Summary

• U.S. inflation remains stable, with February CPI increasing by 2.4% year-over-year. As inflation risks driven by oil prices continue to intensify, market expectations for Federal Reserve rate cuts are gradually diminishing.

• U.S. Q4 GDP was revised downward to 0.7%, indicating a slowdown in economic momentum, while rising energy costs may further suppress consumer demand.

• Key data to be released next week include February retail sales and industrial production.

• Last week, the cryptocurrency market rebounded strongly, with ETH outperforming BTC. BTC rose 10.4%, and ETH increased by 12.4%. Both spot ETF fund flows remained positive, with BTC ETF net inflows of $767.3 million and ETH ETF net inflows of $160.8 million.

• The top 30 digital assets by average price increased by 8.8%, led by TAO, HYPE, and SUI. TAO surged 42.6%, driven by AI agent narratives; HYPE rose 24.5% due to buybacks pushing it into a net deflation phase.

• Additionally, HSBC and Standard Chartered are expected to be among the first institutions to receive stablecoin licenses in Hong Kong.

• In financing news, MetaComp completed a $35 million Pre-A round to expand its compliant Web2.5 payment infrastructure.

Macro Overview

February 2026 CPI inflation remains stable amid rising energy costs

February CPI data shows a 2.4% YoY increase, in line with market expectations, but inflation risks driven by energy are intensifying. Gasoline prices soared to $3.50 per gallon due to US-Iran tensions, reaching a new high for 2024, with a monthly increase of 21%. This surge is expected to push overall inflation higher in the coming months, complicating Fed policy outlooks. Rising inflation risks have significantly cooled market expectations for rate cuts, signaling a more cautious monetary policy stance. Elevated energy costs exert dual pressure on the economy: squeezing consumer purchasing power and increasing corporate production costs, potentially slowing economic growth. Geopolitical uncertainties force the Fed to balance inflation control with employment support.

U.S. Q4 GDP was revised down to 0.7%, indicating weakening economic momentum early in 2026. Rising oil prices have constrained consumer discretionary spending, increasing the risk of slower GDP growth. Although initial tax reform effects from the “Big US Law” provided some stimulus, rising energy expenditures offset these benefits, reducing disposable income and corporate profits.

With shipping volume through the Strait of Hormuz dropping 75%, urea prices surged 19% in a week to $590 per ton, sharply increasing fertilizer costs. About one-third of global fertilizer shipping faces risks, with rising input costs, fuel, and freight rates reversing the global food inflation downtrend. This supply-side shock threatens global food security and complicates efforts by central banks to stabilize regional economies. The ongoing energy crisis may prolong inflationary pressures and slow economic expansion. Investors are becoming cautious, favoring dividend-paying and defensive sectors to hedge volatility.

Next week’s release of February retail sales and industrial production data will be crucial for assessing consumer resilience and manufacturing health amid high energy costs. Market forecasts suggest modest retail sales growth, but high oil prices may limit discretionary spending. Industrial production could be affected by supply chain disruptions from Middle East conflicts. These data points will influence market views on economic momentum and Fed policy, impacting risk assets and bond yields.

DXY

This week, the DXY index strengthened about 0.5%, driven by Middle East tensions and resilient U.S. inflation data, boosting safe-haven demand and reinforcing expectations of a hawkish Fed stance. Increased volatility prompted Japan and South Korea to take measures to manage exchange rate fluctuations. (2)

U.S. 10-year and 30-year Treasury yields

The 10-year Treasury yield approached 3.8%, and the 30-year yield surpassed 4.1%, reflecting concerns over inflation and geopolitical risks. The yield curve has steepened slightly, with markets beginning to price in persistent inflation and delayed Fed rate cuts. (3)

Gold

Gold prices rose approximately 1.2% this week, supported by geopolitical uncertainties and inflation worries, as investors seek safe-haven assets amid Middle East conflicts and stock market volatility. (4)

Crypto Market Overview

Major Assets

BTC Price

ETH Price

ETH/BTC Ratio

Last week, BTC surged 10.4%, with ETH performing even better, up 12.4%. In terms of fund flows, BTC spot ETFs saw strong net inflows of $767.3 million, and ETH spot ETFs received $160.8 million. (5)

The ETH/BTC ratio also increased by 1.87%, reaching 0.03, indicating ETH’s relative strength. Overall market sentiment slightly improved, with the Fear & Greed Index rising from 8 last week to 23 this week, though still in extreme fear territory. (6)

Total Market Cap

Cryptocurrency total market cap

Total market cap excluding BTC and ETH

Market cap excluding the top ten dominant coins

Last week, cryptocurrency market total market cap increased by 9%. Excluding BTC and ETH, the market cap rose by 5.3%; excluding the top ten coins, the broader altcoin market increased by 7%. (7)

Top 30 Crypto Assets Performance

Data sources: CoinMarketCap and Gate Ventures, as of March 16, 2026

The top 30 assets averaged an 8.8% increase, led by TAO, HYPE, and SUI.

TAO showed the strongest performance, up 42.6%, mainly driven by a rebound in AI-related tokens and the popularity of AI agents like OpenClaw and Perplexity Computer.

HYPE rose 24.5% last week, benefiting from HyperCore’s buyback rate exceeding staking releases, pushing the token into a net deflation phase. On March 13 alone, HyperCore bought back 49,323 HYPE tokens and issued 26,846, resulting in a net reduction of 22,477 tokens in circulation. (7)

Key Industry Developments

HSBC and Standard Chartered Expected to Receive Hong Kong Stablecoin Licenses

Hong Kong’s regulators are preparing to issue the first stablecoin issuer licenses, with HSBC and a joint venture led by Standard Chartered likely among the first recipients. The Hong Kong Monetary Authority prioritizes institutions with existing HKD note issuance rights, including Bank of China. This move marks a significant milestone in Hong Kong’s efforts to develop a global digital asset hub under the Stablecoin Regulations, which establish a licensing framework for fiat-backed stablecoins. Only a limited number of licenses are expected initially, possibly by March 2026. Over 30 applications have already been submitted, indicating high industry interest. (8)

Anchorage Digital Integrates Puffer Finance for Institutional Ethereum Restaking

Anchorage Digital, a crypto custody platform, has integrated Puffer Finance to offer institutional clients liquidity restaking services based on custody infrastructure. This allows institutions to stake ETH held at Anchorage and receive pufETH, a token representing re-staked ETH, which can be transferred or deployed on-chain while earning staking and re-staking rewards. The solution enables institutions to participate in re-staking without setting up their own validator nodes or managing staking infrastructure, all within Anchorage’s compliant custody environment. (9)

BlackRock Launches Staked Ethereum ETF Offering ETH Exposure and Yield

BlackRock has launched the iShares Staked Ethereum Trust ETF (ETHB), listed on Nasdaq, combining spot ETH exposure with staking yields, expanding its crypto product lineup beyond Ethereum ETFs. The fund provides direct ETH exposure and earns staking rewards, which are expected to be distributed monthly or quarterly. The prospectus states Coinbase is the custodian and staking service provider, with approved validators including Figment, Galaxy Digital, and Bitwise’s Attestant. The initial management fee is 0.25%, with a 0.12% fee discount on the first $2.5 billion in assets. (10)

Major Funding Events

MetaComp Completes $35 Million Pre-A Round to Expand Regulated Web2.5 Payments

Singapore-based MetaComp has completed two consecutive Pre-A funding rounds within three months, raising a total of $35 million from investors including Alibaba and Spark Venture. The company operates a compliant Web2.5 financial platform integrating fiat and stablecoin payment channels, offering tokenization and traditional wealth management services for enterprises, financial institutions, and UHNW clients. MetaComp has obtained a major payment institution license from the Monetary Authority of Singapore. In 2025, its platform processed over $10 billion in payments and OTC trades involving more than 13 stablecoins, managing over $500 million in assets via its Alpha Ladder Finance subsidiary. (11)

Ark Labs Raises $5.2 Million Seed Funding Backed by Tether to Expand Bitcoin-based Stablecoins and Programmable Finance Infrastructure

Ark Labs completed a $5.2 million seed round with backing from Tether, aiming to develop programmable financial infrastructure on Bitcoin. The funds will support expanding the Arkade platform, which already supports stablecoins and other digital assets, to facilitate USDT and other stablecoin applications on Bitcoin. This reflects the growing trend of building native Bitcoin financial channels, with Ark Labs working to establish Bitcoin as a robust base for stablecoin settlement, programmable transfers, and on-chain financial services. (12)

Cryptio Raises $45 Million Series B to Support Enterprise Digital Asset Accounting

Crypto accounting software provider Cryptio completed a $45 million Series B funding round led by BlackFin Capital Partners and Sentinel Global. The funds will be used to expand enterprise-grade digital asset tracking, accounting, and management tools. Its platform enables clients to monitor crypto holdings, custody positions, crypto loans, and other on-chain assets, meeting the needs of rapidly evolving digital asset infrastructure. Founded eight years ago, Cryptio employs 110 staff and serves over 450 clients, including Circle and Societe Generale’s blockchain subsidiary. (13)

Venture Market Data

Last week, eight funding rounds were completed, with infrastructure (Infra) accounting for 6 deals (75%). DeFi and Data each had one deal.

Weekly venture deal overview, data sources: Cryptorank and Gate Ventures, as of March 16, 2026

Total disclosed funding last week was $100.3 million, with one undisclosed deal. Infrastructure funding was the highest at $78.2 million. The largest single deal was Cryptio’s $45 million Series B. (14)

Weekly venture deal overview, data sources: Cryptorank and Gate Ventures, as of March 16, 2026

In the third week of March 2026, total weekly funding decreased to $100.3 million, down 21% week-over-week.

About Gate Ventures

Gate Ventures is a venture capital firm under Gate.com, focused on investments in decentralized infrastructure, middleware, and applications, aiming to drive the transformation of social and financial interactions in the Web 3.0 era. Partnering with industry leaders worldwide, Gate Ventures supports innovative teams and startups to reshape societal and financial landscapes.

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