Bets on chip stocks, gold and silver made up more than a fifth of crypto liquidations as the Nasdaq fell 2.6%, while Bitcoin trading stayed near cycle lows.
Key Facts
Bets on silver, gold and chip stocks made up about $71 million of the $326 million liquidated on crypto exchanges in the 24 hours to 9:35 a.m. ET on Friday, CoinGlass data show.
Perpetual futures on stocks, gold and oil rose from 0.5% to 23.5% of perpetual trading on six major crypto exchanges between November 2025 and August 2026, Glassnode and Fasanara Digital said.
Glassnode said a recovery in Bitcoin volumes would show whether the market is new demand or a stand-in while crypto trading is quiet.
Bets on chip stocks, gold and silver made up more than a fifth of crypto-exchange liquidations as the Nasdaq fell 2.6% on Thursday, CoinGlass data show. Bitcoin (BTC) trading, meanwhile, has been near cycle lows, according to Glassnode.
On Hyperliquid, contracts on stocks, gold and oil traded more than the venue's Bitcoin contract on Thursday, by CoinMarketCap's count of the venue's own data. A Glassnode and Fasanara Digital report released Friday found the same shift across six major exchanges. A recovery in Bitcoin volumes will show "whether this is a new market or a stand-in for a quiet one," Glassnode and Fasanara wrote.
The shift took about a year.
“Perpetual futures on stocks, indices, gold and oil barely traded on crypto exchanges last autumn, and they are now a large part of perpetual trading on the major venues,” Glassnode wrote on Friday.
What Did Traders Bet On? Chip Stocks, Gold and Oil
About $19 million in silver positions were liquidated over the 24 hours, the third-largest total after Ethereum (ETH) and Bitcoin. Bets on gold, a leveraged chip-stock fund and SanDisk were close behind.
The liquidations came as chip and AI stocks led Thursday's sell-off. Micron and AMD were among the biggest losers, The Block reported.
“The main driver was AI financing, in particular in regards to Meta,” Rick Maeda, head of markets at Laevitas, told The Block.
A perpetual contract tracks an asset's price with no expiry date. That lets traders hold leverage on a stock around the clock, funded with stablecoins.
How Big Is the Market? Nearly a Quarter of Perps
These contracts made up 23.5% of perpetual futures trading on six major exchanges in August, up from 0.5% in November 2025, Glassnode and Fasanara said.
On Hyperliquid, anyone can launch a market on an asset with a price feed. Its traditional-asset book started the year below a tenth of its Bitcoin book. It has been the larger of the two on 84 days this year, the report found.
Why Is Bitcoin Trading Quiet? Crypto Volume Fell 49%
Volume in crypto assets on the same six exchanges fell 49% between November and August. The firms still credit most of the rise in share to new trading in these contracts.
Bitcoin's volatility also fell near a two-year low earlier this month.
What Would Settle It? Bitcoin Volumes and $77.5K
Glassnode puts Bitcoin's dividing line at $77,500, an average cost weighted toward coins that still move. Holding above it keeps Bitcoin in its bull phase, the report said. Bitcoin traded near $81,700 on Friday, CoinMarketCap data show.
The report also watches for open interest to rebuild in coin terms. That measure counts contracts in coins rather than dollars, so a price move alone does not lift it.
Bitcoin's own book is the side that has yet to move.
“The next test is whether TradFi maintains its larger share beyond short-lived volatility,” CryptoQuant contributor MorenoDV_ wrote on Thursday.
Further Reading: Ethereum ETFs Lose $1B as Stakers Rush to Lock Up ETH
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