3 hours ago
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Key Takeaways
- Traditional markets exceed Bitcoin’s daily perpetual turnover.
- Leveraged turnover does not prove capital migration from crypto.
- Contract rules dictate pricing when underlying traditional markets close.
- Sustained demand requires tracking open interest and executable depth.
The HIP-3 Volume Crossover: Fact vs. Illusion
In its October 28 report, Glassnode puts daily HIP-3 trading at approximately $2.6 billion over the preceding week, compared with about $2.4 billion for Bitcoin perpetuals on the same venue. SK Hynix, the S&P 500, and a technology index led individual markets, followed by crude oil.
While this marks a striking milestone for external assets on a decentralized venue, raw volume measures turnover rather than committed capital. A trader can open and close leveraged positions repeatedly, generating substantial transaction volume without maintaining a large base position. Establishing an actual capital mi...
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