Tokenized real-world assets accounted for 54% of Hyperliquid's weekly trading volume during July 13–19, marking the first time non-crypto assets dominated the exchange. Blockworks data put RWA volume at $25.1 billion, or 52% of Hyperliquid's $48.2 billion in weekly volume. ARK Invest's Lorenzo Valente put the latest running figure at $26 billion and 54%.