Glassnode's latest analysis reveals a significant rotation in market sentiment as speculation moves from Bitcoin and other cryptocurrencies into traditional financial instruments. The report, shared on October 23, 2026, highlights that perpetual trading of stocks, gold, and oil on major platforms has increased markedly, while Bitcoin remains entrenched in a bear market.
Key findings from Glassnode indicate that traditional finance is increasingly integrating with crypto markets. This transition could lead to heightened institutional participation and a reassessment of asset allocation strategies by allocators. The report was produced in collaboration with Fasanara Digital, adding weight to its institutional perspective.
Notably, the volume of perpetual contracts on Hyperliquid exceeded three times the volume of Bitcoin’s native perpetual contracts in August, signaling a capitulation phase among Bitcoin investors. Traders appear to be seeking stability in traditional markets, contributing to ongoing volatility across major assets.
As Bitcoin continues to languish in a bear phase, the implications of this shift could reshape trading strategies. Analysts suggest monitoring the Fear & Greed Index and key support and resistance levels for Bitcoin, as the rotation into equities may continue to influence digital asset markets.
