OSL Research Daily Brief | 2026.03.06

Daily Market Digest

1. Bitcoin Rallies Alongside Dollar: Bitcoin has rebounded near $74k, up over 10% since the Middle East conflict began. Despite risk-off sentiment and a strong dollar, Trump's pro-crypto stance has led to a rare positive correlation between BTC and USD.

2. ICE Invests in OKX: NYSE parent company ICE has acquired a stake in OKX (valuing it at $25B) and secured a board seat. The partnership aims to launch real-time crypto data and tokenized stock services, signaling a merger of TradFi and crypto.

3. HK SFC Pushes Tokenization: CEO Julia Leung emphasized the need to upgrade Hong Kong's market infrastructure using DLT and tokenization to support a wide range of products, including bonds, funds, and gold.

4. Options Market Warning: GreekLive reports that selling call options has become dominant, slowing upward momentum. While Skew has rebounded, rising IV suggests the market is still in a bear phase with the bottom unconfirmed.

5. Bitcoin ETFs vs. Gold: U.S. Bitcoin ETFs saw $500M in daily inflows while gold retreated, sparking debate on whether Bitcoin is increasingly assuming the role of a safe-haven asset.

6. Crypto VC Shifts: a16z crypto is raising a $2B Fund V focused on blockchain, while Paradigm seeks $1.5B to expand into AI and robotics. Meanwhile, a Multicoin co-founder has left to pursue other tech investments.

7. Dalio Favors Gold: Ray Dalio reiterated that gold is irreplaceable and superior to Bitcoin, recommending a 5-15% portfolio allocation for disaster risk mitigation.

8. Infrastructure for AI Agents: Airwallex's CEO views compliant wallets as the foundation for the AI agent economy but notes that stablecoins are not yet mature enough globally to support AI agent payments.

9. Record Gold ETF Inflows: Global gold ETFs saw $5.3B in net inflows in February, the 9th consecutive month of growth. AUM hit a record high of $701B, driven by North America and Asia.

10. Russia's Stablecoin Bill: Russia plans to introduce a standalone stablecoin bill in July to clarify regulations and mitigate sanctions. Global stablecoin issuance has grown over 51% since the start of 2025.

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