Tokenized indices of U.S. stocks fell by 1–2%.
Amid the escalation of the conflict between the U.S., Israel, and Iran, crypto traders have massively switched to the decentralized exchange Hyperliquid, Bloomberg reports.
The worsening situation in the Middle East has triggered a mass flight from risk and a sharp correction in the cryptocurrency market. Bitcoin (BTC) fell by 3.8% at one point, to $63,030, later stabilizing just above the $64,000 level. Ethereum (ETH) dropped by 4.5%, to $1,836. According to CoinGecko, in light of the news about military actions, the total market capitalization lost $128 billion.
As traditional financial platforms were closed for the weekend, many investors began transferring funds into tokenized commodity assets to protect their portfolios.
The leaders in trading activity were HIP-3 format instruments based on silver, with a daily volume exceeding $340 million. The turnover for gold contracts was over $160 million. Against this backdrop, tokenized indices of U.S. stocks fell by 1–2%.
"Cryptocurrencies behave like high-beta assets and fall sharply, while tokenized commodities on platforms like Hyperliquid are in demand as protective instruments. This underscores the growing role of the industry as a 24/7 base for macroeconomic positioning when traditional markets are closed," noted LVRG research director Nick Rak.
Once a niche platform, Hyperliquid has transformed into one of the largest trading platforms. Its turnover over the last 24 hours exceeded $5.8 billion. The figure for its closest competitor, Aster, is $2.7 billion.
The October update has allowed developers to issue derivatives on stocks and commodity assets. A prerequisite for launching such instruments was the locking of 500,000 HYPE. These changes have made Hyperliquid a sought-after platform for trading outside traditional trading sessions.
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