March 4 News: The weekend military strike on Iran by the United States heightened global market tensions. However, Bitwise Chief Investment Officer Matt Hougan pointed out that this event highlights the key advantages of cryptocurrencies and on-chain markets. With major stock exchanges closed, on-chain markets became the only venue for global price discovery and trading. Their 24/7/365 trading capability demonstrates a flexibility that traditional finance cannot match.
Hougan stated that when President Trump announced the strike on Iran early Sunday morning, stock, futures, and forex markets in Europe and Asia were already closed, leaving only small Middle Eastern exchanges operational. In response, on-chain markets immediately provided real-time trading channels, quickly reflecting geopolitical shocks. Bitcoin (BTC) prices declined following the news, with Hyperliquid’s HIP-3 decentralized perpetual contract exchange becoming a focal point. Its open interest exceeded $1 billion, and weekend trading volume surpassed $11.5 billion.
Additionally, tokenized gold Tether XAUT traded over $300 million within 24 hours. Market prediction platforms Kalshi and Polymarket also saw significant activity. Hougan noted that this event marks the true emergence of the cryptocurrency market as a real-time global financial hub, accelerating on-chain finance from the periphery to the mainstream.
He further emphasized that hedge funds, banks, and other investors wishing to participate in global real-time trading must master stablecoin wallets, on-chain perpetual contracts, and tokenized assets; otherwise, they risk being marginalized by market competition.
Overall, the market performance over the weekend of the US-Iran conflict clearly shows that the advantages of 24/7 cryptocurrency trading are gaining high attention from global investors. On-chain markets are expected to play an even more central role in the future financial system.
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