📁 OG.com filed with the CFTC for equity perps in the U.S.; RWA perps volume fell to its lowest level since February

Quick Take

• OG.com officially filed with the CFTC for equity perpetual futures in the U.S.
• RWA perps trading volume fell to its lowest level since February 2026.
• U.S. spot BTC ETFs recorded US$2.4 billion in net inflows last week, up sharply from $6 million in net inflows the week prior. U.S. spot ETH ETFs saw $690 million in net inflows, reversing $140 million in net outflows the week prior. U.S. spot SOL ETFs hit $188 million in net inflows, their second-highest record in history.
• On Friday, the 10-year U.S. Treasury yield settled at 5.17%, up from 5.01% the previous week. Meanwhile, 2-year and 30-year Treasury yields settled at 4.86% and 5.50%, respectively. Global bond market volatility broadened as key developed-market sovereign bond yields reached multiyear peaks, driven by ongoing inflation and interest rate concerns. 10-year benchmark yields reached 5.36% in the UK, 3.62% in Germany, and 3.07% in Japan.
• U.S. equities ended their first winning week in the last three, led by a strong rally in mega-cap technology and semiconductor stocks. Despite persistent upward pressure on bond yields — which pushed the 10-year Treasury yield to a 19-year high above 5.17% — investor appetite for AI hardware and enterprise software drove sharp gains in the Nasdaq and S&P 500. Market performance diverged as higher borrowing costs and weak consumer sentiment weighed heavily on small-caps, dividend-paying defensives, and real estate, while a late-week decline in crude oil helped equities close near weekly highs.
• • The Nasdaq Composite closed at a record 27,244.28 on Tuesday and rose +2.1% week-over-week, S&P 500 gained +1.2%, and Dow Jones Industrial Average increased +0.3%.
  • Key Market Drivers:
  • • AI Product Launches and Tech Momentum: Major announcements in enterprise AI and agent software — including product updates from Meta Platforms and Microsoft — spurred double-digit weekly gains in mega-cap tech stocks.
    • Bond Yield Surge: Treasury yields climbed steadily through the week, driven by resilient economic activity data and higher interest rate expectations.
    • Crude Oil Pullback: WTI crude dropped 3.8% to $92.44 per barrel on Friday amid reports of potential diplomatic progress, easing inflation anxieties and fueling a Friday rally.
    • Subdued Consumer Sentiment: The University of Michigan's final September consumer sentiment index fell to 48.1 (down from 51.7 in August), reflecting frustration over sticky fuel prices and elevated living expenses.
  • Sector and Style Dynamics: Technology (+3.5%) was the top-performing sector, buoyed by mega-cap software and semiconductor hardware providers. Rate-sensitive dividend sectors suffered notable losses as yields spiked, led down by Utilities (-3.9%) and Real Estate (-2.3%). Energy (-3.5%) also pulled back late in the week following the sell-off in crude oil.

Research Dashboard

According to our research dashboard, the price, volume, and volatility indices increased +5.06%, +20.84%, and +0.75%, respectively, last week.

Index tokens saw bullish price action. Bitcoin (BTC) and Ether (ETH) prices rose by +4.04% and +1.62%, respectively, with Sui (SUI) and Ondo Finance (ONDO) leading price gains. Meanwhile, Gram (GRAM) and ONDO drove the volume surge.

Ondo Finance launched tokenized portfolio products based on model strategies supplied by BlackRock, offering eligible non-U.S. investors diversified exposure through single onchain tokens.

Chart of the Week

Trading volume for real-world asset (RWA) perps fell to approximately $18.1 billion last week, marking its lowest level since February 2026. Foreign exchange (FX) experienced the sharpest week-over-week decline at -60.7%, followed by commodities (-19.8%), while equities saw a modest contraction of -3.5%.

The pullback stems from a combination of factors in a highly theme-driven market. Volume spiked sequentially across gold, silver, oil, SpaceX, and AI/memory-chip equities. July’s volume surge was predominantly fueled by equities, while August maintained elevated activity before entering a consolidation phase. Lacking a  high-volatility narrative to follow the AI-equity trade, speculative turnover has steadily unwound. Furthermore, the market also faced macro headwinds following the Fed’s hawkish decision. Ten-year Treasury yields moved above 5% during the following week, while the U.S. dollar strengthened. These conditions likely reduced appetite for leveraged cross-asset exposure, particularly FX and precious-metals perps.

Weekly Performance

Top-cap tokens mostly saw bullish price action last week, except for Avalanche (AVAX). SUI (+40.7%) led the price surge, followed by BCH (+31.5%).

DeFi categories all rose last week, with RWA and AI leading the surge.

News Highlights

Company News

• OG.com officially filed with the CFTC for equity perpetual futures in the U.S., following the SEC’s acknowledgement of its Form 1-N filing.

Regulation

• The U.S. Fed proposed two rules covering stablecoin reserve and capital requirements, redemption procedures, permitted bank issuance, and limits on third-party rewards that could be treated as interest or yield. One proposal includes operational-risk capital charges, two-business-day redemption timelines, monthly reserve disclosures, and an application process for Fed-supervised banks. Both proposals carry 60-day comment periods.
• The CFTC updated guidance to clarify that authorized firms may invest customer funds in tokenized versions of permitted assets when legal and economic rights are equivalent. It also confirmed that blockchain records can satisfy recordkeeping duties, subject to appropriate controls.
• The Trump administration is reportedly considering an overseas initiative to promote dollar-denominated stablecoins through joint ventures involving the Treasury Department, State Department, and U.S. International Development Finance Corporation. The objective is to reinforce the dollar’s reserve-currency role and increase demand for U.S. Treasuries.
• The European Central Bank and EU national central banks urged MiCA changes that would bar crypto platforms from offering indirect stablecoin returns through lending, borrowing, staking, or layered products. They also proposed replacing fixed reserve-deposit requirements with liquidity rules based on how quickly reserves can be converted to cash, arguing that yield-bearing stablecoins blur the line between electronic money and bank deposits.

Adoption

• Canada’s six largest banks — including RBC, TD, BMO, Scotiabank, CIBC, and National Bank of Canada — are exploring a Canadian-dollar tokenized-deposit system for faster interbank transfers. The initial phase would move digital representations of bank deposits among participating institutions, with a long-term goal of connecting to broader digital-asset initiatives while keeping funds within the regulated banking system.

Others

• Strategy is seeking shareholder approval to enable daily dividend accruals for its four U.S.-listed preferred stocks, including STRC, with a vote scheduled for October 28. The change would affect payment timing rather than dividend rates or total regular payouts, and is intended to help STRC trade closer to its $100 stated value. While the proposal could enhance income-investor appeal and reduce payment-date volatility, it does not alter the underlying credit, market, or Bitcoin-exposure risks.
• Solana began testing its Alpenglow upgrade on its public testnet, targeting a reduction in transaction finality from roughly 12.8 seconds to 150 milliseconds by replacing TowerBFT with the Votor voting protocol. The potential performance gain could improve exchange, bridge, and merchant use cases, but mainnet timing remains tentative.
• Following a Neutron governance exploit, the Cosmos Hub restarted after a prolonged halt and transferred approximately 1.23 million ATOM from the attacker’s wallet into a validator-controlled multisignature recovery wallet. Recorded as part of the restart process rather than a wallet-signed transaction, the final disposition of the funds remains subject to governance. While the move preserves stolen assets, it raises significant questions regarding validator intervention, chain sovereignty, and transaction finality during crisis response.
• A whitehat operator secured 3,832 NFTs from hundreds of wallets following a vulnerability in Limit Break’s Payment Processor V2, a legacy protocol previously used by Magic Eden. Magic Eden said no live listings were affected and urged former users to revoke contract approvals on Ethereum, Polygon, and Base.

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