Crypto traders haven’t left—they’ve just moved to a different venue to buy the dip in U.S. stocks.
On Hyperliquid, stock perpetuals have overtaken Bitcoin in trading volume: for the week ending October 28, HIP-3 stock and commodity markets averaged $2.6 billion a day, while BTC perpetuals did just $2.4 billion. By November 9, HIP-3 accounted for 44% of the platform’s trading volume over the past seven days.
Glassnode’s data is even more striking: in November, the trading volume of selected stock perpetuals reached 126% of BTC’s. Nvidia alone saw nearly $2 billion in trading over 24 hours, making it the platform’s second-largest traded asset, behind only BTC.
There’s an interesting historical comparison, too: the last time stock trading volume so thoroughly outpaced BTC was in August, when it hit 275%. At the time, BTC was near a local bottom and then rebounded.
My take: don’t read this as “money draining out of crypto.” The available data doesn’t prove that funds are flowing from BTC into stocks. But it does confirm something else: this same group of traders hasn’t lost its appetite for risk—they’re just no longer betting exclusively on crypto. On-chain exchanges are blurring the lines between crypto and stocks.
Two things matter next: can HIP-3 hold above 40%, and can BTC stay above $70,000 after tonight’s PPI release? If stock trading volume continues to surpass BTC’s while BTC holds $70,000, this pullback looks more like rotation than an exit. Conversely, if HIP-3’s share falls and BTC breaks below $70,000, it would suggest money is pulling back from both sides.
One caveat: there’s no confirmed causal link between August’s rebound and the flip in trading volume. The historical comparison is just a reference point—not a buy-the-dip signal.
$BTC is now at $71,460, down 3.5% in 24 hours. The Fear and Greed Index is at 29, still in fear territory.
Would you trade U.S. stocks on a crypto exchange? Or do you think crypto should be crypto and stocks should be stocks—and mixing them together just makes things harder to follow?
$HYPE $BTC
#Hyperliquid #美股 #链上数据 #CryptoMarket
The above is a summary of market information only and does not constitute investment advice.
On Hyperliquid, stock perpetuals have overtaken Bitcoin in trading volume: for the week ending October 28, HIP-3 stock and commodity markets averaged $2.6 billion a day, while BTC perpetuals did just $2.4 billion. By November 9, HIP-3 accounted for 44% of the platform’s trading volume over the past seven days.
Glassnode’s data is even more striking: in November, the trading volume of selected stock perpetuals reached 126% of BTC’s. Nvidia alone saw nearly $2 billion in trading over 24 hours, making it the platform’s second-largest traded asset, behind only BTC.
There’s an interesting historical comparison, too: the last time stock trading volume so thoroughly outpaced BTC was in August, when it hit 275%. At the time, BTC was near a local bottom and then rebounded.
My take: don’t read this as “money draining out of crypto.” The available data doesn’t prove that funds are flowing from BTC into stocks. But it does confirm something else: this same group of traders hasn’t lost its appetite for risk—they’re just no longer betting exclusively on crypto. On-chain exchanges are blurring the lines between crypto and stocks.
Two things matter next: can HIP-3 hold above 40%, and can BTC stay above $70,000 after tonight’s PPI release? If stock trading volume continues to surpass BTC’s while BTC holds $70,000, this pullback looks more like rotation than an exit. Conversely, if HIP-3’s share falls and BTC breaks below $70,000, it would suggest money is pulling back from both sides.
One caveat: there’s no confirmed causal link between August’s rebound and the flip in trading volume. The historical comparison is just a reference point—not a buy-the-dip signal.
$BTC is now at $71,460, down 3.5% in 24 hours. The Fear and Greed Index is at 29, still in fear territory.
Would you trade U.S. stocks on a crypto exchange? Or do you think crypto should be crypto and stocks should be stocks—and mixing them together just makes things harder to follow?
$HYPE $BTC
#Hyperliquid #美股 #链上数据 #CryptoMarket
The above is a summary of market information only and does not constitute investment advice.