Silver Plunge Impacts Crypto Leverage Trading, Hyperliquid Sees Tens of Millions in Liquidations

Odaily News: Influenced by a rapid pullback in spot silver prices from highs, tokenized silver futures have become the asset with the largest liquidation scale in the crypto market over the past 24 hours, unusually surpassing Bitcoin and triggering a wave of cross-market leveraged position unwinding. During this period, the largest single liquidation occurred on the Hyperliquid platform, where a high-leverage XYZ:SILVER-USD position worth $18.1 million was forcibly closed due to extreme price volatility. Analysis indicates that this round of abnormal liquidations primarily stems from a sharp correction following the rapid surge in silver prices, coupled with exchanges raising margin requirements for precious metal futures, prompting forced deleveraging of high-leverage positions and exacerbating short-term price fluctuations. The market is focused on whether precious metal prices can stabilize going forward and if the liquidation focus will shift back to core assets like Bitcoin and Ethereum. (CoinDesk)