The plunge in silver prices has impacted cryptocurrency leveraged trading, with Hyperliquid experiencing liquidations worth tens of millions of dollars.

Affected by the rapid pullback in spot silver prices from their highs, tokenized silver futures became the cryptocurrency with the largest liquidation volume in the past 24 hours, unusually surpassing Bitcoin, triggering a wave of cross-market leveraged liquidations. The largest single liquidation occurred on the Hyperliquid platform, where a highly leveraged XYZ:SILVER-USD position worth $18.1 million was forcibly liquidated due to drastic price fluctuations. Analysis indicates that this abnormal liquidation mainly stemmed from the significant correction after the previous rapid rise in silver prices, coupled with exchanges raising margin requirements for precious metal futures, forcing highly leveraged positions to be passively deleveraged, exacerbating short-term price volatility. The market is focused on whether precious metal prices can stabilize subsequently, and whether the focus of liquidations will shift back to core assets such as Bitcoin and Ethereum. (CoinDesk)