In August, trading volume for perpetual futures based on traditional financial assets on Hyperliquid exceeded that of Bitcoin contracts by more than three times, and Glassnode linked this pattern to speculative interest shifting toward stocks.
In findings shared on October 23 from a report prepared with Fasanara Digital, Glassnode highlighted how investor interest shifted during Bitcoin’s bear market. The comparison focuses on traditional finance (TradFi) contracts and Bitcoin-based perpetual futures on Hyperliquid.
It Stood Out as Bitcoin Investors Gave Up
According to the data, in August, TradFi perpetual futures volume reached more than three times the volume of BTC perpetual futures on the platform. Glassnode viewed this period in the context of Bitcoin investors giving in to selling pressure—a process known in market parlance as “capitulation.”
The firm’s interpretation was that speculative trading had shifted toward stocks. The volume comparison here covers contracts based on traditional financial assets, a broader category.
Interest in Different Assets on a Crypto Exchange
Perpetual futures contracts allow traders to take positions on an underlying asset’s price movements without a set expiration date. The comparison on Hyperliquid shows that these products reached higher trading volume than Bitcoin contracts on the same platform.
The reported ratio shows the relative size of the two trading categories; it does not measure the amount of money transferred directly from Bitcoin to stocks. The finding highlighted by Glassnode is that, in August, trading interest on the platform diverged markedly in favor of traditional assets.
Not investment advice.