Market Watch
Things to Watch This Week (Mar 30 - Apr 3)
U.S. employment report (March) - Apr 3
Markets this week will be driven by a combination of macro data and ongoing geopolitical developments. The March jobs report will be a key focus, alongside retail sales and consumer sentiment data, which should provide further clarity on the strength of the U.S. economy and potential Fed policy direction.
Random Musing This Week
Hyperliquid: Where Price Discovery Is Moving
A recent geopolitical shock offers a clear illustration of a broader structural shift underway in markets. Escalating tensions in the Middle East drove a sharp increase in demand for commodities such as oil and gold. With traditional futures venues like CME and ICE closed over the weekend, market participants had limited venues to express risk. In that vacuum, activity shifted to Hyperliquid, where trading continued uninterrupted. In effect, price discovery did not pause—it simply moved on-chain.
This dynamic highlights a key advantage of Hyperliquid: continuous, real-time markets that operate independently of traditional trading hours. Macro events, geopolitical shocks, and weekend news flows often occur when legacy systems are offline. Increasingly, during these periods, on-chain venues are not just complementary; they become the primary markets where prices are formed. The fact that major media outlets began referencing Hyperliquid pricing shortly after this event underscores the growing relevance of this shift.
Fundamentally, Hyperliquid’s growth is being driven by real usage rather than incentives. The platform is currently one of the top fee-generating chains in crypto, with revenue supported by sustained trading activity and rising open interest. Unlike many protocols whose activity is cyclical or incentive-driven, Hyperliquid’s metrics have continued to trend upward even in a softer market environment, pointing to durable demand for its infrastructure.
Taken together, these developments suggest that Hyperliquid is evolving beyond a crypto-native perpetual exchange into a core layer for global price discovery. As markets continue to globalize and operate around the clock, the ability to remain open during periods of stress or dislocation becomes increasingly valuable. In that context, Hyperliquid is becoming a key venue for price discovery during periods of volatility.
Recap of Top Stories (Mar 23 - Mar 27)
Interesting
Morgan Stanley enters bitcoin ETF race with market-leading low fee
Commentary: Morgan Stanley plans to price its proposed spot bitcoin exchange-traded fund (ETF) at 14 basis points, a level just below current low-cost options for similar products, according to an amended filing with the U.S. Securities and Exchange Commission (SEC).
Spot bitcoin ETFs offer near-identical exposure. Each fund holds bitcoin and aims to track its price. That leaves cost as one of the few variables investors and advisors can act on. Morgan Stanley’s scale adds another layer. Its wealth management arm oversees trillions in client assets and has one of the largest adviser networks in the industry.
New York Stock Exchange taps Securitize to build its tokenized stock platform
Commentary: The two firms signed a memorandum of understanding to build NYSE’s planned Digital Trading Platform.
Securitize will serve as a design partner, focusing on how transfer agents — the entities that track ownership and handle corporate actions — operate when securities are issued and settled on blockchain rails. That tech would enable around-the-clock trading and near-instant settlements, similar to crypto markets.
Franklin Templeton puts its $1.7 trillion weight behind Ondo to bring 24/7 stock trading to the blockchain
Commentary: The effort centers on Ondo Global Markets, a platform that issues blockchain-based tokens backed by real-world assets such as publicly traded stocks and exchange-traded funds.
These tokens track the value of underlying securities and can be held in digital wallets, allowing users to gain exposure without opening a brokerage account. Tokenization could reshape how assets move and who can access them.
Invesco joins tokenization race as it takes over Superstate’s $900 million onchain fund
Commentary: Invesco, a U.S.-based asset manager overseeing $2.2 trillion in assets, will take over management of Superstate’s tokenized U.S. Treasury fund in a move that brings a large traditional asset manager deeper into blockchain-based finance.
The move marks Invesco’s formal entrance in the fast-growing, $12 billion tokenized U.S. Treasuries market, joining rival global asset managers such as BlackRock (BLK), Franklin Templeton and Fidelity Investments. Unlike traditional financial infrastructure, blockchain-based tokens allow near-instant settlement, transparent reserves and round-the-clock access.
Coinbase, Fannie Mae bring crypto-backed mortgages to homebuyers
Commentary: U.S.-listed cryptocurrency exchange Coinbase (COIN) is working with Fannie Mae-approved mortgage firm Better Home & Finance Holding Co. (BETR), to enable crypto holders to use their digital assets as down payment collateral when buying a home.
Borrowers pledge bitcoin or the USDC stablecoin as collateral to fund their down payment, allowing them to keep their assets intact and avoid creating a taxable event by spending them.
Ethereum Foundation prepares for quantum threat with new cryptography roadmap
Commentary: Ethereum isn’t waiting for quantum computers to become a problem before figuring out how to survive them.
Quantum computers are widely believed to will eventually break the public-key cryptography that secures ownership, authentication, and consensus across Ethereum. While quantum computing represents a threat category that attacks the cryptographic foundations rather than the physical infrastructure, the protocols that prepare earliest will be the most resilient when such a system eventually materializes.
Upcoming Market Events
April 10 – U.S. CPI
April 29 - FOMC Interest Rate Decision