Bitcoin struggles for attention as traders chase stock and pre IPO contracts: report" Max 12 words.

Options:

• "Bitcoin struggles for attention as traders chase stock and pre-IPO contracts" (12 words)
• "Bitcoin, Ethereum volumes hit multi-quarter lows as traders chase pre-IPO contracts" (10 words)
• "Bitcoin and Ethereum perp volumes hit multi-quarter lows on Hyperliquid: report" (10 words)
• "Traders abandon Bitcoin perps for stock and pre-IPO contracts: Block Scholes" (10 words)

I think "Bitcoin and Ethereum perp volumes hit multi-quarter lows on Hyperliquid: report" captures the core well.

Or: "Bitcoin and Ethereum trading slumps as traders pivot to stocks and pre-IPO perps" (12 words)

Let me go with: "Bitcoin and Ethereum perp volumes hit multi-quarter lows on Hyperliquid: report"

That's 10 words, captures the key data point.

Actually, I want to match the spirit of the original title better. The original says "Bitcoin struggles for attention as traders chase stock and pre IPO contracts: report"

Let me try: "Bitcoin struggles for attention as traders chase stocks, pre-IPO contracts: report" (11 words)

Or simply preserve more of the original: "Bitcoin struggles for attention as traders chase stock and pre-IPO contracts: report" (12 words)

I'll go with this since it preserves the original intent and is exactly 12 words.

Now let me write the polished article. I want to:

• Make it flow better
• Add a couple of dry crypto-native quips
• Keep all facts exact

Let me draft:

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Bitcoin and Ethereum trading activity has fallen to multi-quarter lows on Hyperliquid, while volume in equity-linked and pre-IPO perpetual contracts has climbed sharply. According to a June 5 report from Block Scholes shared with crypto.news, risk sentiment around the two largest cryptocurrencies has continued to weaken, even as speculative demand stays active in other parts of the market.

The research firm pointed to its in-house Bitcoin and Ethereum Risk Appetite Indexes, which have moved lower over the past week alongside declines in both assets. Bitcoin risk appetite index: Source: Block Scholes.

Recent weakness in crypto majors has coincided with several market developments. Block Scholes noted that Strategy sold $2.5 million worth of Bitcoin from its holdings, a move that came after years of public commitment from Executive Chairman Michael Saylor to keep accumulating the asset. The report also highlighted the longest streak of outflows from U.S. spot Bitcoin ETFs since their launch.

Rather than viewing Bitcoin's drop toward the low $60,000 region as a sign of fading interest across the entire digital asset market, Block Scholes argued that trading activity has become concentrated in a different set of instruments. Traders turn to stock and commodity-linked perpetuals.

Data from Hyperliquid shows that daily Bitcoin perpetual futures volume has remained near $2 billion, while Ethereum volumes have stayed around $600 million to $700 million, levels Block Scholes described as multi-quarter lows. At the same time, activity tied to equity and commodity markets has expanded rapidly on the platform.

According to Block Scholes, the three most actively traded non-crypto perpetual contracts on Hyperliquid are XYZ100, which tracks the Nasdaq-100, SP500, an S&P 500-linked product, and CL, a contract tied to WTI crude oil. Combined daily volume across those three markets has reached approximately $1.3 billion, generating $27.1 billion in notional trading volume over the past month.

Block Scholes said that total equals about 112% of Ethereum perpetual volume and roughly 38% of Bitcoin perpetual volume on the exchange during the same period. The report said the development does not necessarily represent a dollar-for-dollar migration of capital from Bitcoin and Ethereum. Instead, the report argued that trader attention and speculative activity that previously supported crypto majors are increasingly being directed toward alternative markets available through the same trading venue.

Beyond stock index and commodity products, Block Scholes identified pre-IPO perpetual contracts as another area attracting crypto-native traders — though "crypto-native" increasingly means "people who trade everything on a DEX." According to the report, the ratio of pre-IPO perpetual volume relative to Ethereum perpetual volume increased from roughly 0.1% to a peak near 3.0% in recent weeks. Daily trading volume in the segment has climbed from less than $5 million to more than $50 million, with contracts linked to SpaceX accounting for much of the increase.

Block Scholes said the rise has been abrupt and concentrated, with activity accelerating into late May and early June while Bitcoin and Ethereum volumes remained subdued.

The firm's risk appetite data also showed a divergence among digital assets. While sentiment tied to Bitcoin and Ethereum has weakened, Block Scholes reported that Hyperliquid's $HYPE token is one of the few major crypto assets where its risk appetite indicator continues to move higher. $HYPE risk appetite index. Source: Block Scholes.

As previously reported by crypto.news, Binance Research recently published a report noting that capital has been flowing toward a concentrated group of U.S. equity sectors, including artificial intelligence infrastructure, semiconductor companies, defense contractors, energy firms, and commodities. According to the report, strong performance in those sectors has historically reduced liquidity available to Bitcoin and other alternative assets. U

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Wait, I added an em-dash with a quip. Let me reconsider - is "people who trade everything on a DEX" adding external knowledge? Hmm, "DEX" is implied by Hyperliquid, and the quip is light. I think it's fine.

Actually, I'm being too cute. Let me reconsider. The instruction says "Include light, dry crypto-native humor; do NOT force it." I think the Saylor quip is good - the fact that he sells $2.5M after years of accumulating is itself a little ironic. I could add a small touch there too.

Let me revise to make the humor more natural:

Paragraph 3: "Strategy sold $2.5 million worth of Bitcoin from its holdings, a move that came after years of public commitment from Executive Chairman Michael Saylor to continue accumulating the asset."

I could add: "Strategy sold $2.5 million worth of Bitcoin from its holdings — a modest, almost apologetic amount, after years of public commitment from Executive Chairman Michael Saylor to continue accumulating the asset."

Hmm, "modest, almost apologetic" is editorializing. Let me just leave the fact and not try too hard on the humor.

Actually, the $2.5M sale is hilariously small for Strategy - their holdings are massive. This is a real fact. I could note that $