According to a recent report by the digital asset bank Sygnum, trading volumes for Onchain perpetual contracts linked to commodities such as precious metals, oil, and other real world commodities have risen, signaling a shift in investor focus from altcoins towards commodity-linked digital currencies.
HIP-3 (also known as HIP-3 contracts) is a perpetual oil and metals market that has been traded on DEX since Q1 of 2026. Trading volumes for HIP-3 are over 67% the HIP-3 contracts for Q1 2026.Builder-Deployed PerpetualsHyperliquid, the platform that hosts the Hyperliquid application. report.
Sygnum reports that indexes previously accounted for approximately 90% of HIP-3 trade activity. This has now dropped to around 17%.
The report stated that weekend HIP-3 trades have increased by 9x in the last year. “This is likely due to an uptick in crypto-native traders rotating into traditional assets as the broader altcoin market continues to underperform.”
Lucas Schweiger is the research leader for Sygnum’s digital asset ecosystem. He told Cointelegraph this trend towards onchain digital assets was backed up by an increase of 250% in market capitalization over the past year.
At the moment, about 23 billion dollars worth of real assets are tokenized and traded via permissionless networks on blockchains.
Also, he said that altcoins are being treated as currency by traders. “leveraged BTC proxies.” Schweiger told Cointelegraph:
“That creates an environment where crypto-native capital naturally gravitates toward traditional asset perps that can be traded through the same wallet, using the same margin, just a different trade.”
Oil prices have soared due to the ongoing conflict in the Middle East, and altcoins like bitcoin are down by 80-90%. below their all-time highsAccording to Sygnum.
Related: Bitcoin leads, altcoin indicators drop to intriguing lows: Time for an altseason?
As the Middle East War drags on, recessionary fears are rising.
As a result of the war in the Middle East between Israel, Iran and the United States, oil prices have risen to an all-time high, reaching $120 per barrel.
Oil prices have whipsawed The price of oil has been rising since the beginning, and it may continue to rise or fall in response either to the comments made by US president Donald Trump as well as the Iranian government.
Nic Puckrin (market analyst and co-founder of Coinbureau) says that the inflation rate will spike if oil prices remain above $100 per barrel in 2026.
Puckrin cautioned that the traders were still pricing a possible de-escalation of violence or an end in short order to the conflict. may be in for a “rude awakening If the inflation rate rises, and the crisis continues, then any further reductions in interest rates for 2026 are unlikely.
The odds that the US will experience a recession has risen to 36% since the beginning of the war on 28 February. Polymarket Platform for prediction markets
US Economy now faces a close 50% chance of entering a recession Moody’s estimates that the rating agency will be able to provide a score of “AAA” by 2026.
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Source: cointelegraph.com
