with almost $90 million. Solana saw inflows of almost $15 million, followed by Uniswap and Chainlink with $1.4 million each. XRP, on the other hand, saw net outflows of $30 million last week. 

This week, Bitcoin spot ETFs experienced four net inflow days so far, totaling almost $600 million, while the Ethereum spot ETFs are currently sitting at less than $100 million in inflows so far this week. On another note, BlackRock launched its ETHB staked Ethereum ETF this week, and the product saw over $15 million in trading volume on its first day. The fund stakes 70 to 95 percent of its ether holdings under normal market conditions, while the remaining 5 to 30 percent is held unstaked for creations, redemptions, and operational liquidity. The ETF will be selling the staking rewards and will distribute the proceeds as dividends. 

Market Sentiment: Continued Extreme Fear in Crypto & Stocks 

The crypto market continues to trade in extremely fearful territory according to the Crypto Fear and Greed Index. Sentiment has not managed to improve significantly since the beginning of February and continues to resemble sentiment during the bear market in 2022, which was the last time the index remained at extremely fearful levels for this long.

It’s interesting to note that sentiment in the stock market has now also dropped into extreme fear territory (20). While the stock market sentiment index was still in greedy territory at the beginning of February, it has now followed suit with crypto sentiment. There was also a large shift in sentiment among AAII members: the number of bearish members jumped from 35 to 46 percent this week, as many neutral members switched to a bearish outlook for the stock market over the coming six months. Historically, around 31 percent of AAII members feel bearish on stocks, and the current sentiment clearly indicates distressed market participants amid the war in Iran. 

Other Relevant News 

• Kalshi and Polymarket are in early talks with investors about new funding rounds that could value each company at around $20B, roughly double their late-2025 valuations. – Link 
• Nasdaq is partnering with crypto exchange Kraken to develop a framework for tokenized stock trading. – Link
• Strategy has acquired 17’994 BTC for about $1.28B at an average price of $70’946 per BTC. – Link
• Bitmine Immersion Technologies said it added 60’976 ETH over the past week, bringing its holdings to 4.53M. – Link
• Polymarket is partnering with Palantir Technologies to develop an AI monitoring tool for its sports prediction markets. – Link 

Looking Ahead: Uncertain Times & Interest Decisions Ahead 

The markets continue to be shaped by geopolitical uncertainty in the Middle East, and market participants will likely follow the price action of oil and gold very closely over the coming weeks. Hyperliquid is destined to be the place of action over the weekends, putting crypto into the spotlight of the global geopolitical and financial stages. Next week, not only will the war in Iran be of importance, but also the various interest rate decisions across the globe, led by the Fed’s interest rate decision and outlook for the coming months on Wednesday. The FOMC will publish its dot plot outlook, and there are still some market participants left who are hoping for more cuts, faster than the market currently expects. The FOMC meeting and the dot plot could certainly influence market action next week, so let’s keep an eye on it. 

In the meantime, it is interesting to note the current strength of Bitcoin and the crypto market compared to other asset classes, such as gold or the U.S. stock market. Bitcoin has increased by more than 11 percent compared to gold and the S&P 500 since Monday. This is a dynamic worth monitoring over the coming days and weeks. Another interesting dynamic is the current strength of the U.S. dollar. The DXY is approaching 100 and its highest level since November 2025, up almost 5 percent since the end of January. 

When it comes to crypto, asset selection continues to be of utmost importance, as it has been over the past two years. The times of “up only” for the whole sector seem to be a thing of the past, and the individual performance of portfolios is extremely dependent on the correct selection of assets. 

Below, you can find some of the key data releases and events to watch out for next week. 

Monday, 16 March 2026 

China – Unemployment Rate 

Tuesday, 17 March 2026 

Switzerland – PPI 

Wednesday, 18 March 2026 

USA – Fed Interest Rate Decision, FOMC Statement, Dot Plot 

Eurozone – CPI, Core CPI 

USA – PPI, Core PPI 

Canada – BoC Interest Rate Decision 

Thursday, 19 March 2026 

Japan – BoJ Interest Rate Decision 

Switzerland – SNB Interest Rate Decision 

Great Britain – BoE Interest Rate Decision 

Eurozone – ECB Interest Rate Decision 

USA – Initial Jobless Claims