Ethereum and Hyperliquid pulled ahead
$ETH climbed 71.0% to $2,684, while Bitcoin rose 42.7% to $83,576. That made Ethereum the standout among the majors, and it ended a three-quarter losing streak for the token. The shift had been visible since July, when $ETH was already outrunning Bitcoin, up about 22% for the month against roughly 9%. Fund flows helped. US spot $ETH ETFs took in $3.1 billion, reversing all of the first half’s outflows. Yet $ETH’s average daily trading volume dropped 23.2% to $11.5 billion, and the anticipated Glamsterdam upgrade missed the quarter.
Hyperliquid’s HYPE made the sharper move. It rose 40.5% in four days to $82, a record at the time, after President Donald Trump said on August 19 that CFTC Chair Michael Selig is working to bring Hyperliquid to the US market. The token peaked at an all-time high of $98 on September 23. BlockchainReporter’s September 22 coverage named another development as the largest catalyst: Payward, Kraken’s parent company, plans to use its CFTC-regulated entities to offer US clients on-chain perpetual futures on Hyperliquid, pending regulatory approval.
Where trading activity moved
Robinhood Chain opened to the public on July 1 and has since generated more than $88.9 billion in trading volume, tracked in the report’s charts as DEX volume. It averaged 9.5 million transactions a day in the third quarter, which made it the third most active chain. The network was built as a gateway for tokenized stocks and real-world assets. Memecoin trading overtook that ambition instead. Daily DEX volume grew from $1.3 million on July 1 to a peak of $3.5 billion on September 4, helped along by the Cashcat memecoin and launchpads such as Pons. The report adds that most newly deployed tokens failed to gain traction.
Spot trading on centralized exchanges went the other way. Volume at the top 10 totaled $1.65 trillion, down 14.2% from $1.93 trillion in the second quarter. July was the low point at $443.6 billion before August rebounded to $712.3 billion. Binance took 42.7% of the quarter’s spot volume, up from 38.7%, and the report calls it the only exchange with a double-digit share. Upbit grew 83.9% in September but had the biggest slump of the quarter, down 33.7%. Bitget fell out of the top 10 after a September hack.
Leverage, meanwhile, came back faster than spot activity: open interest on the top 10 centralized perpetual exchanges rose 40.6% and closed the quarter above $100 billion, the first time since 2025 Q3. A brief spike past that mark on January 14 and 15 had faded quickly. Binance alone added $12.7 billion. KuCoin and Deribit lost ground, with open interest down 41.2% and 18.9%, and CoinGecko calls the result an uneven recovery instead of a broad-based one.
What the numbers leave open
The report stops at September 30, and at least one of its stories has already cooled. Robinhood Chain’s daily transactions fell 42% in the first week of October, averaging 6.2 million against 10.8 million in mid-September, BlockchainReporter reported on October 10. Weekly spot volume on the chain slid 21% week over week to $7.45 billion. Those figures come from growthepie data via CoinDesk, not from CoinGecko, so the two series aren’t directly comparable.
Durability and policy are the other open questions. More than half of the quarter’s gain came in a single month, tied to a Treasury buyback plan and ETF inflows that can change course. Payward’s Hyperliquid plan was still awaiting regulatory approval when BlockchainReporter covered it. And the CFTC’s October 5 rulemaking on leveraged retail crypto trading is an advance notice seeking public comment. It floats letting exchanges that list perpetuals register as designated contract markets, but nothing is final. With total market cap still 4.0% lower for the year, the fourth-quarter data will show whether trading volume starts to follow prices.
blockchainreporter.net
