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MarketEditor’s PickAltcoinTrading
Aug 19, 2026
5min read
byFederico Variola , CEO of Phemex
forBeInCrypto
On October 10, 2025 a tariff-driven crash liquidated roughly $19 billion of mostly retail longs within 24 hours, pushed Bitcoin from above $120,000 to about $105,000, wiped out ~1.6 million accounts and coincided with on-chain perpetual volumes falling from $1.36 trillion to under $700 billion over five months; today 38% of altcoins sit near all-time lows and the median altcoin trades ~79% below its cycle peak. The market has rewired toward cash-flow and TradFi-linked perps: revenue-generating Hyperliquid reached near $77 in June on about $650 million annual revenue and a >$12 billion market cap, meme-coin DEXes like pump.fun posted >$2 billion daily volume, and exchanges processed $1.32 trillion in stock/commodity/index perpetuals in the first five months of 2026 versus $104 billion in all of 2025 as tokenized-equity perps and 24/7 TradFi products drive adoption of perpetuals as global crypto trading infrastructure.
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In Brief
- October’s $19 billion liquidation event permanently changed retail crypto trading behavior.
- Altcoins and crypto perps weakened, while meme coins and cash-generating platforms like Hyperliquid held up.
- Perpetual trading is shifting toward stocks, commodities, and indices as crypto rails expand into global markets.
On October 10 last year, a Friday, a tariff headline hit an over-leveraged market, and roughly$19 billion in positions were liquidated within 24 hours, most of them longs, most of them retail. Bitcoin fell from above $120,000 to around $105,000. Solana lost 40% before finding a bid, and more than 1.6 million accounts went to zero or close to it. Prices eventually stabilized. The people did not come back the same way.
Ten months on, October 10 will be remembered less for the crash itself than for what it did to retail behavior. The risk appetite survived. It just stopped showing up in the same places.
Biggest Crypto Liquidations of All-Time
A Drawdown for Some, a Wipeout for Others
The October 10 crash showed how different spot and futures trading are, if it wasn’t clear before. A spot trader took a brutal hit that day, but they still held on to their coins. They can still wait for prices to eventually go back up. But a perpetual futures trader likely has nothing left.
Rebuilding capital from zero is a different project than sitting through a bad year.
Every dataset since carries the mark. On-chain perp volumes fell for five straight months after October, from $1.36 trillion to under $700 billion, with no bounce in between.
An estimated 38% of altcoins now sit near all-time lows, a worse reading than the aftermath of FTX, and the median altcoin trades roughly 79 percent below its cycle peak.
Tokens that carried multi-billion-dollar valuations in September learned in October that there was no bid underneath them until they were 50-80% lower.
Something else shifted alongside the prices. With stockmarkets setting records on AI, crypto stopped being the only destination for risk capital, and investors started demanding an answer to a question this industry dodged for years: what is a token actually worth when speculators’ attention moves elsewhere?
Bitcoin Price Chart Since October 10, 2025
Why Hyperliquid Went Up While Markets Crashed
Hyperliquid is instructive because it had an answer. HYPE traded down into the mid-$20s over the winter, then set a new all-time high near$77 in June on the back of more than $650 million in annual revenue, and now carries a market cap above $12 billion.
A crypto business with real cash flow got repriced upward in the middle of a bear market. The wave of perpetual DEXs that launched to copy it mostly did not, because they were not creating new traders so much as renting the same ones from each other.
One prominent venue lost 83% of its monthly volume the moment its incentive season ended. The industry kept adding venues while the pool of perp traders shrank. Hyperliquid is starting to look like the exception, not the template.
Hyperliquid Monthly Revenue and TVL
The Game That Never Needed Leverage
Meanwhile, the traders everyone assumed would be the first casualties were barely noticed. Meme coin traders came through October relatively intact because their game never ran on leverage, and by January, while altcoins bled out, pump.fun was printing an all-time high above $2 billion in daily volume.
Roughly 97% of meme coins die. Every serious participant knows it and plays anyway. There is no white paper to read and usually no technology to evaluate. Because dead tokens are part of the design, the way lost hands are part of poker.
What gets analyzed instead is holder counts, wallet concentration, supply distribution, who bought and when, and how fast attention is spreading. Market structure, attention, and social coordination. That is the asset.
The closest analogy is competitive gaming rather than investing. These traders grind, refine their tactics, study the other players at the table, and treat a losing trade as one bad round in a long session rather than a failed thesis.
The goal is not to invest in an asset. It is to win a PvP game.
Where the Volume Went
So are the perpetual futures dying along with the altcoin market it grew up on? The volume data points the other way.
In the first five months of 2026, exchanges processed $1.32 trillion in perpetual futures tied to stocks, indices, and commodities, against $104 billion in all of 2025. The first regulated tokenized-equity perps went live in February.
The S&P 500 now has a licensed on-chain perpetual, and when Wall Street closes on Friday afternoon, these contracts keep trading through the weekend, increasingly setting the price Monday opens against.
Some exchanges, like Phemex, launched TradFi futures. This is because users have been demanding it through their behavior, if not their words.
Tesla, Apple, Nvidia, gold, silver, and the major indices now trade around the clock on the same USDT account and margin system as their crypto positions, and volume crossed $100 million on day one. Nobody was holding out for another altcoin listing. They wanted something worth trading at 3 a.m. on a Sunday.
As today’s meme coin traders age and accumulate capital, many of them will likely diversify into exactly these markets, on rails they already know how to use.
The Rewiring: Crypto Will Never Be the Same Again
The 2020 version of this industry, hundreds of tokens sustaining deep valuations and deep perp books all at once, is probably gone for good. What replaced it is narrower and more honest.On one end, a fast, explicitly player-versus-player game in the memecoin ecosystem. On the other hand, perpetual futures are quietly becoming infrastructure for global markets.
The market that produced the last altcoin boom may never come back. The infrastructure it built is getting started, and it is already moving markets far beyond crypto. Our job is to be where speculation is going, not where it was.
Source: cryptorank.io