Bitwise CIO Matt Hougan stated that the recent US strike against Iran underscored the growing reliance on 24/7 blockchain-based financial systems. During the weekend closure of traditional exchanges, cryptocurrency markets served as the primary venue for price discovery.
Onchain platforms saw significant trading activity following the announcement of the strike, as US equity markets, futures, and currency desks were inactive. Hougan noted that investors now have an alternative in crypto rails, which operate continuously.
Decentralized exchange Hyperliquid became a key hub for trading digital assets and commodities like crude oil amidst the volatility. Its trading volume surged, with its native token, HYPE, increasing approximately 30% over the weekend. Tokenized gold, such as Tether's XAUT, also experienced strong interest, exceeding $300 million in daily trading volume.
Hougan observed this as a significant moment where blockchain venues acted as the market during a major geopolitical event. He anticipates that hedge funds and banks will increasingly adopt stablecoins and decentralized trading infrastructure to remain competitive amidst off-hours developments.
"The shift to onchain finance is inevitable," Hougan concluded. "After this weekend, I’m convinced it’s going to happen sooner than anyone expected."