Crypto Led Global Markets After US–Iran Strike, Says Bitwise CIO

Matt Hougan argues that with traditional exchanges closed, on-chain markets became the main venue for price discovery.

According to Matt Hougan of Bitwise Asset Management, the U.S. strike on Iran highlighted the growing importance of cryptocurrency and on-chain markets. With traditional financial systems largely closed, these platforms took a primary role in global price discovery.

President Donald Trump announced the strikes early Saturday, February 28, 2026, when U.S., European, and Asian markets were offline. This left blockchain-based platforms operating nonstop as the main place where traders could buy, sell, and gauge markets. Hougan said the episode showed crypto markets responding in real time, effectively leading global trading while traditional markets were closed.

On-Chain Markets React First to Geopolitical Shock

Decentralized exchange Hyperliquid, which offers perpetual futures including crude oil-linked contracts, registered significant volume as traders reacted to the news. Bloomberg noted that Hyperliquid’s oil perpetuals were among the first to reflect market sentiment over the weekend.

Hyperliquid’s native token HYPE rallied about 30% through the weekend, highlighting how the platform’s assets responded quickly to geopolitical volatility.

Other digital assets also saw heavy activity. Tokenized gold products, such as Tether’s XAUT, recorded more than $300 million in 24-hour trading volume. Prediction markets and crypto futures also spiked as participants expressed real-time expectations amid rapid developments. Together, these moves highlighted the growing role of on-chain platforms in weekend price discovery.

A Turning Point for On-Chain Finance?

Data from blockchain analytics firms showed a sharp rise in capital moving out of Iran’s crypto exchanges as news of the strikes spread. Iranian platforms saw millions of dollars in crypto exit accounts in a short span, illustrating how rapidly digital assets can respond to regional instability.

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

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The episode highlights a broader trend. When traditional systems are unavailable, always-on blockchain markets can become the main arena for price signals and financial flows. This can reshape how global finance reacts to sudden shocks.