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Bitwise Chief Investment Officer Matt Hougan stated that there may be structural mispricing in the crypto asset market, due to investors' "anchoring bias" which keeps them focused on old narratives while overlooking the trend of Wall Street accelerating the deployment of on-chain infrastructure. He mentioned that although the tokenized asset market is currently only about $20 billion, the scale of traditional financial markets suggests significant growth potential. He cited examples such as BlackRock launching a tokenized treasury fund, JPMorgan issuing deposit tokens on the Base network, and Apollo launching a tokenized credit fund, arguing that the current consensus narrative lags behind actual developments, thus providing investors with opportunities for excess returns. He recommends that investors establish broad market exposure to adapt to structural changes in finance.

⑴ The Asian high-sulfur fuel oil market temporarily stabilized on Wednesday, but downside risks remain. The 380-cst high-sulfur fuel oil March-April intermonth spread widened to over $2.50 per ton, while the spot differential remained near a one-month low. The crack spread was reported at a discount of about $5.30 per barrel, reflecting continued pressure from expectations of ample supply. Meanwhile, very low sulfur fuel oil fluctuated within a range, with spot premiums holding steady and the crack spread maintained at a premium of $5.85 per barrel.⑵ The diesel market's near-term backwardation narrowed for the second consecutive day, mainly due to sufficient regional supply in March. However, the diesel crack spread strengthened against the trend to $22.3 per barrel, while the 10ppm spot differential further declined to a discount of 92 cents.⑶ Jet fuel became a structural highlight. The jet fuel/diesel spread turned to a premium for the first time in a month, reaching 4-10 cents per barrel. Coupled with rumors of westbound jet fuel flows, this jointly drove a reversal in the spread structure. The Singapore window recorded one diesel and one jet fuel transaction.⑷ The naphtha market remained firm as buyers returned to the market to meet April demand, with negotiation levels higher than last month. Against the backdrop of fewer low offers, the crack spread rebounded to about $92 per ton.⑸ Gasoline market supply expectations weakened, with regional and Western maintenance seasons approaching, and the crack spread widened to nearly $8 per barrel. However, the generally bearish sentiment in the spot market may limit near-term gains. The Singapore window saw one naphtha and four gasoline transactions.

Gelonghui, February 25th | According to Japan's Kyodo News, Japan's antitrust agency—the Japan Fair Trade Commission—conducted an on-site investigation into Microsoft Japan on suspicion of violating antitrust laws.