Bloomberg: Bitcoin trades around the clock, becoming the most liquid asset to express macro views when other markets are closed
According to Bloomberg, tensions between the United States, Israel, and Iran have escalated, prompting traders to turn to crypto trading venues for around-the-clock hedging. Perpetual contracts linked to oil on Hyperliquid rose about 6.2% to $70.6 per barrel, while gold and silver perpetual contracts increased over 5% and 8%, reaching $5464 and $97.5 per ounce, respectively. The trading volume of silver perpetual contracts exceeded $400 million in the past 24 hours, while gold contract trading volume approached $140 million, and U.S. 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 briefly dropping 3.8% to $63038, before stabilizing around $64000; ETH fell 4.5% to $1836 at one point. According to CoinGecko data, the total market capitalization of digital assets evaporated by about $128 billion following the outbreak of the conflict.
Jake Ostrovskis, head of over-the-counter trading at Wintermute, stated that due to Bitcoin's around-the-clock trading, it has become the most liquid asset for traders to express macro views when other markets are closed, with more asset classes moving towards 24/7 trading. Charlie Ambrose, co-founder of Felix, mentioned that this weekend marked another instance of around-the-clock price discovery through perpetual contracts on Hyperliquid, potentially driving a macro shift in how global markets operate.
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