A violent silver liquidation erased over $1.1t across metals, ETFs, and crypto in under 24 hours, triggering $770m in crypto long liquidations and raising the question of whether this was a structural break or a brutal but familiar leverage reset.
Summary
- Silver’s collapse was driven by margin calls and forced selling, including the full liquidation of an $11m long, in a thin, leveraged market.
- Gold lost about $4t in market value and crypto saw $770m in longs wiped, with Bitcoin, Ethereum, and Solana sliding in tandem as macro “risk valves.”
- Analysts frame the move as a system‑wide leverage flush rather than a lasting breakdown, asking how quickly risk appetite…
