- xStocks trading volume crashed 93% after the 4th of July, showing dependence on TradFi holiday schedules.
- Despite 24/7 access, tokenized equities may still be tied to Wall Street’s rhythm for now.
When Wall Street took a breather, blockchain did too.
Trading activity for xStocks — tokenized versions of real-world equities — dropped off a cliff, with Daily Volumes falling by over 93%.
Fewer wallets showed up, fewer trades happened, and the buzz around decentralized stock trading suddenly felt… quiet.
Is it just a pause, or is there something to be heard in the silence?
xStocks $8.5M highs to a holiday hush — What went wrong?
On the 2nd of July, xStocks trading hit a high: over $8.5 million in Daily Volume and more than 6,600 active traders.
But by the 5th of July, those numbers had collapsed; volume fell to just $563,000, and wallet participation dropped to 1,700.
Source: Dune Analytics
SPYx and METAx led the action at the top, but even those saw momentum dry up as the holiday break set in. Despite being available 24/7, these tokenized equities appear to dance to the beat of legacy markets.
The steep drop showed behavioral reliance, suggesting that decentralization alone isn’t enough to rewrite market habits… just yet.
Top tickers that led — and lagged — during the leap
Data showed that the xStocks frenzy wasn’t evenly spread.
Source: Dune Analytics
METAx and SPYx dominated early July trading, with TSLAx, HOODx, and NVDAx not far behind. But even these top performers couldn’t escape the post-holiday drop.
Daily trading accounts plummeted from over 8,500 on the 1st of July to under 2,000 by the 5th.
Source: Dune Analytics
Tokens like ORCLx, GLDx, and CRWDx had substantial supply listed, but barely saw any takers. The disconnect between availability and demand points to a deeper challenge: liquidity doesn’t equal interest.
Naturally, it seems without cues from TradFi, most wallets chose to sit on the sidelines.
Built for 24/7—but still tied to 9-to-5?
The 4th of July lull may seem like a one-off, but it could be something deeper.
Despite being built for 24/7 markets, xStocks trading still syncs with traditional finance schedules. Whether this was a holiday-driven pause or a symptom of structural dependence remains unclear.
What’s certain is this: for tokenized equities to break away from legacy rhythms, they’ll need conviction, consistency, and a user base that trades on its own terms.
