Bitwise CIO Matt Hogan said the weekend US attack on Iran showed how quickly global finance can shift to blockchain-based systems. Hougan said that crypto markets became the main place for price discovery while traditional exchanges were closed.
In a memo published on Tuesday, Hogan described how onchain platforms managed business activity within hours of President Donald Trump’s announcement of an attack on Iran.
At the time, US stock markets, futures exchanges and major foreign exchange trading desks were closed, leaving investors unresponsive to the news.
“As the weekend showed, investors now have an alternative,” Hugan wrote. “They can turn to crypto-based rails that trade 24/7.”
Hyperliquid, a decentralized exchange that offers perpetual futures on digital assets and commodities, including crude oil, has emerged as a central hub for activity during the volatility.
Trading volume on the platform rose sharply, and Hogan noted that Bloomberg cited its crude oil contract when covering the market’s reactions to the strike. HYPE, the platform’s original token, gained nearly 30% over the weekend.
Tokenized gold has also gained interest. XAUT, the gold asset issued by Tether, recorded a daily trading volume of more than $300 million during this period.
Hugan said this episode was the first time he had witnessed blockchain-enabled venues operating effectively as markets during a major geopolitical event.
He suggested that hedge funds, banks and other institutional participants may soon need to adopt stablecoins and decentralized trading infrastructure to compete outside of normal hours.
“The transition to onchain finance is inevitable,” Hugan wrote. “After this weekend, I’m sure it will happen sooner than anyone expected.”
