Increased geopolitical risk in global markets following US and Israeli military operations against Iran led to sharp fluctuations in cryptocurrency markets over the weekend.
During hours when traditional markets were closed, investors turned to tokenized commodities like oil and gold via Hyperliquid, a decentralized exchange offering 24/7 trading.
On the platform, oil contracts rose approximately 6.2% to $70.6 per barrel. Gold increased by over 5% to $5.464 per ounce, while silver surged more than 8% to $97.5. These price movements are seen as an early indication of a potential reaction in commodities when trading resumes in traditional markets on Monday.
Rising geopolitical tensions triggered a “risk-off” trend in crypto assets. Bitcoin fell by as much as 3.8% during weekend trading, reaching $63,038, before stabilizing around $64,000. Ethereum, meanwhile, dropped by as much as 4.5%, falling to $1,836. According to CoinGecko data, approximately $128 billion was wiped from the total value of the digital asset market immediately following these developments.
On the tokenized commodities side, silver contracts saw the highest trading volume. Volume exceeded $400 million in the last 24 hours, while gold contracts accounted for approximately $140 million in transactions. Contracts linked to US stock indices on the platform declined by 1% to 2%.
Following US and Israeli forces’ strikes across Iran today, Iran reportedly launched missile attacks against targets in Israel, Qatar, the United Arab Emirates, and Bahrain within hours, and issued new threats against US-linked bases in Iraq.
LVRG Research Director Nick Ruck stated that escalating tensions have created a widespread risk-aversion wave, adding, “While crypto assets are falling sharply due to their high beta characteristics, tokenized commodities on platforms like Hyperliquid are seeing safe-haven demand. This demonstrates the increasingly strong role of crypto as a space where macro expectations are priced in 24/7 while traditional markets are closed.”
*This is not investment advice.