The silver crash impacts crypto leveraged trading, Hyperliquid experiences million-dollar liquidations

Due to the rapid pullback of spot silver prices from their highs, tokenized silver futures have become the largest clearing asset in the crypto market over 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 severe price fluctuations.

Analysis indicates that this round of abnormal liquidations is primarily due to a significant pullback following the previous rapid rise in silver prices, coupled with exchanges raising margin requirements for precious metal futures, which has exacerbated short-term price volatility as high-leverage positions are passively deleveraging. The market is focused on whether precious metal prices can stabilize in the future and whether the liquidation spotlight will return to core assets such as Bitcoin and Ethereum.