Catenaa, Saturday, March 07, 2026-Bitwise Asset Management Chief Investment Officer Matt Hougan said U.S. military strikes on Iran over the weekend pushed crypto markets into a primary role for global price discovery as traditional venues remained closed.
In a memo titled “The Weekend That Changed Finance,” Hougan said President Donald Trump’s February 28 announcement of the attack at 2:30 a.m. left most U.S. stock, futures and foreign exchange markets inactive.
European and Asian exchanges were also largely shut, with only limited Middle Eastern trading open.
Hougan said onchain platforms became the central venues for market reaction during that period.
He pointed to heavy trading on Hyperliquid, particularly in perpetual futures tied to crypto assets and crude oil.
Tether’s tokenized gold product XAUT logged more than $300 million in 24-hour volume, while prediction markets such as Kalshi and Polymarket reached record activity.
Bitcoin and Ethereum also drew heightened attention as investors sought round-the-clock liquidity.
Hougan said the episode accelerated the shift toward onchain finance, arguing that crypto-enabled markets are no longer peripheral during global disruptions.
He added that hedge funds, banks and other professional traders may need to engage directly with stablecoins, tokenized assets and decentralized exchanges to remain competitive, as digital asset markets operate continuously regardless of geopolitical shocks.
