Hougan argues Hyperliquid, tokenized gold and crypto markets became the primary price discovery venues during the Iran attack weekend.
Bitwise CIO Matt Hougan said the weekend US strike against Iran highlighted how quickly global finance could shift toward blockchain-based systems. Hougan said crypto markets became the main venue for price discovery while traditional exchanges were closed.
In a memo published Tuesday, Hougan described how onchain platforms handled trading activity in the hours following President Donald Trump’s announcement of a strike on Iran.
US equity markets, futures exchanges, and major currency trading desks were closed at the time, leaving investors without conventional outlets to react to the news.
“As this weekend showed, investors now have an alternative,” Hougan wrote. “They can turn to crypto based rails, which trade 24/7.”
Hyperliquid, a decentralized exchange offering perpetual futures tied to digital assets and commodities including crude oil, emerged as a central hub for activity during the volatility.
Trading volume on the platform climbed sharply, and Hougan noted that Bloomberg referenced its crude oil contract when covering market reactions to the strike. HYPE, the platform’s native token, gained roughly 30% over the weekend.
Tokenized gold also drew interest. XAUT, a gold-backed asset issued by Tether, recorded more than $300M in daily trading volume during the period.
Hougan said the episode marked the first instance he had witnessed where blockchain-enabled venues effectively functioned as the market during a major geopolitical event.
He suggested hedge funds, banks, and other institutional participants may soon need to adopt stablecoins and decentralized trading infrastructure to stay competitive when developments unfold outside regular hours.
