原文：Hyperliquid is beating ethereum in trading volume on some days as big money rotates, says FalconX
Hyperliquid (HYPE) has emerged as one of the most liquid trading venues in the crypto market, attracting growing interest from hedge funds and institutional investors as capital rotates away from bitcoin and ether, according to Joshua Lim, global head of markets at FalconX.
这家去中心化衍生品交易所去年推出了 HYPE 代币，现已成为 FalconX 客户交易活动的重要来源。 Lim said demand for Hyperliquid products has grown as investors search for opportunities beyond the largest cryptocurrencies.
“对于像 HYPE 这样的东西，人们普遍认为它是一种可配置资产，因此有大量的流动性。交易它并不难，”林在接受采访时表示。 "HYPE is probably on some days more active than Ethereum for us."
The comments come as bitcoin BTC $ 67,584.49 and ether (ETH) have struggled to attract fresh inflows while investors focus on a smaller group of alternative crypto assets. Lim 表示，由于宏观经济不确定性、ETF 资金外流以及来自其他投机性投资的竞争，FalconX 预计主要加密货币在未来几个月将保持区间波动。
"What it is translating to is actually implied volatility, so the price of options is near all-time lows," Lim said. "People don't think bitcoin and ether are going to move very much."
相反，交易者一直在转向与人工智能（AI）和去中心化交易基础设施等新兴主题相关的资产。
"The altcoins are moving a lot," Lim said. “这就是投机资金的流向。投机资金投向了 HYPE、Zcash (ZEC) 和 Venice (VVV) 等。与人工智能相关的代币表现非常好。”
Hyperliquid's appeal extends beyond its token.林说，对冲基金越来越多地使用该平台的衍生品产品，因为它们提供了进入其他地方很难或不可能交易的市场的机会。
"They're very good at launching things early," he said, pointing to Hyperliquid's p