‘No longer a choice’: Bitwise CIO says US-Iran strikes put crypto in primary market role
Following US-Iran strikes, Bitwise CIO Matt Hougan stated that crypto markets became the primary venue for global price discovery when traditional markets were closed.Summary
Bitwise Chief Investment Officer Matt Hougan argued in a memo that the U.S. military strike on Iran over a weekend exposed the limitations of traditional finance, pushing crypto and onchain markets into a primary role for global price discovery. Because major traditional venues like U.S. stock and futures markets were inactive, investors turned to 24/7 crypto-based systems, leading to significant volume spikes on platforms like Hyperliquid for perpetual futures tied to assets like crude oil. Furthermore, Tether's tokenized gold product (XAUT) and prediction markets also saw high trading volumes. Hougan concluded that this event accelerated the shift toward onchain finance, convincing him that competitive traders, hedge funds, and banks now have "no longer a choice" but to adopt onchain finance tools and assets to keep pace.
(Source：The Block)