Welcome to the Crypto.com Monthly Research Roundup Newsletter!

1. Research Dashboard

According to our research dashboard, 204 public companies have collectively acquired around 1.2 million BTC (approximately US$82 billion) as of 13 April, representing over 5.5% of Bitcoin's total supply.

In March, the price index grew +3.35%, while the volume and volatility indices decreased by -13.97% and -7.85%, respectively.

2. Charts of the Month

Bitcoin's realized volatility has significantly increased in the short term, with three-month and six-month figures reaching 107% and 148%, respectively. However, one-year realized volatility remains remarkably stable at around 180%, maintaining its multi-year downward trend. This suggests that despite the "noisy" price action driven by Middle East conflict and a hawkish Fed pivot, Bitcoin’s structural risk profile hasn't fundamentally changed for long-term holders.

The overall investor sentiment is currently risk-off, driven by wider market anxieties including surging oil prices, rising Treasury yields, and diminishing expectations of Fed rate cuts.

S&P Dow Jones Indices officially licensed the S&P 500 for on-chain perpetual futures trading on Hyperliquid and TradeXYZ, providing a regulated framework for DeFi users to gain exposure to the most widely followed equity benchmark.

S&P's decision to offer its flagship product in a 24/7 trading environment transcends the limitations of traditional exchange hours and infrastructure. This development is particularly significant for Hyperliquid following the implementation of HIP-3, as the platform now features a greater number of real-world assets, such as indices and commodities, compared to crypto-native assets.

By the end of March, contracts based on HIP-3 saw a significant 176% overall growth in trading volume between January to March 2026. Commodities experienced the highest surge at 222% with volume exceeding US$44 billion, followed by stock with a 214% spike. Indices and ETFs recorded the second-highest trading volume, surpassing $12 billion, alongside a 85% increase.

3. Monthly Feature Articles

Crypto Card Consumer Spending Insights 2025

The Crypto.com Visa Card is one of the most popular cryptocurrency-linked cards. Each year, the Crypto.com Research & Insights Team analyzes how and where users spend their crypto. 

Key Takeaways:

• The Crypto.com Visa Card is one of the most popular cryptocurrency cards. Every year, the Crypto.com Research & Insights team takes a deep dive into how and where our users spend their crypto.
• The Crypto.com card spending index rallied by 4% year-over-year.
• • Clothing & Footwear saw the highest surge, with 68% year-over-year growth. Housing & Household Goods and Transport grew by 59% and 20%, respectively.
  • Recreation expenses dropped by 60%.
• Although Grocery remains the largest spending category, its spending share dropped by 1.7% in 2025, the largest decline among main categories.
• Among out-of-home consumption categories, Grocery led volume growth by around 9.4%, while Entertainment (concerts, arts, exhibitions, and sports events) dropped slightly by 0.6%.
• Crypto.com cards have registered transactions in over 200 countries and regions around the world.
• • Approximately 70% of offline travel spending occurred in Europe.
  • Booking.com was the most popular online travel booking platform for Crypto.com card users, followed by Airbnb.
• Online spending accounted for 51% of volume in 2025, its lowest level since tracking began.
• • Among identified merchants, Amazon continued to lead e-commerce spending, accounting for 18% of total volume. Travel platforms were also in the spotlight, accounting for over 15% of online spending.

Monthly Market Update (March 2026)

In March, optimism for a soft landing evaporated as a geopolitical "supply shock" followed the escalation of conflict in the Middle East. The primary driver was Brent crude breaching US$115/bbl, acting as a tax on global consumption. Digital assets showed a limited recovery, becoming the second-best performing asset class after oil.

This report provides an overview of March market updates, new developments, and latest market outlook.

Key Takeaways:

• Overall Market Performance: Optimism for a soft landing evaporated as a geopolitical "supply shock" followed the escalation of conflict in the Middle East. The primary driver was Brent crude breaching US$115/bbl, acting as a tax on global consumption. Digital assets (BTC: +1.24%, ETH: +4.79%) showed a limited recovery, becoming the second-best performing asset class after oil, while Gold dropped over 11%.
• G20 Macro Environment: G20 economies are undergoing a regime shift toward a "higher-for-longer" monetary stance, abandoning the mid-cycle recovery narrative. Central banks, including the U.S. Federal Reserve (Fed) and European Central Bank (ECB), held rates steady in a "Great Pause" amid fresh supply-side inflation risks. Stagflation remains the primary risk for the next two quarters.
• Crypto Market Dynamics: DeFi performance was mixed; the AI category led with a surge in market cap (Bittensor +76%), while Lending led the drop. U.S. spot BTC ETFs saw $1.3 billion in inflows, while spot ETH ETFs recorded their fifth consecutive month of net outflows.
• Crypto Regulatory Developments: Regulatory clarity advanced globally, particularly in the U.S. The White House cleared a proposal to facilitate digital assets in 401(k) retirement plans. The U.S. Senate voted to ban the Fed from issuing a central bank digital currency (CBDC) through 2030, and Florida became the first state to pass a stablecoin framework.
• Equity Market Trends: Global equities experienced intense turbulence and a sharp "de-risking" phase. U.S. markets (S&P 500: -5.09%) saw a rotation from Growth to Value, as high rates and geopolitical risk caused Energy (+11%) and Utilities to outperform high-multiple tech stocks. Asian markets corrected even more sharply, with Japan (Nikkei 225: -13.23%) and South Korea (KOSPI: -19.08%) seeing the steepest declines.
• New Developments in Crypto and TradFi: Convergence between digital assets and traditional finance accelerated. Crypto.com launched Crypto.com IRA, the first crypto-native mixed asset retirement account, and partnered for crypto order routing via NYFIX and for payments in South Korea and Africa. Morgan Stanley debuted a spot BTC ETF, BlackRock launched a staked ETH ETF, and the NYSE is developing a tokenized stock platform.
• Outlook on Key Projects and Tokens: The outlook remains mixed for key assets. Bitcoin mining profitability deteriorated sharply because of rising energy costs, forcing miners to sell. Ripple is piloting cross-border trade payments with its RLUSD stablecoin in Singapore, and Ondo Finance partnered with Franklin Templeton to launch tokenized ETFs for 24/7 trading of traditional assets.

Interested to know more? Access exclusive reports by signing up as a Private member, joining our Crypto.com Exchange VIP Programme, or collecting a Loaded Lions NFT.

4. Economic Calendar

Looking for more? Check out our most recent reports and trending market updates:
Read more from our website

Get fresh market updates delivered straight to your inbox:
Subscribe to newsletters

Thank you for supporting Crypto.com

Best regards,

Research & Insights Team

Crypto.com