Odaily Planet Daily report: Amid escalating tensions between the United States, Israel, and Iran, traders are turning to crypto trading venues for round-the-clock hedging. Oil-linked perpetual contracts on Hyperliquid rose approximately 6.2% to $70.6 per barrel, while gold and silver perpetual contracts increased by over 5% and 8%, reaching $5,464 and $97.5 per ounce, respectively. Silver perpetual contracts recorded trading volumes exceeding $400 million in the past 24 hours, with gold contracts nearing $140 million. Meanwhile, U.S. stock index contracts on the platform declined by 1% to 2%.
The Iran conflict triggered a risk-off sell-off in the crypto market, with Bitcoin dropping 3.8% to $63,038 before stabilizing near $64,000; ETH fell 4.5% to $1,836. According to CoinGecko data, the total market capitalization of digital assets declined by approximately $128 billion following the outbreak of the conflict.
Jake Ostrovskis, Head of OTC at Wintermute, said that due to Bitcoin’s 24/7 trading, it has become the most liquid asset for traders to express macro views when other markets are closed, with more asset classes moving toward 24/7 trading. Charlie Ambrose, co-founder of Felix, said this was another weekend of 24/7 price discovery via perpetual contracts on Hyperliquid, potentially driving a macro shift in how global markets operate.