Robinhood Chain Sees Cooling: Daily Active Users Drop 31% Since Mid-September, DEX Trading Volume Slips 21%

According to an on-chain perpetual contract market research report released by Castle Labs, Hyperliquid’s cumulative protocol revenue has exceeded $1.4 billion, with over $1.26 billion used to repurchase HYPE tokens in the open market. By open interest, Hyperliquid currently holds more than 56% of the on-chain perpetual contract market share. The report also notes that Hyperliquid’s Builder Codes mechanism allows third-party wallets and applications to integrate its trading infrastructure, enabling them to add perpetual contract trading and earn revenue without building their own systems. Among these, Phantom has generated over $25 million in cumulative revenue through this mechanism, while MetaMask’s cumulative revenue exceeds $10.5 million.

Hyperliquid plans to carry out a network upgrade around 16:15 Beijing Time today, with an estimated downtime of approximately 10 minutes.

As of 2026, Bitcoin has seen 10 trading days with 3-standard-deviation price moves, exceeding the full-year total of 8 such days during the 2018 bear market. While Bitcoin’s annualized volatility has dropped from 84% in 2018 to around 46%, extreme price swings remain frequent relative to its recent volatility levels. A 3-standard-deviation move measures how much a price deviates from its typical recent volatility range. Data shows that the average daily price swing for Bitcoin during these extreme moves this year is roughly 7%, down from about 10% in 2018. Since 2024, Bitcoin’s volatility has stood at approximately 47%, similar to Nvidia’s. Yet over the same period, Bitcoin has recorded 26 trading days with 3-standard-deviation moves—far outpacing Nvidia’s 8, the S&P 500’s 16, and gold’s 12. Market analysts note that macroeconomic shocks, leverage in derivatives markets, and concentrated positions are key drivers of the persistent extreme volatility. When investors heavily sell options betting on market calm, sudden news can trigger mass liquidations of those positions, further amplifying price swings. Deribit CEO Luuk Strijers stated that traditional Value-at-Risk (VaR) models fail to adequately measure tail risks during extreme market conditions, advising investors to focus more on risk metrics like Expected Shortfall. Meanwhile, increased institutional participation, deeper liquidity, and improved risk management have enhanced the market’s ability to absorb shocks, though this does not mean extreme volatility will disappear.

According to monitoring by crypto tracker Ai Yi, a whale that has accumulated positions in UNI, LTC, and BNB since September 23, totaling roughly $11.6 million, now has a combined unrealized loss of about $1.536 million on its three altcoin holdings and is suspected of liquidating BNB. On-chain data indicates the whale transferred approximately 2,380 BNB to Binance around 20 minutes ago, worth around $1.85 million. If sold at current prices, this portion of the position would incur a loss of roughly $73,000. For other holdings: the whale holds 1,014,020 UNI, valued at ~$8.91 million, with an average entry price of $8.79, resulting in an unrealized loss of ~$1.409 million; it also holds 12,397 LTC, worth ~$841,000, average entry price of $67.86, with an unrealized loss of ~$54,000.

According to TradingBeats' monitoring, cryptocurrency market sentiment has slightly recovered. The remaining 12,000 ETH long positions in crypto personality "Big Brother Ma Ji" Huang Licheng's address have narrowed their unrealized losses to $640,000, with an entry price of $2,547.66 and liquidation price of $2,454.22. His address has incurred $7.2 million in losses over the past seven days, bringing total losses to $33.97 million.

Blockworks analyst Jake Koch-Gallup published a piece pushing back against claims that Ethereum is losing its liquidity moat, arguing that while ETH’s value-capturing ability and stablecoin market share face questions, its reserve asset status, Layer 2 ecosystem, and institutional adoption still form long-term competitive advantages. Addressing concerns over Ethereum’s low on-chain revenue, Jake noted that ETH’s valuation depends not only on real economic value (REV) but also on reserve asset and collateral premiums, with ETH’s current market cap roughly 1,100 times its REV over the past 12 months. Additionally, the growth of Layer 2 networks like Robinhood Chain and Base will strengthen Ethereum’s ecosystem, rather than signaling a full exodus of capital and applications from the network. Jake also pointed out that Ethereum currently holds around 65% of DeFi’s total value locked (TVL), a roughly 45% share of on-chain real-world asset (RWA) management, spot ETFs and corporate treasuries collectively hold about 13% of ETH’s total supply, and roughly 36% of ETH is staked. While Ethereum’s stablecoin market share has declined from around 51% amid dilution pressure, Jake believes its absolute size will still continue to grow as the overall stablecoin market expands. However, Jake also acknowledged that relying solely on ETH’s reserve asset premium, without sufficient revenue and value-recapture mechanisms, leaves its valuation sustainability open to debate.