March 2026
The Digital Fund returned 8.11% for March 2026, while the Alpha Prime Trust returned 0.06% over the same period.
Geopolitical tensions surrounding the Strait of Hormuz were the primary broad market factor over the month, with elevated oil prices and heightened uncertainty weighing on sentiment across risk assets. Against this pressure, institutional flows into digital asset products remained constructive, particularly for Bitcoin, where inflows provided a degree of price support that was less apparent in Ethereum products. Stablecoin inflows diverged positively from the broader capital flow trend, suggesting a more defensive on-chain posture rather than a broad recovery in risk appetite across the asset class. Late in the month, unusual volatility in CME Bitcoin futures open interest around the March expiry contributed to uneven liquidity and trading conditions, though this did not alter the direction of the month’s broader return profile.
Digital Fund
The Digital Fund returned 8.11% over the month, with Bitcoin gaining 2.89% to close at US$66,698 and Ethereum rising 8.20% to US$2,053.57. Bitcoin’s positive performance was associated with improved institutional demand, with digital asset investment products recording over US$1 billion in inflows in the week to 16 March. Ethereum outperformed Bitcoin in price terms despite ETF and ETP flows appearing flat to modestly negative over the period.
Hyperliquid was the strongest contributor, returning 27.96% to close at US$36.02, with the announcement and launch of S&P 500 perpetuals on the platform appearing to have contributed to increased activity and token price appreciation over the month. Tron also contributed positively, returning 10.62% to close at US$0.31, with its performance more consistent with relative consolidation than any single new development. On the other side of the ledger, SEI Network and Hedera were the weakest holdings, falling 22.34% and 17.22% to close at US$0.05 and US$0.08 respectively. Both moves were consistent with the broader altcoin weakness that persisted through the month, with no clear project-specific negative catalysts identified for either position.
Alpha Prime Trust
The Alpha Prime Trust returned 0.06% over the month, with performance across the four sleeves shaped primarily by compressed futures basis, softened carry conditions, and volatile derivatives liquidity rather than outright crypto price direction. The monthly value captured through cash-and-carry trades declined for both Bitcoin and Ethereum, continuing a basis compression trend that has been in place since August 2025. Carry conditions softened further as futures demand eased and balance-sheet commitment contracted in the tighter liquidity environment of early March. Late in the month, the sharp build-up and subsequent record single-day decline in CME Bitcoin futures open interest around the 30 March expiry contributed to volatile execution conditions for spread-based strategies.
The DeFi Yield sleeve was the strongest contributor at 0.32%, with its positive result appearing consistent with capital rotation into dollar-denominated on-chain instruments in a cautious market environment. The Market-Neutral sleeve returned 0.13%, a modest positive result against the compressed basis and softer carry conditions that constrained gross spread capture over the period. Arbitrage returned 0.08%, with the volatile liquidity conditions around the late-month futures expiry appearing to have reduced execution efficiency and the quality of available spreads. The Momentum Forex sleeve detracted, returning -0.27%.