Hyperliquid altcoins are in full retreat, with stock-related trading activity having completed an overtake.

BlockBeats news, October 26 - Recently, trading across the Hyperliquid platform has cooled overall. While native crypto trading has contracted significantly, HIP-3 (primarily US stocks and commodities) has risen again. Crypto sector trading data shows that altcoins' survival space is being severely squeezed by a very small number of top-tier assets such as HYPE and ZEC. Hyperliquid's asset trading landscape is accelerating its tilt toward traditional assets.

According to TradingBeats monitoring, since the altcoin rally became active in September, the number of high-volume altcoin assets has continued to decline sharply, and the active breadth of contracts related to stocks, stock indices, and stock ETFs has surpassed that of altcoins.

As of this afternoon, in the past 24 hours, there were 13 altcoin contracts with trading volume exceeding $10 million, while stock-related assets numbered 23; lowering the threshold to $5 million, the two categories numbered 21 and 31 respectively, and this portion does not include commodities such as crude oil and gold.

From the September active high to now, altcoin trading has clearly contracted.

Taking September 7 as the starting point of the altcoin rally, the platform's native altcoin contracts had a 24-hour trading volume of approximately $2.088 billion that day; on September 24, the active high rose to $4.108 billion, and currently it is only about $1.254 billion, down about 40% from the former and about 69.5% from the latter.

During the same period, the number of altcoin assets with trading volume exceeding $10 million increased from 27 to 38, then fell to the current 13; the number exceeding $5 million increased from 35 to 52, then fell to 21. The cooling of trading has already manifested as a narrowing range of active assets.

Remaining trading volume is increasingly concentrated in a small number of coins.

HYPE and ZEC traded approximately $294 million and $290 million respectively in the past 24 hours, totaling about $584 million, accounting for 46.6% of all native altcoin trading, higher than 38.7% on September 24. If NEAR and SOL are added, the four together account for 65.7%.

Excluding HYPE and ZEC, the remaining native altcoin contracts totaled only about $670 million in trading; during the same period, contracts related to stocks, stock indices, and stock ETFs totaled about $1.222 billion, approximately 1.82 times the former.

However, total altcoin trading including HYPE and ZEC is still slightly higher than stock-related contracts. Currently, stock-related assets have broader coverage, while altcoin trading has become more dependent on top-tier coins.

Trade.xyz has also cooled from its highs, but remains significantly expanded compared to early September.

On September 7, Trade.xyz's 24-hour trading volume was approximately $892 million; on September 24 it was about $2.12 billion, and currently it is around $1.549 billion. Compared to late September, Trade.xyz's volume has dropped about 26.9%, a notably smaller contraction than the 69.5% for native altcoins; compared to early September, its volume has still grown about 73.6%.

Data over the past 30 days shows the 24-hour volume peak occurred on October 16 at approximately $5.341 billion, and it is currently down about 71% from that peak. Stock-related trading has also experienced a cooldown.

Previously, from September 21 to 27, Hyperliquid's platform-wide average volume was approximately $9.163 billion, of which native crypto contracts accounted for about $7.224 billion and HIP-3 for about $1.939 billion.

In the most recent week, from October 19 to 25, platform-wide average volume dropped to approximately $7.564 billion: native crypto contracts fell to $4.795 billion, while HIP-3 rose to $2.769 billion, with HIP-3's share of volume increasing from about 21.2% to 36.6%.