Five Largest Crypto Exchanges Logged 11% of U.S. Equity Volume in July

Glassnode and Fasanara Digital released their joint Digital Asset Report Q4 2026 on Oct. 23, amid a split between weakening crypto trading and growth in traditional-asset products on crypto venues.

Bitcoin (BTC) fell from its all-time high as crypto trading volumes and volatility reached cycle lows over the past year. Stablecoin settlement, tokenized-equity holders and traditional-asset perpetual futures grew during the same period. Glassnode Research described the stretch as “a bear market in price and in little else.”

The five largest crypto exchanges recorded $2.28 trillion in July trading, about 11% of the $20.5 trillion traded in U.S. equities. Several large crypto venues were excluded, making the crypto figure a floor rather than a complete market total.

On Hyperliquid, perpetual futures tied to equities, indexes and commodities had more than four-fifths of the volume of the platform’s Bitcoin perpetual.

Separate Q3 figures for Hyperliquid’s stock, ETF and equity-index perpetuals covered different products and a different period. Trading volumes and holder counts measure activity, not participant identities, so the public figures do not establish how much growth came from traditional financial institutions.