Wall Street Assets Take Nearly A Quarter Of Crypto Perpetual Trading: Glassnode Report

Bitcoin's correlation with gold peaked in September at its highest level since the data began in 2018.

• Perpetual futures on stocks, ETFs, indices, gold and oil grew to 23.5% of perpetual volume on major crypto exchanges.
• About $778 billion of these contracts traded in August, with Binance handling about 55% of the volume.
• On Hyperliquid, markets tied to traditional assets now trade 85% as much as the venue's own Bitcoin contract.

Bitcoin (BTC) fell to $80,000 on Saturday as traditional financial assets including stocks, ETFs, indices, gold and oil are capturing a larger share of trading activity on crypto exchanges. Perpetual futures tied to these assets made up 23.5% of volume in August, up from just 0.5% in November of last year, according to a report by Glassnode and Fasanara Digital.

Traditional Asset Perpetuals Hit $778B

Perpetual futures are derivatives with no expiry date, which allow traders to hold leveraged positions for as long as they like. The share of these contracts tied to traditional assets rose from 0.5% of volume on six major exchange groups in November 2025 to 23.5% in August 2026, the report said. About $778 billion worth changed hands in August alone, up from $23.5 billion in November.

Trading in crypto-asset perpetuals fell 49% over the same period, which also lifted the traditional-asset share. Even if crypto volume had stayed at its November level, the share would still have reached 13.5% in August, the report said. The firms noted that their figures are conservative. Contracts they could not classify were counted as crypto.

Bitcoin was the top-trending ticker on Stocktwits. Bitcoin’s price was down over 2% during the past 24 hours. On Stocktwits, retail sentiment around BTC remained in the ‘bearish’ zone, while chatter stayed at ‘low’ levels over the past day. 

Binance Takes The Lead

Binance (BNB) did not list its first such contract until December 2025. By August, it handled about 55% of the volume, or $429 billion. OKX came second with a little over 15%, followed by Hyperliquid (HYPE) at 11%. Traditional assets made up a larger part of the business on Hyperliquid, as they accounted for 35.2% of all perpetual volume on the platform in August, against 27.6% on Binance. 

Hyperliquid’s (HYPE) HIP-3 system, live since October 2025, allows users to create perpetual markets for any asset that has a reliable price source. 

Markets listed on trade.xyz, an exchange built on that system, now trade 85% as much volume as Hyperliquid’s own Bitcoin perpetual, up from less than a tenth at the start of the year, the report said. At the start of the year, it was below a tenth. The same types of contracts topped the rankings on every platform. These included memory-chip stocks, leveraged chip and Korea-focused ETFs, and commodities such as gold, silver and crude oil.

Bitcoin Moves With Gold

The report also tracked Bitcoin's behavior around the U.S. Treasury's decision to raise the maximum size of its long-dated bond buybacks from $2 billion to at least $4 billion. Bitcoin rose 25% that week, while gold climbed and stocks slipped. Since then, Bitcoin has traded more like gold. Their correlation peaked on September 11 at its highest level since the data began in March 2018, according to the report.

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