Silver’s 35% plunge ends up beating bitcoin in a rare crypto liquidation shock
Tokenized silver futures recorded the largest liquidations across the crypto market over the past 24 hours, overtaking bitcoin and ether in a rare reversal of the usual risk hierarchy as a pullback in precious metals spilled into commodities-based crypto futures.
According to CoinGlass data, 129,117 traders were liquidated in the past day, with total losses reaching $543.9 million.
Tokenized silver contracts led the wipeout, with roughly $142 million in liquidations tied to products tracking silver prices. Bitcoin followed with about $82 million, while ether saw nearly $139 million.
The largest single liquidation order during the period occurred on Hyperliquid, where a leveraged XYZ:SILVER-USD position worth $18.1 million was forcibly…
