Increasing geopolitical risks in global markets following the US and Israeli military operations against Iran led to sharp fluctuations in the cryptocurrency market over the weekend.
When traditional markets were closed, investors turned to tokenized products such as oil and gold via HyperLiquid, a decentralized exchange that offers 24/7 trading.
On this platform, the oil contract rose about 6.2% to $70.6 per barrel. Gold rose more than 5% to $5.464 an ounce, and silver rose more than 8% to $97.50. These price movements are seen as early signs of the commodity’s potential reaction when trading resumes in traditional markets on Monday.
Rising geopolitical tensions have triggered a “risk-off” trend in crypto assets. Bitcoin fell as much as 3.8% over the weekend, reaching $63,038, before stabilizing around $64,000. Meanwhile, Ethereum fell by as much as 4.5% to $1,836. Immediately after these developments, approximately $128 billion was wiped from the total digital asset market, according to data from CoinGecko.
In terms of tokenized products, silver contracts recorded the highest trading volume. Trading volume in the past 24 hours exceeded $400 million, with gold contracts accounting for approximately $140 million in traded value. Contracts tied to U.S. stock indexes on the platform fell by 1% to 2%.
Following today’s attacks across Iran by American and Israeli forces, Iran reportedly launched missile attacks against targets in Israel, Qatar, the United Arab Emirates, and Bahrain within hours, and made new threats against American-affiliated bases in Iraq.
LVRG research director Nick Luck said rising tensions are creating a wave of widespread risk aversion, adding: “Cryptoassets are plummeting due to their high beta properties, while tokenized products on platforms like HyperLiquid are seeing safe-haven demand. This signals the growing role of cryptoassets as a space where macro expectations are priced 24/7 while traditional markets are closed.”
*This is not investment advice.
