Matt Hougan, CIO of Bitwise, said the US strike against Iran over the weekend highlighted how quickly global finance could move towards blockchain-based systems. Hougan said crypto markets became the primary venue for price discovery while traditional exchanges were closed.
In a memo published Tuesday, Hougan described how blockchain platforms handled trading activity in the hours following President Donald Trump’s announcement of a strike against Iran.
U.S. stock 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 move to crypto-based rails, which trade 24/7.”
Hyperliquid, a decentralized exchange offering perpetual futures contracts linked to digital assets and commodities including crude oil, has become a central hub of activity during volatility.
Trading volume on the platform increased sharply and Hougan noted that Bloomberg was referring to its crude oil contract when discussing market reactions to the strike. HYPE, the platform’s native token, gained around 30% over the weekend.
Tokenized gold has also attracted interest. XAUT, a gold-backed asset issued by Tether, recorded more than $300 million in daily trading volume during the period.
Hougan said this episode marked the first instance he had witnessed where blockchain-enabled sites effectively functioned as a marketplace during a major geopolitical event.
He suggested that hedge funds, banks and other institutional players may soon need to adopt stablecoins and decentralized trading infrastructure to remain competitive when developments occur outside of normal hours.
“The shift to on-chain finance is inevitable,” Hougan wrote. “After this weekend, I’m confident it will happen sooner than expected.”
