Geopolitical events do not adhere to stock market opening times. When the US and Israel launched coordinated attacks on Iran on a Saturday at the end of February, the traditional commodity markets were closed. $HYPE (-0,18 %)A decentralized perpetual futures exchange, which operates around the clock, was not.

$HYPE (-0,18 %) is a crypto-native trading platform based on its own layer 1 blockchain. It is best known for its on-chain order book and permissionless market creation mechanism (HIP-3), which allows anyone to create perpetual futures on almost any asset. Since the escalation in the Middle East #hyperliquid has become a centralized venue for real-time commodity pricing outside of traditional trading hours. Its perpetual contract linked to oil has seen daily volumes of up to around 1.7 billion US dollars - around 250 times what it was before the conflict began. Open interest across all HIP-3 markets exceeded USD 1.2 billion, with only 7 of the 30 largest markets being crypto pairs. Commodities and equity indices accounted for the rest.

This is arguably the most compelling real-world use case for on-chain derivatives to date and a clear signal that 24/7 permissionless markets are no longer a theoretical value proposition.

$LIQD (-8,22 %)

While traditional exchanges were closed last weekend, the market for tokenized assets recorded a trading volume of almost $HYPE (-0,18 %) a trading volume of almost 1.4 billion US dollars. Geopolitical events also take place on Saturdays - and markets are increasingly reacting to them in real time.

The traditional financial world is beginning to adapt. ICE, owner of the New York Stock Exchange, recently invested in OKX, while Nasdaq is working with Kraken on tokenized stocks.

Tokenization is thus evolving from experiment to infrastructure.

At the same time, an important dividing line is emerging within the crypto industry: tokens only work if they are at the center of a platform's economic architecture. Where this is not the case, equity could ultimately prove to be the more robust model.

You can invest in Hyperliquid via the following vehicle: $LIQD (-8,22 %)

(Author: Jérémy Le Bescont, CoinShares Lead Content Manager)

$HYPE (-0,18 %) (Hyperliquid) is a decentralized trading platform for perpetual futures (derivatives without a fixed maturity date that allow investors to speculate on price movements). The platform has achieved a clear product-market fit and is already generating significant turnover in relation to its valuation.

The business model is immediately value accretive for token holders, as 99% of protocol revenue from trading fees is used to buy back the native token. This reduces the circulating supply, which can support the token value.

The HIP-3 update also introduced the trading of tokenized shares - securities that are digitally represented on the blockchain. These are already recording solid trading volumes and extend the platform's value proposition beyond pure derivatives.

Hyperliquid is thus positioning itself as a revenue-generating blockchain application with considerable scaling potential, especially if other protocols adopt similar models. Investment is not only possible directly via the token, but also indirectly via exchange-traded products (ETPs) offered by specialized digital asset managers such as CoinShares - comparable to investments in Bitcoin or Ethereum.

You can invest in Hyperliquid via the following ticker $LIQD (-8,22 %)

$BTC (+1,42 %) recorded the weakest investor sentiment last week. A total of USD 133 million flowed out of corresponding investment products. At the same time, there were also outflows from short Bitcoin products, totaling USD 15.4 million over the past two weeks - a pattern that has historically often been observed near local lows.

Also $ETH (+1,67 %) was also affected by outflows, with withdrawals totaling USD 85.1 million. $HYPE (-0,18 %) The US dollar market also saw outflows, albeit at a much lower level of USD 1 million.

In contrast, sentiment towards $XRP (+1,26 %), $SOL (+1,8 %) and $LINK (+1,68 %) remained constructive. These assets recorded inflows of USD 33.4 million, USD 31 million and USD 1.1 million respectively in the past week.

$XRRL (-2,29 %)
$SLNC (-3,01 %)
$CTEN (-6,57 %)
$GB00BMY36D37 (-3,92 %)