U.S. equity trading reached $20.5 trillion in July, nearly nine times the $2.28 trillion recorded by the five largest crypto exchanges, according to a joint report from Glassnode and Fasanara Digital.
The exchange total amounted to about 11% of U.S. equity turnover. The Digital Asset Report Q4 2026, released Oct. 23, excluded several large crypto venues, making the five-exchange figure a floor rather than a full-market measure.
On Hyperliquid, perpetual futures linked to equities, indexes and commodities generated more than 80% of the volume in the platform's Bitcoin (BTC) perpetual, the report said.
Over the past year, Bitcoin retreated from its record as crypto trading volume and volatility reached cycle lows. The report also recorded growth in stablecoin settlement, tokenized-equity holder counts and trading in perpetual futures linked to traditional assets.
Trading and holder counts measure activity but do not identify participants. They therefore cannot establish how much of that growth came from traditional financial institutions.
