According to ChainCatcher, tensions between the United States, Israel, and Iran have escalated, prompting traders to turn to crypto exchanges for round-the-clock hedging. Perpetual contracts linked to oil on Hyperliquid rose about 6.2% to $70.6 per barrel, while perpetual contracts for gold and silver rose over 5% and 8%, respectively. The trading volume of silver perpetual contracts exceeded $400 million in the past 24 hours, while gold contract trading volume approached $140 million, and U.S. stock index contracts fell 1% to 2%.
The Iran conflict has triggered a risk-off sell-off in the crypto market, with Bitcoin briefly falling 3.8% to $63,038, before stabilizing around $64,000; ETH briefly dropped 4.5% to $1,836. The total market value of digital assets evaporated by about $128 billion after the outbreak of the conflict.
Wintermute OTC Trading Head Jake Ostrovskis stated that due to Bitcoin trading around the clock, it has become the most liquid asset for traders to express macro views when other markets are closed. Felix co-founder Charlie Ambrose indicated that achieving 24/7 price discovery through perpetual contracts on Hyperliquid is expected to drive a macro shift in the way global markets operate.