Bitwise CIO Says Crypto Leads Global Markets After US, Iran Hit

Matt Hougan argues that with the closure of traditional exchanges, on-chain markets have become the primary venue for price discovery.

According to Matt Hougan of Bitwise Asset Management, the US attack on Iran showed the growing importance of cryptocurrency and blockchain markets. With traditional financial systems largely closed, these platforms have played a leading role in global price discovery.

President Donald Trump announced the strike on Saturday, February 28, 2026, when markets in the US, Europe and Asia were offline. This left blockchain-based platforms as the main place where traders could buy, sell and measure markets. Hugan said the episode showed that crypto markets could react in real time and effectively drive global trade while traditional markets were shut down.

Chain markets are the first to react to a geopolitical shock

Hyperliquid, a decentralized exchange that offers perpetual futures, including oil-related contracts, saw significant volume as traders reacted to the news. Bloomberg noted that Hyperliquid Oil Forever was one of the first to reflect market sentiment over the weekend.

Hyperliquid’s original token HYPE surged nearly 30% over the weekend, demonstrating how the platform’s assets have responded quickly to geopolitical volatility.

Other digital assets also saw heavy activity. Tokenized gold products such as XAUT Tether have recorded over $300 million in 24-hour trading volume. Crypto futures and prediction markets also rose as participants expressed realistic expectations amid rapid growth. Together, these moves underscored the growing role of chain platforms in weekend price discovery.

A turning point for chain finance?

Data from blockchain analytics companies showed a sharp increase in capital from Iranian crypto exchanges when news of the strike spread. Iranian platforms have seen millions of dollars in crypto exit accounts in a short period of time, showing how quickly digital assets can react to regional volatility.

Hogan suggested that the weekend’s events could accelerate the adoption of chain finance beyond its traditional niche. He noted that many institutional participants can no longer ignore stablecoin wallets and decentralized trading infrastructure. Doing so can put them at a disadvantage in markets that react immediately to global news.