Amid rising tensions between the United States, Israel, and Iran, traders are increasingly turning to cryptocurrency markets for continuous hedging opportunities. Oil-linked perpetual contracts on Hyperliquid surged 6.2% to $70.6 per barrel, while gold and silver contracts rose over 5% and 8%, respectively. Silver contracts saw trading volumes exceed $400 million, with gold nearing $140 million. In contrast, U.S. stock index contracts on the platform fell by 1% to 2%. The geopolitical conflict triggered a risk-off sentiment in the crypto market, causing Bitcoin to drop 3.8% to $63,038 before stabilizing near $64,000, and Ethereum to fall 4.5% to $1,836. The total market capitalization of digital assets decreased by approximately $128 billion. Jake Ostrovskis of Wintermute highlighted Bitcoin's 24/7 trading as a key factor in its liquidity, allowing traders to express macro views when traditional markets are closed. Charlie Ambrose of Felix noted the ongoing shift towards 24/7 trading, as evidenced by the activity on Hyperliquid.