The Kobeissi Letter posted a Blockworks-labeled chart on Tuesday night. July onchain tokenized-equity volume printed $9.0 billion, the top bar in a series that starts at $0.3 billion in August 2025. That is one panel. It is not the only July number.
The chart’s footnote names Solana, Robinhood, Base, Gnosis, Ethereum, HyperCore, and Avalanche. CoinDesk Data, in its 1 August Stablecoins and Tokenized Assets report, put July tokenized stock and ETF volume at $11.3 billion, up 288% from June.
Two prints. One token.
| Source |
July print |
What it is |
| Blockworks-labeled series (Kobeissi chart) |
$9.0 billion |
Onchain volume on the named venues |
| CoinDesk Data, 1 August |
$11.3 billion |
Tokenized stocks and ETFs, +288% vs June |
| Same CoinDesk report |
QQQB $9.27 billion |
Binance bStocks token on Invesco QQQ, ~82% of that $11.3 billion |
| Same report, ex-QQQB |
~$2.03 billion |
Below June’s implied ~$2.91 billion |
| Binance Research (secondary) |
$18.2 billion |
Wider scope; not this note’s lead |
QQQB began trading on Binance on 30 June with zero maker fees through 31 August. From 23 July, Binance counted some bStocks volume at three times traded value toward VIP tiers. That is the turnover mechanic under the $9.27 billion, not a cash-market bid for the Nasdaq-100.
The Kobeissi post also wrote +207% quarter-on-quarter and +800% year-to-date on the $9.0 billion series, and said Jupiter on Solana was the largest venue, +95% quarter-on-quarter, with 55% of its volume off-hours. Those three Jupiter figures are not on a Blockworks page I can open. They stay with the post. They are not locked here.
Nasdaq 23/5 is not a Tuesday announcement
Nasdaq’s 23-hour, five-day plan is real. The SEC approved it on 10 April 2026 (Release 34-105199, file SR-Nasdaq-2025-109). Adena Friedman, on the first-quarter call, aimed the debut at 6 December 2026. Day session 04:00–20:00 ET. Night session 21:00–04:00 ET. A one-hour pause 20:00–21:00 ET.
That is a December clock. It is not a new rule from Tuesday’s chart.
The chain is a $9.0 billion onchain bar, a $11.3 billion CoinDesk print that is mostly one token, and an exchange that already has permission to run 23 hours in December. Off-hours demand is the product. Concentration is the caveat.
Informational only. Not trading advice, signals, or a guarantee of any market outcome.
Written and fact-checked with AI assistance, reviewed by a human editor before publication.
