Huang Renxun has left Beijing, and NVIDIA has not disclosed whether Huang Renxun met with the DeepSeek founder.

**March 9 Update** Data from Coinbob Popular Address Tracking shows WTI Crude (CL) trading volume on Hyperliquid topped $100 million for the first time on March 3, pushing it into the platform’s top 10 trading pairs—with activity continuing to surge. As of today, CL’s 24-hour volume has exceeded $9.1 billion, marking a 9,110% weekly jump. U.S. stocks and commodities now account for six of the top 10 volume-ranked pairs. Ahead of recent market attention, several prominent on-chain traders and institutions have positioned in the RWA U.S. stocks/commodities space: - **CBB (@Cbb0fe on X):** Holds a $36.3M short position across CL (Crude), EWY (South Korean equities), NATGAS (Natural Gas), and an AI supply chain/tech stock basket; plus a $4.76M long in Gold. This may signal cross-market arbitrage or high-frequency market making. Its largest CL short averages $78.3 (opened March 4). - **Continue Capital (Founder: Pima):** Holds $13.5M longs in NVDA (NVIDIA) and MU (Micron), with a

On March 9, Coinbase announced the official launch of its futures trading services in Europe—marking the first time European traders can access regulated crypto derivative products on the platform. The service is rolling out gradually to users in 26 European countries (including Germany, France, and the Netherlands) via its MiFID-authorized entity, and is available exclusively on Coinbase Advanced. Newly launched products include: - Crypto futures - Stock index futures - "Perpetual-style" futures (5-year maturity, pegged to underlying asset prices via an hourly funding rate mechanism, settled daily) Fixed-term contracts, by contrast, expire monthly or quarterly and are marked to market daily based on official settlement prices. Trading terms: - Up to 10x leverage for select contracts (Bitcoin, Ethereum, and some stock index products) - 4–5x leverage for other products - Minimum trading fee of 0.02% per contract Users must complete a qualification review and K

March 9 – Bin Hui Ong, a Commodities Analyst at BMI (a Fitch Ratings subsidiary), noted that edible oil and crude oil prices could stay elevated if Middle East tensions persist. Stronger demand for biofuel feedstocks will support edible oil prices. However, prices remain subject to various vegetable oil supply and demand fundamentals. Palm oil prices will continue to be supported by Indonesia’s ongoing policy risks and seasonal holiday demand. “Meanwhile, robust U.S. soybean production may partially ease tightness in the global soybean oil market,” the analyst said. (FX678)

**Japan Investors’ Overseas Bond Outflow Hits 16-Month High in February (March 9)** Japanese investors pulled the most cash from overseas bond markets in 16 months last February, as falling U.S. Treasury yields and rising Japanese bond yields made domestic debt more appealing. Data from Japan’s Ministry of Finance shows the investors were net sellers of 3.07 trillion yen ($19.4 billion) in foreign bonds last month — the largest single-month outflow since October 2024 (when they sold 6.5 trillion yen). Among the trades, they offloaded 3.42 trillion yen in long-term foreign bonds (a 16-month high) but were net buyers of roughly 352.1 billion yen in short-term foreign debt. On the equity front, Japanese investors were net buyers of 642.1 billion yen in foreign stocks in February, marking the second straight month of purchases. Barclays noted the buying was mainly driven by demand tied to Japan’s NISA (Nippon Individual Savings Account) — a government program that lets individuals

On March 9, Lookonchain monitoring data indicates two whales have taken profits over the past two days, selling a combined ~$40 million worth of gold-backed tokens. Address 0x8C08 and 0xdfcA (linked to the same whale) sold 5,250 Tether Gold (XAUT) at $5,125 apiece (~$26.91 million) and 560 Paxos Gold (PAXG) at $5,173 each (~$2.9 million) in the two-day window, realizing a total profit of $5.32 million. Another whale at address 0x8844 sold 1,934 XAUT at $5,037 six hours ago (~$9.74 million), netting a profit of $1.74 million.

**March 9 — Global financial markets spiked sharply in volatility Wednesday amid escalating Middle East tensions and growing fears of energy supply shocks, with investors heavily pricing in "stagflation trades."** Global stock market capitalization has shed roughly $6 trillion since the conflict erupted, as markets rapidly warmed to expectations of slower economic growth and resurgent inflation. A surge in oil prices emerged as the key catalyst for the turmoil. Brent crude jumped as much as 29% intraday — its biggest single-day swing in nearly six years — approaching $120 per barrel. Safe-haven demand lifted the U.S. dollar, triggering a broad selloff of risk assets: Asian stocks dropped up to 5.6%, with South Korea’s market even hitting a circuit breaker. Market sentiment has turned sharply pessimistic, with several institutions noting investors are bracing for long-term impacts. Some fund managers say the current trend looks like classic "panic selling" rather than the ca