Gold, Oil and Stock Perps Hit 60% of Bitcoin Trading

Talos’s Oct. 22 State of the Market report, covering Oct. 15-21, said traditional-asset perpetual futures volume rose 26.2% to $55.3 billion, equal to 60.3% of Bitcoin perpetual volume in the markets it tracks. Perpetuals are around-the-clock derivatives; Talos linked the activity to AI volatility after September inflation of 3.7% and a 10-year Treasury yield above 5%, while CoreWeave fell about 25%. Memory-stock contracts rose most, with SK Hynix volume on Hyperliquid up 75% and Micron on Binance up 22%, and SpaceX perps rose 8.5% before the U.S. open after results, trading about $5.6 billion. Bitcoin futures open interest rose 6% to $47.9 billion.