Bloomberg: Bitcoin's 24/7 trading has become the most liquid asset for expressing macro views when other markets are closed

ChainCatcher reports that, according to Bloomberg, tensions between the U.S., Israel, and Iran are escalating, prompting traders to hedge around the clock on crypto trading platforms. Hyperliquid’s perpetual contracts linked to oil rose about 6.2% to $70.6 per barrel, while gold and silver perpetual contracts increased over 5% and 8%, reaching $5464 per ounce and $97.5 per ounce, respectively. Silver perpetual contracts traded over $400 million in the past 24 hours, and gold contracts nearly $140 million, with U.S. stock index contracts on the platform down 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, the total market cap of digital assets evaporated about $128 billion after the conflict erupted.

Wintermute OTC head Jake Ostrovskis said 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 toward 24/7 trading. Felix co-founder Charlie Ambrose stated that this weekend’s perpetual contract-based 24/7 price discovery on Hyperliquid is another step toward a macro shift in how global markets operate.