SanDisk’s tokenized stock perpetual contract SNDK on Binance has overtaken both Bitcoin and Ether in 24-hour trading volume, underlining a sharp rise in demand for traditional financial assets on the crypto exchange. Over the past 24 hours, SNDK attracted more than $7.38 billion in volume, compared with $6.11 billion for BTC and $4.57 billion for ETH, according to Binance market data.
The move was not abrupt. As of August 17, SNDK was already the third-largest perpetual on Binance, with about $3.71 billion in 24-hour volume and $1.73 billion in open interest. That open interest was 1.86 times higher than SPCX’s $928 million and 3.51 times higher than SKHX’s $493 million. SNDK climbed to an intraday high of $1,693 before settling around $1,641, marking a gain of more than 35% from its $1,213 low in under two weeks.
Broader data shows that half of the top 10 traded perpetual contracts on Binance over the last 24 hours were TradFi instruments. After SNDK, the most actively traded stock perpetuals included SKHYNIX at $2.48 billion, KORU at $1.84 billion, SOXL at $1.82 billion, and SPCX at $1.35 billion. Binance launched tokenized stocks in June under its bStock program, which is now the second-largest issuer of tokenized stocks by market capitalization. On August 13, bStock recorded a market cap of about $610.6 million, or 22.1% of the sector, surpassing xStocks at $601.2 million, while Ondo Finance led with $951.8 million and a 34.4% share.
