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Following the military operations by the US and Israel against Iran, increased geopolitical risks in global markets caused sharp fluctuations in the cryptocurrency markets over the weekend.

During hours when traditional markets are closed, investors turned to tokenized commodities such as oil and gold on the decentralized exchange Hyperliquid, which offers 24/7 trading.

Oil contracts on the platform rose approximately 6.2%, reaching $70.6 per barrel. Gold increased by over 5%, reaching $5,464 per ounce, and silver surged over 8%, reaching $97.5. These price movements are considered early indicators of possible reactions in the commodity sector when traditional markets reopen on Monday.

The escalation of geopolitical tensions triggered a “risk-off” trend in crypto assets. Bitcoin fell as much as 3.8% over the weekend, dropping to $63,038, then stabilized around $64,000. Ethereum declined by up to 4.5%, reaching $1,836. According to CoinGecko data, approximately $128 billion was wiped out from the total value of the digital asset market immediately following these developments.

In the tokenized commodities sector, silver contracts saw the highest trading volume. Over $400 million in volume was recorded in the last 24 hours, while gold contracts traded around $140 million. Contracts linked to US stock indices on the platform declined between 1% and 2%.

After US and Israeli forces launched attacks targeting locations across Iran today, reports indicated that Iran responded within hours with missile strikes on targets in Israel, Qatar, the United Arab Emirates, and Bahrain, and issued new threats against US bases in Iraq.