Silver derivatives have surged to the forefront of crypto trading activity, highlighting a growing shift toward macro hedging as bitcoin remains stuck in a narrow consolidation range.
On Hyperliquid, the decentralized perpetuals exchange, silver futures are now trading nearly $1 billion in daily volume, surpassing major crypto assets such as Solana and XRP — an unusual development that underscores how crypto infrastructure is increasingly being used to express macro views rather than directional crypto bets.
Silver becomes top-traded market on Hyperliquid
The SILVER-USDC perpetual contract traded near $110 during Asia hours and recorded approximately $994 million in 24-hour volume, according to CoinGecko data.
Open interest stands near $154.5 million, while funding rates remain slightly negative — a combination that suggests heavy two-way positioning rather than leveraged speculation.
In contrast to typical crypto rallies driven by positive funding and expanding leverage, silver’s profile on Hyperliquid looks more consistent with volatility trading, hedging, and macro positioning.
Notably, silver now ranks just behind Bitcoin and Ether in trading volume on the platform, ahead of both SOL and XRP — a rare moment where a traditional commodity outpaces major digital assets on a decentralized exchange.
The shift signals that traders are increasingly using crypto-native derivatives venues as macro trading rails, particularly as uncertainty grows across global markets.
Bitcoin remains stuck in “defensive equilibrium”
While silver activity surges, bitcoin continues to hover near $88,000, showing little directional conviction.
According to Glassnode, BTC is currently locked in what it describes as a “defensive equilibrium.” Spot cumulative volume delta has flipped sharply negative, indicating that sellers continue to hit bids during short-lived rallies.
At the same time, several sources of demand have softened:
Spot Bitcoin ETF inflows have cooled, removing a key structural buyer
Derivatives open interest has declined, reflecting lower leverage appetite
Funding rates remain uneven, signaling lack of consensus positioning
Options skew has risen, pointing to stronger demand for downside protection
The result is a market that absorbs selling pressure without cascading lower — but also fails to build momentum higher.
Bitcoin, in effect, is not breaking down — but not being accumulated aggressively either.
Ether continues to lag
Ether remains weaker relative to bitcoin, trading near $2,300 and underperforming on a weekly basis.
The persistent lag reinforces a broader theme: risk appetite is not rotating down the crypto curve. Traders are avoiding high-beta exposure, preferring capital preservation over speculative expansion.
Capital rotates toward hard assets
The strength in silver mirrors a broader macro trend.
Gold is up roughly 15% over the past 30 days
Gold has gained more than 50% over the past six months
Silver continues to outperform most risk assets
The consistent bid in precious metals suggests investors are prioritizing inflation hedging and geopolitical risk protection, rather than crypto volatility.
That same macro stress trade now appears directly inside crypto markets — not through bitcoin itself, but through commodity derivatives traded on crypto infrastructure.
Market snapshot — Asia session
Bitcoin (BTC): Trading near $88,000, range-bound as cautious positioning caps upside
Ethereum (ETH): Around $2,300, lagging BTC amid weak leverage demand
Gold: Extending its breakout, reinforcing flight-to-safety flows
Nikkei 225: Flat in Asia trade; regional markets mixed amid renewed U.S. tariff concerns
What the silver surge really signals
Bitcoin is not being abandoned.
It is being sidelined.
The rise of silver trading on Hyperliquid reflects where uncertainty is currently being priced — not through crypto beta, but through macro hedges executed on crypto rails.
As long as leverage stays muted and ETF demand remains soft, bitcoin may continue to drift sideways — while crypto exchanges quietly become venues for the world’s growing macro anxiety.