Analysis: Silver Pullback Causes Tokenized Futures Liquidations to Surpass Bitcoin

PANews, January 31 – According to CoinDesk, due to the rapid pullback in spot silver prices from recent highs, tokenized silver futures have become the largest liquidation category in the crypto market over the past 24 hours, unusually surpassing bitcoin and triggering a wave of cross-market leveraged liquidations. The largest single liquidation during this period occurred on the Hyperliquid platform, where a high-leverage XYZ:SILVER-USD position worth $18.1 million was forcibly liquidated due to extreme price volatility. Analysis indicates that this round of abnormal liquidations was mainly caused by a sharp correction following the previous rapid rise in silver prices, coupled with exchanges raising margin requirements for precious metals futures, which forced high-leverage positions to deleverage and intensified short-term price fluctuations. The market is now watching whether precious metal prices can stabilize and whether the focus of liquidations will shift back to core assets such as bitcoin and ethereum.