“Money Pours In Even on Weekends”… On-Chain Commodity Trading Explodes to $5.4 Billion

▲ On-chain, virtual assets, gold, silver, crude oil/AI-generated image

As on-chain commodities trading moves beyond a temporary trend and establishes itself as a new market phenomenon, large amounts of capital are flowing into the virtual asset market even on weekends when traditional financial exchanges are closed.

According to Cointelegraph on March 30 (local time), Hyperliquid’s HIP-3 market recorded an all-time high of approximately $5.4 billion in perpetual futures trading volume on March 23, including commodities and macro assets. By asset, silver accounted for the largest share at $1.3 billion, followed by WTI crude oil at $1.2 billion, Brent crude at $940 million, and gold at $558 million. This indicates that investment demand for macro assets is rapidly expanding within the on-chain environment.

Iggy Ioppe, Chief Investment Officer at Theo, analyzed that on-chain commodity futures are no longer a market limited to crypto-focused investors. He noted that the on-chain crude oil futures market has been recording over $1 billion in daily trading volume even on weekends when traditional exchanges are closed. As retail investors directly participate in on-chain markets, they are beginning to influence weekend price formation.

Shawn Young, Senior Research Analyst at MEXC, assessed that while commodity tokenization is leading to tangible changes in investor behavior, it remains in its early stages. He pointed out that on-chain markets still lack sufficient liquidity to stably handle large-scale transactions and that the price discovery structure requires further improvement. Although on-chain markets are currently performing a price discovery function during hours when traditional markets are closed, core liquidity driving large capital movements is still concentrated in traditional finance.

On-chain commodity trading is expanding beyond gold and crude oil into various asset classes, with investor participation increasing rapidly. As trading activity grows, open interest is also rising, contributing to greater confidence in on-chain price formation.

While on-chain markets face challenges such as expanding liquidity and securing regulatory clarity, they are breaking down the boundaries between traditional finance and virtual assets and creating a new price discovery structure.

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