- SNDK has surpassed BTC and ETH in perp volume.
- SNDK recorded more than $7 billion in trading volume over the past 24 hours.
- TradiFi assets accounted for 50% of the top 10 most-traded perp contracts on Binance.
SanDisk (SNDK) perp contract on Binance has surpassed two of the largest crypto assets, Bitcoin and Ether, in trading volume.
The TradFi asset SNDK attracted more than $7.38 billion in volume over the past 24 hours. During that period, BTC and ETH saw only $6.11 billion and $4.57 billion, respectively, according to Binance market data.
This wasn’t a sudden move, actually. As of August 17, SNDK was the third-biggest perp on Binance, with a 24-hour trading volume of around $3.71 billion.
As of then, the stock contract carried $1.73 billion in open interest, 1.86 times SPCX’s $928 million and 3.51 times SKHX’s $493 million.
SNDK pushed to a high of $1,693 earlier today before settling at $1,641 at the time of writing. The price has risen over 35% from the $1,213 low in less than two weeks.
Interest in TradiFi stocks is rising on Binance
It appears that interest in stock perpetuals is beginning to overshadow that in major altcoins, at least on Binance, based on trading volume.
Of all the top 10 traded perpetual contracts on Binance in the last 24 hours, half were TradFi contracts.
Following SNDK are SKHYNIX with $2.48 billion in volume, KORU at $1.84 billion, SOXL at $1.82 billion, and SPCX at $1.35 billion, according to Binance market data at the time of writing.
Binance began introducing tokenized stocks in June under the bStock program, which is now the second-largest issuer of tokenized stocks by market cap, per earlier reporting by Cryptopolitan.
On August 13, bStock recorded a market cap of up to $610.6 million, or 22.1% of the entire sector, surpassing xStocks at $601.2 million. Ondo Finance led with $951.8 million and a 34.4% share.
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FAQs
What is the SNDK contract on Binance?
SNDK is a perpetual futures contract on Binance that tracks SanDisk, a US-listed memory chip company, letting traders take leveraged positions on the stock's price on a crypto exchange.
How much volume did the SanDisk contract trade?
Binance's ranking page listed the SNDK perpetual at 7.38 billion dollars in 24-hour volume, ahead of Bitcoin at 6.11 billion and Ether at 4.57 billion.
Are other traditional assets gaining traction on Binance futures?
Yes. 5 of Binance's top 10 contracts by volume were TradFi-related.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
Ibiam Wayas
Ibiam Wayas has covered the crypto news beat since 2019. He studied Computer Science at National Open University of Nigeria. His work has appeared on various crypto news platforms, including Coinfomania, Crypto News Australia, and AltcoinBuzz. Drawing on his background in Computer Science, he now focuses on crypto, robotics, and longevity news.
