FalconX

🎙️ Crypto isn’t just moving with markets – it’s starting to move on its own. In the latest episode of The House View, Martin Gaspar, Senior Crypto Market Strategist, sits down with Eliézer Ndinga, Global Head of Research at 21shares, to unpack what’s driving the shift. What’s happening: ✓ Crypto is breaking from traditional risk assets amid geopolitical volatility ✓ ETF & ETP flows are accelerating – with $1.4B+ into U.S. BTC ETFs recently ✓ Institutional demand is showing up through new access vehicles, not just spot ✓ Stablecoins >$300B and growing – signaling real usage beyond trading ✓ On-chain markets are expanding into global asset trading Tune in: https://lnkd.in/depG_EsV

We’re proud to join Blockchain Association's new Tokenization Workstream. Tokenization is transforming capital markets – and we’re focused on helping shape what comes next. Looking forward to contributing our perspective as this technology continues to evolve.

Crypto isn’t early anymore. It’s evolving into an institutional market. In our latest joint report with 21shares, we unpack how market structure, not just price, is redefining how institutions allocate to digital assets. ✓ Derivatives drive the market: 3-4x spot activity, and the true engine of liquidity + price discovery ✓ October 10 changed the playbook: a $19B liquidation event that proved access vehicle selection is as critical as asset selection ✓ Institutional rails are locking in: from MiCA to the GENIUS Act, alongside the rise of ETPs and prime brokerage infrastructure The takeaway: crypto is moving from speculation to fundamental investing, shaped by its underlying plumbing. Read here.

An evening shaped by thoughtful conversation. FalconX hosted an executive dinner bringing together leaders across the digital asset ecosystem to exchange perspectives on where the market is heading next. Appreciate everyone who joined us.

Tokenized gold is moving beyond spot. Now a ~$5B market, derivatives activity is beginning to emerge. FalconX has executed its first tokenized gold derivatives trade referencing PAXG, marking an early step in building the derivatives market for tokenized commodities. "Tokenized gold brings this ancient store of value and heavyweight of monetary sovereignty into 24/7 programmable markets. We have found FalconX's work with access to derivatives on assets like PAXG to be an important step toward more integrated continuous global markets that enable efficient management of macro exposure and extend monetary sovereignty." -Trace Mayer, CEO of Urim Capital Unlike traditional precious metals markets that trade ~24/5, on-chain markets run 24/7 - enabling institutions to hedge and manage commodity exposure in real-time, with faster settlement, greater transparency, and more capital-efficient use of collateral. “Tokenized assets are at the center of convergence between traditional finance and digital assets. At FalconX, we’re expanding how institutions access and manage macro exposure on-chain, laying the groundwork for a derivatives market in tokenized commodities.” -Josh Barkhordar, Head of Sales at FalconX. As commodities move on-chain, FalconX is building the infrastructure to trade, finance, and hedge macro assets within a unified institutional framework.

Crypto activity cooled in Q1, but the structure beneath it is shifting fast. ✓ Volumes compress: Spot down 49% YoY to $2.2T (weakest since 4Q23); futures down 22% ✓ Positioning reset: Futures OI at $56.5B, down 54% from Oct ’25 peak, back to pre-election levels ✓ Share + flow shifts: U.S. venues gaining share (10.7% → 14.4%) while prediction markets surge (~$900M weekly, ~1% of spot) Full breakdown in this week’s digest by Senior Crypto Market Strategist, Martin Gaspar.

Arbitrum is evolving from an L2 into core infrastructure for enterprise blockchains. ✓ Leading L2 by activity: ~$1.9B DeFi TVL, #2 Uniswap deployment, and ~$4B in stablecoin market cap signal sustained onchain demand (DeFi Llama). ✓ Gaining traction in RWAs: Ranked #1 by RWA count as of April 1 (rwa.xyz), positioning Arbitrum at the center of tokenized asset growth. ✓ A new economic model for chains: The Arbitrum Chain stack applies a 10% fee on net protocol revenue for chains not settling to One/Nova. ✓ Robinhood Chain uses the Arbitrum tech stack and stands to be a bellwether for this model as tokenized stock activity ramps up. Full analysis by Senior Crypto Market Strategist, Martin Gaspar: https://lnkd.in/eTwyH4UV

🎙️ Markets close. Risk doesn’t. In the latest episode of The House View, Colin Farrell, Senior Manager of Institutional Coverage, sits down with Griffin Sears, Head of Derivatives, to unpack how traders are hedging geopolitical risk in real time - even over the weekend. What’s happening: ✓ Bitcoin options are being used as a macro hedge when TradFi markets are closed ✓ Prediction markets are shaping views - but not where trades happen ✓ Weekend activity is no longer noise - it’s becoming core market structure ✓ Vol is elevated, but positioning remains hedge-heavy, not panic-driven Tune in: https://lnkd.in/e3fDHNcp

Great turnout at our DAS NYC side events this week. Appreciate everyone who joined us for The Credit Continuum happy hour with Gauntlet & M11 Credit and our March Madness watch party with Fireblocks & Chainalysis — great to see the community show up strong.

Recent geopolitical stress hasn’t broken the bid for Bitcoin or Hyperliquid. Our latest piece explores why: • BTC is supported by nearly $3B of DAT purchases and $1B+ of spot ETF inflows in March • HYPE saw outsized gains as traders moved on-chain for 24/7 exposure via its oil markets When traditional markets close, markets don’t stop — they shift on-chain.