On Saturday, February 28, activity on the decentralized platform Hyperliquid surged in tokenized commodity contracts. Oil rose about 6% to around $70 per barrel, gold increased roughly 5% to $5,460 per troy ounce, and silver jumped over 8%, briefly surpassing $100. The daily trading volume of precious metal contracts exceeded $400 million, according to Bloomberg.
Hyperliquid remains the leading perpetual DEX by trading volume, reaching $5.8 billion over 24 hours. For comparison, the nearest competitor, Aster, reported around $2.7 billion. A significant driver of growth was the platform’s updаte last fall, which enabled trading derivatives not only on cryptocurrencies but also on stocks and commodities, expanding the reach of the crypto market.
Meanwhile, crypto assets showed notable market activity. On the weekend, Bitcoin traded around $63,000 at certain points, while Ethereum hovered near $1,835. According to CoinGecko, the total market capitalization of digital assets shifted by roughly $128 billion within 24 hours. This volatility also triggered a wave of liquidations: data from CoinGlassshows that forced closures of crypto futures positions exceeded $445 million, affecting over 135,000 traders.
The market quickly recovered. By Sunday, March 1, following news of the death of Iran’s Supreme Leader Ali Khamenei, Bitcoin briefly reached $68,000 before stabilizing around $67,200. Ethereum surpassed the $2,000 mark during the same period, marking an important psychological level for traders.
These developments highlight several trends. First, cryptocurrencies remain sensitive to global political and news events. Second, derivatives trading amplifies market movements, accelerating both spikes and corrections. Finally, the integration of commodity instruments on platforms like Hyperliquid is gradually bridging the gap between crypto and traditional financial markets, increasing their mutual influence.