Bloomberg: Bitcoin's 24/7 Trading Makes It the Most Liquid Asset for Expressing Macro Views When Other Markets Are Closed

Odaily News As tensions escalate between the US, Israel, and Iran, traders are turning to crypto trading venues for 24/7 hedging. Perpetual contracts linked to oil on Hyperliquid rose approximately 6.2% to $70.6 per barrel, while gold and silver perpetual contracts surged over 5% and 8% respectively, reaching $5,464 per ounce and $97.5 per ounce. Silver perpetual contracts saw over $4 billion in trading volume in the past 24 hours, gold contracts nearly $1.4 billion, while US stock index contracts on the platform fell 1% to 2%.

The Iran conflict triggered a risk-off sell-off in the crypto market, with Bitcoin dropping as much as 3.8% to $63,038 before stabilizing around $64,000; ETH fell as much as 4.5% to $1,836. According to CoinGecko data, the total market capitalization of digital assets evaporated by approximately $128 billion after the conflict erupted.

Jake Ostrovskis, Head of OTC Trading at Wintermute, stated that because Bitcoin trades 24/7, it has become the most liquid asset for traders to express macro views when other markets are closed, and more asset classes are moving towards 24/7 trading. Charlie Ambrose, Co-founder of Felix, said this was another weekend of achieving 24/7 price discovery through perpetual contracts on Hyperliquid, which is expected to drive a macro shift in how global markets operate.