1️⃣ Market Snapshot
Tokenized silver futures recorded the largest liquidations across the crypto market in the past 24 hours, surpassing both Bitcoin (BTC) and Ether (ETH)—a rare reversal of the usual risk hierarchy.
According to CoinGlass,
129,117 traders were liquidated
Total liquidations: $543.9 million
Tokenized silver: ~$142 million
Bitcoin: ~$82 million
Ether: ~$139 million
The largest single liquidation occurred on Hyperliquid, where an $18.1 million leveraged SILVER-USD position was forcibly closed.
2️⃣ Why Silver Led the Wipeout
Silver prices came under heavy pressure after an extraordinary rally earlier this month reversed sharply. As volatility spiked, leveraged long positions were caught offside.
U.S. government data shows that hedge funds and large speculators cut bullish silver positions by 36%, pushing net-long exposure to a 23-month low. This positioning unwind spilled directly into tokenized silver futures traded on crypto platforms.
3️⃣ CME Margin Hike & Volatility Shock
The selloff intensified after CME Group announced higher margin requirements for gold and silver futures, effective Monday.
Margin requirements increased by up to 50% on some silver contracts
Higher margins forced traders to add collateral or exit positions
This accelerated liquidations across leveraged products
As traditional markets tightened risk, the pressure quickly transferred to crypto-based commodities futures.
4️⃣ Bitcoin and Ether Take a Back Seat
Bitcoin and Ether did see liquidations, but the damage was relatively muted.
BTC and ETH liquidations reflected general risk-off sentiment
No single dominant unwind like silver
Highlights how macro-driven trades, not crypto-native narratives, dominated this session
This marked an unusual moment where commodities—not crypto majors—set the tone for liquidation flows.
5️⃣ What This Means for Crypto Traders
Tokenized metals are increasingly used to express macro views because they:
Trade 24/7
Require lower upfront capital
Offer high leverage without traditional futures accounts
But that accessibility cuts both ways. When volatility spikes, liquidations arrive faster and harder.
