PANews reported on June 2nd that, according to CoinDesk, FalconX stated that its trading volume on the decentralized derivatives platform Hyperliquid has surpassed that of Ethereum on some trading days. Institutions and hedge funds are shifting from range-bound Bitcoin and Ethereum to more volatile assets such as HYPE, Zcash, Venice, and AI-related tokens. FalconX pointed out that against the backdrop of macroeconomic uncertainty and outflows from spot ETFs, the implied volatility of BTC and ETH is near historical lows, prompting funds to seek higher-volatility assets. Hyperliquid attracts institutional funds looking to trade diverse assets 24/7 in a crypto-native marketplace by offering pre-IPO perpetual contracts with companies like SpaceX, tokenized stocks, commodities, and prediction markets. The platform's revenue in 2025 is estimated at approximately $800 million.