Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesEarnAISquareMore
Bitcoin struggles for attention as traders chase stock and pre IPO contracts: report

Bitcoin struggles for attention as traders chase stock and pre IPO contracts: report

CryptoNewsNetCryptoNewsNet2026/06/05 21:48
By:CryptoNewsNet
Back to the list

Bitcoin struggles for attention as traders chase stock and equity-linked contracts: report

  crypto.news 34 m
Bitcoin struggles for attention as traders chase stock and pre IPO contracts: report image 0

Bitcoin and Ethereum trading activity has fallen to multi-quarter lows on Hyperliquid, while volume in equity-linked perpetual contracts has climbed sharply.

According to a June 5 report from Block Scholes shared with crypto.news, risk sentiment around the two largest cryptocurrencies has continued to weaken, even as speculative demand remains active in other parts of the market.

The research firm pointed to its in-house Bitcoin and Ethereum Risk Appetite Indexes, which have moved lower over the past week alongside declines in both assets.

Bitcoin struggles for attention as traders chase stock and pre IPO contracts: report image 1 Bitcoin risk appetite index: Source: Block Scholes.

Recent weakness in crypto majors has coincided with several market developments. Block Scholes noted that Strategy sold $2.5 million worth of Bitcoin from its holdings, a move that came after years of public commitment from Executive Chairman Michael Saylor to continue accumulating the asset.

The report also highlighted the longest streak of outflows from U.S. spot Bitcoin ETFs since their launch.

Rather than viewing Bitcoin’s drop toward the low $60,000 region as a sign of fading interest across the entire digital asset market, Block Scholes argued that trading activity has become concentrated in a different set of instruments.

Traders turn to stock and commodity-linked perpetuals

Data from Hyperliquid shows that daily Bitcoin perpetual futures volume has remained near $2 billion, while Ethereum volumes have stayed around $600 million to $700 million, levels Block Scholes described as multi-quarter lows.

At the same time, activity tied to equity and commodity markets has expanded rapidly on the platform. According to Block Scholes, the three most actively traded non-crypto perpetual contracts on Hyperliquid are XYZ100, which tracks the Nasdaq-100, SP500, an S&P 500-linked product, and CL, a contract tied to WTI crude oil.

Combined daily volume across those three markets has reached approximately $1.3 billion, generating $27.1 billion in notional trading volume over the past month. Block Scholes said that total equals about 112% of Ethereum perpetual volume and roughly 38% of Bitcoin perpetual volume on the exchange during the same period.

The report said the development does not necessarily represent a dollar-for-dollar migration of capital from Bitcoin and Ethereum. Instead, the report argued that trader attention and speculative activity that previously supported crypto majors are increasingly being directed toward alternative markets available through the same trading venue.

The firm’s risk appetite data also showed a divergence among digital assets. While sentiment tied to Bitcoin and Ethereum has weakened, Block Scholes reported that Hyperliquid’s $HYPE token is one of the few major crypto assets where its risk appetite indicator continues to move higher.

Bitcoin struggles for attention as traders chase stock and pre IPO contracts: report image 2

$HYPE risk appetite index. Source: block Scholes.

As previously reported by crypto.news, Binance Research recently published a report noting that capital has been flowing toward a concentrated group of U.S. equity sectors, including artificial intelligence infrastructure, semiconductor companies, defense contractors, energy firms, and commodities.

According to the report, strong performance in those sectors has historically reduced liquidity available to Bitcoin and other alternative assets.

Using the CBOE Dispersion Index as a measure of market concentration, Binance Research noted that the indicator recently reached 42, its third-highest reading on record. The firm argued that periods of concentrated equity leadership have often coincided with weakness in Bitcoin as investors direct funds toward a smaller group of high-performing themes.

0
0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

Understand the market, then trade.
Bitget offers one-stop trading for cryptocurrencies, stocks, and gold.
Trade now!

You may also like

From "chasing the light" to "going upstream toward the light"! Morgan Stanley asserts: In the tsunami of computing power, fiberglass fabric and copper foil ignite a super cycle in materials.

Morgan Stanley's latest research report points out that the global frenzy of AI infrastructure expansion is shifting from downstream GPU and wafer foundry to a comprehensive upstream spread in critical base material sectors.

智通财经2026/09/14 04:31
From "chasing the light" to "going upstream toward the light"! Morgan Stanley asserts: In the tsunami of computing power, fiberglass fabric and copper foil ignite a super cycle in materials.

As "AI slowdown" impacts the semiconductor sector, Goldman Sachs issues a bullish report! Target prices for the "Korean memory chip giants" indicate nearly 90% upside potential.

Goldman Sachs reaffirmed its “Buy” rating for the world’s two largest memory chip giants — Samsung Electronics and SK Hynix. Samsung Electronics continues to be on Goldman Sachs’ Conviction List.

智通财经2026/09/14 04:26
As "AI slowdown" impacts the semiconductor sector, Goldman Sachs issues a bullish report! Target prices for the "Korean memory chip giants" indicate nearly 90% upside potential.

Anthropic has been profitable for two consecutive quarters ahead of its IPO

Anthropic has achieved positive adjusted operating profit for two consecutive quarters, with Q2 revenue surging 14-fold year-on-year to $11.5 billion and annualized revenue reaching $65 billion. The gross margin exceeds 80%. The company has chosen to list on Nasdaq, with a potential valuation of up to $2 trillion. Dramatically, the CEO has made a rare call to slow down AI development just before the IPO. Analysts believe that balancing safety concerns with commercial competition will become the core challenge.

华尔街见闻2026/09/14 03:47