Analysis: Silver pullback leads to tokenized futures liquidation volume surpassing Bitcoin's.

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**PANews** reported on January 31st that tokenized silver futures unexpectedly dominated crypto liquidations over the past day, remarkably outpacing Bitcoin as spot silver prices plummeted from recent highs. This triggered a cascade of cross-market leveraged liquidations, with Hyperliquid witnessing the most devastating single blow—an $18.10 million XYZ:SILVER-USD position forcibly closed amid extreme volatility.What drove this rare liquidation event? I believe the primary culprit was silver's dramatic correction following its rapid ascent. Additionally, exchanges raised margin requirements for precious metal futures, compelling over-leveraged traders into forced deleveraging that amplified short-term price turbulence. Therefore, market participants are now closely monitoring whether precious metals can stabilize and if liquidation activity will shift back toward major assets like Bitcoin and Ethereum.

PANews reported on January 31st that, according to CoinDesk, tokenized silver futures became the cryptocurrency with the largest liquidation volume in the past 24 hours, surpassing Bitcoin in a rare occurrence, due to the rapid pullback in spot silver prices from their highs. This triggered 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 was mainly due to the significant pullback after the rapid rise in silver prices, coupled with exchanges raising margin requirements for precious metal futures. This forced high-leverage positions to be passively deleveraged, exacerbating short-term price volatility. The market is focused on whether precious metal prices can stabilize and whether the focus of liquidations will shift back to core assets such as Bitcoin and Ethereum.