# Five Largest Crypto Exchanges Logged 11% of U.S. Equity Volume in July By Enna Lee Canonical URL: https://www.tokenpost.com/news/investing/39672 Published: 2026-10-24T05:14:17.000Z Updated: 2026-10-24T05:14:17.000Z Section: Investing > The crypto total covered five exchanges and excluded several large venues. Traditional-asset perpetuals on Hyperliquid exceeded four-fifths of Bitcoin contract volume. 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. ## Links in this article - [stock, ETF and equity-index perpetuals](https://www.tokenpost.com/news/investing/39135)