Hyperliquid traders favor commodities over XRP, SOL: Analysis

Traders on the decentralized exchange (DEX) Hyperliquid are more actively trading commodities like oil and silver than cryptocurrencies such as XRP and SOL, CoinDesk reported. Over the past 24 hours, perpetual futures contracts linked to West Texas Intermediate (WTI) and Brent crude oil recorded a combined trading volume of over $500 million. This figure surpasses the trading volumes for SOL and XRP perpetuals, which stood at $176 million and $31 million, respectively. The report suggests this trend reflects a renewed interest in the commodities sector, driven by heightened price volatility amid geopolitical instability related to the war in Iran.