According to Swyftx's Q2 2026 Industry Report published July 8, global trading volumes hit their lowest levels since 2023, with total crypto market capitalization declining 12% over the quarter. However, Hyperliquid rose 75% during the same period, setting several record prices and launching exchange-traded HYPE products in the United States.
Tokenized private credit also gained momentum, surpassing US$6 billion distributed on-chain by quarter-end. Coinbase launched its CUSHY institutional credit fund on April 30, offering tokenized shares on Solana and Ethereum for qualified investors, with Northern Trust serving as administrator.