I noticed an interesting trend on Hyperliquid — traders there are currently trading not cryptocurrencies, but ordinary oil and silver the most. And we’re talking about serious volumes. Over the past 24 hours, all transactions with oil futures contracts (WTI and Brent) on the platform exceeded $500 million, and silver added another $412 million. For comparison — all transactions with SOL and XRP came to $31.45 million and $16.13 million, respectively. It turns out that commodity trade goods contracts have outpaced cryptocurrencies by several times.

What’s happening? It seems to be related to geopolitical tensions around Iran and the Strait of Hormuz. About a fifth of the world’s oil supplies pass through this strait, and there’s currently serious tension there. Iran threatens to completely close the strait if the U.S. carries out strikes on energy facilities. Against this backdrop, oil prices have surged — Brent and WTI rose by more than 45% over the month. This is a level of volatility you typically see in memecoins, not in commodity raw materials.

The price of oil has already broken through the $100 per barrel mark, causing inflation shocks around the world. Goldman Sachs even raised its forecasts — now they expect the average Brent price to be around $100 in March-April, whereas earlier they said $98. For 2026, they forecast $85 per barrel, and for 2027 — a steady $80.

That’s why Hyperliquid is becoming an increasingly popular venue for trading commodities. When traditional markets are closed on weekends, the decentralized exchange keeps operating. This gives traders the ability to react to events in real time, without waiting for regular exchanges to open. All transactions with commodity futures there show that people are looking for alternative channels for trading amid high volatility.

True, Bitcoin and Ether still remain the kings of the platform by absolute volume — BTC shows $219 million in 24-hour turnover, ETH — $147 million. But the trend toward commodities is clearly gaining momentum. Geopolitical uncertainty isn’t going away, so energy markets on Hyperliquid may remain active for a long time.

Another interesting point — SpaceX also seems to be watching the volatility. The company holds 8285 bitcoins in Coinbase Prime custody, valued at approximately $603 million. This is despite the fact that in 2025 SpaceX posted a loss of about $5 billion, even though revenue grew to $18.5 billion. It’s interesting how companies are adapting to the current economic situation — holding crypto as part of their strategy, yet simultaneously facing challenges at the operational level.