Real-world asset perpetual trading volume fell 13.5% in August to $122 billion, the first monthly decline since January 2026, ending six consecutive months of growth. This drop coincided with the broadest crypto market rally of 2026, with Bitcoin gaining 25% and Ethereum 32.5%. Traders exited tokenized asset markets to return to major cryptocurrencies seeking directional beta. Tokenized stocks remain the dominant category, accounting for 67% of HIP-3 volume on Hyperliquid, and trading volumes stay more than five times above January levels. September will determine whether August’s decline represents a rotation or a structural segment downturn.
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