Las acciones hiperlíquidas de tipo “Perpetual” vuelven a liderar el volumen de transacciones de Bitcoin, mientras que los traders prestan atención al mercado de valores.

• El último gráfico de Glassnode muestra que el volumen combinado de los mercados bursátiles representa el 126% del volumen de Bitcoin.
• Hasta el 9 de noviembre, HIP-3 representaba el 44% del volumen semanal de Hyperliquid en los mercados más amplios de RWA.
• Los activos colaterales compartidos facilitan las transacciones entre diferentes activos, pero el volumen por sí solo no puede confirmar cambios en el capital.

Los mercados de productos financieros perpetuos vinculados a acciones en Hyperliquid registraron un volumen de negociación más alto que los mercados de productos financieros perpetuos relacionados con Bitcoin en el último informe de Glassnode, lo que plantea nuevas dudas sobre hacia dónde dirigen sus actividades los traders de criptomonedas.

Los datos indican que el volumen combinado de los mercados bursátiles representa el 126% del volumen de Bitcoin después de un aumento en noviembre. Una similar disparidad en las proporciones también se observó en agosto, antes de que el precio de Bitcoin repuntara; sin embargo, este patrón no demuestra que las transacciones de acciones hayan predicho dicho movimiento.

Los datos muestran el promedio diario del volumen nominal durante los siete días desde febrero hasta noviembre de 2026. Las categorías de acciones incluyen SK Hynix, SanDisk, Micron, el índice XYZ100 y el S&P 500. El volumen combinado de estas categorías alcanzó el 275% del volumen de Bitcoin en agosto, pero luego disminuyó por debajo del 50% en septiembre. El precio de Bitcoin finalizó el período cerca de los 75.000 dólares.

Una mayor cuota de mercado plantea preguntas sobre los flujos de capital en los mercados financieros.

Otra cifra muestra el crecimiento en los mercados HIP-3 de Hyperliquid, que incluyen productos financieros perpetuos basados en activos reales como acciones y commodities. Para la semana que finalizó el 28 de octubre, el volumen diario promedio en estos mercados fue de aproximadamente 2.600 millones de dólares, en comparación con 2.400 millones de dólares en los mercados de productos financieros perpetuos relacionados con Bitcoin.

Para el 9 de noviembre, HIP-3 representaba el 44% del volumen de Hyperliquid en los siete días anteriores. El volumen total de los productos de tipo “perpetual” alcanzó casi los 13,73 mil millones de dólares en las 24 horas hasta esa fecha.

Estas medidas abarcan diferentes grupos de mercados y periodos de tiempo. El indicador de Glassnode compara mercados bursátiles seleccionados con Bitcoin, mientras que los datos de HIP-3 cubren un conjunto más amplio de mercados de activos reales.

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El uso compartido de garantías y el acceso al mercado añaden una nueva capa de flexibilidad.

HIP-3 permite a desarrolladores de terceros implementar mercados de tipo “perpetual” a través del staking de HYPE. Los productos ofrecidos incluyen acciones individuales como Nvidia, Tesla y SK Hynix, así como el índice S&P 500. El sistema de margen compartido de Hyperliquid permite utilizar criptomonedas o monedas estables como garantías para respaldar posiciones en activos digitales y en estos otros mercados.

Este sistema permite a los traders mantener posiciones que involucran diferentes activos sin tener que transferir las garantías a una correduría tradicional. Sin embargo, los datos de volumen no aportan información sobre el grado en que los traders han cambiado las garantías entre Bitcoin y acciones, ni distinguen entre el uso a largo plazo de los nuevos mercados y las transacciones de corta duración relacionadas con la volatilidad.

Los productos de tipo “perpetual” basados en acciones también se mantienen activos incluso cuando las bolsas bursátiles subyacentes están cerradas. Durante esos períodos, los precios dependen de los mecanismos de fijación de precios y de los sistemas de información utilizados por los desarrolladores de los mercados, así como de la actividad de trading en Hyperliquid. Esto puede generar diferencias de precios en comparación con las acciones subyacentes y posibles desajustes cuando las bolsas tradicionales reabren.

El creciente volumen de instrumentos financieros perpetuos vinculados a acciones pone de manifiesto el papel cada vez más importante de Hyperliquid en la conexión entre el comercio de criptomonedas y los mercados financieros tradicionales. Sin embargo, una mayor actividad no implica necesariamente que el capital se desvíe de Bitcoin. Que esta tendencia se mantenga dependerá de la demanda sostenida de exposición al mercado tokenizada y de la capacidad de la plataforma para respaldar de manera fiable estos mercados.

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Relacionado: Volumen diario de 22 mil millones de dólares: Cómo Hyperliquid se está expandiendo más allá del ámbito de las criptomonedas

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