SanDisk perp contract tops Bitcoin with $7.38B Binance volume

SanDisk's perpetual contract on Binance drew $7.38 billion in 24-hour volume, surpassing Bitcoin's $6.11 billion and Ether's $4.57 billion, exchange data shows.

Binance's futures ranking page listed the SNDK contract at $7.38 billion in volume as of 07:50 UTC on Aug. 19, ahead of the two largest crypto assets, according to Binance market data.

The move builds on a steady climb. As of Aug. 17, SNDK was the third-biggest perpetual on Binance with about $3.71 billion in 24-hour volume and $1.73 billion in open interest — 1.86 times SPCX's $928 million and 3.51 times SKHX's $493 million. The contract pushed to a high of $1,693 earlier today before settling at $1,641, up more than 35 percent from the $1,213 low in less than two weeks.

The surge reflects growing appetite for tokenized equities on crypto venues. Five of Binance's top 10 traded perpetual contracts in the last 24 hours were TradFi products, led by SNDK, followed by SKHYNIX at $2.48 billion, KORU at $1.84 billion, SOXL at $1.82 billion, and SPCX at $1.35 billion.

bStock program gains ground

Binance began introducing tokenized stocks in June under its bStock program, which is now the second-largest issuer of tokenized stocks by market cap. On Aug. 13, bStock recorded a market cap of up to $610.6 million, or 22.1 percent of the entire sector, surpassing xStocks at $601.2 million. Ondo Finance led the sector with $951.8 million and a 34.4 percent share.

The concentration of volume in stock-linked contracts suggests traders are using crypto venues for leveraged exposure to US equities rather than crypto majors. If the trend holds, it could pressure BTC and ETH derivatives market share on Binance while drawing more traditional issuers into tokenized-stock programs.

This article is for informational purposes only and does not constitute investment advice.