Bitwise chief investment officer Matt Hougan says he’s drastically cut his estimates of when “on-chain finance” will take off after seeing investors pile into crypto platforms such as Hyperliquid to trade tokenized assets amid the US-Israel attack on Iran.

In a post on Tuesday titled “The weekend that changed finance,” Hougan said crypto perps futures platform Hyperliquid became the epicenter for trading real-world assets like crude oil and tokenized gold while the US, European and Asian stock exchanges were closed at the time of the first attack on Saturday at about 3:30 am UTC.

“For most of Sunday, onchain finance was the center of the financial world,” he said, adding that he previously expected traditional markets to…