Silver is now the front-page asset on Hyperliquid, highlighting a subtle shift in how crypto derivatives venues are used as Bitcoin struggles to find direction.
The SILVER-USDC contract has become one of Hyperliquid’s most active markets, with a trading price of approximately $110 during the Asian session and a 24-hour trading volume of approximately $994 million.
Open interest is approaching $154.5 million, while funding is still slightly negative, indicating heavy volume and a two-way position rather than a one-way leveraged bet. For a cryptocurrency native venue built around perpetual contracts, this combination looks closer to a volatility and hedge-oriented market than a speculative long market.
It’s not just the price of silver that’s striking, but its importance: according to CoinGecko, silver’s trading volume follows BTC and ETH pairs and is ahead of SOL and XRP.
When commodity contracts compete with major crypto assets in volume on decentralized exchanges, it suggests traders are using crypto infrastructure to express the view that Bitcoin and Ethereum are no longer effectively captured. In other words, crypto pipelines are being repurposed for macro trading.
This context helps explain why Bitcoin itself remains in trouble. Glassnode data shows that BTC is in a so-called defensive equilibrium. The cumulative spot trading volume Delta has turned sharply negative, indicating that sellers are buying on highs.
ETF flows have cooled, eliminating a key source of incremental demand. On the derivatives front, open interest has declined, funding imbalances have increased, and options bias has increased, pointing to a growing need for downside protection rather than confidence on the upside.
The result was that Bitcoin absorbed the pressure without collapsing, but also failed to trend. The price stabilized near $88,000, masking a lack of active buyers and a reluctance to use leverage. The relative underperformance of ETH reinforces this message. Risk appetite is not moving down the curve.
Bitcoin is not abandoned. It is being marginalized. The rise of silver trading on Hyperliquid is one of the clearest signs yet that uncertainty is pricing in.
market trend
Bitcoin: Bitcoin is hovering near $88,000 and while there is no panic selling, it is trading sideways amid continued selling pressure and cautious position cap rallies.
Ethereum: Ethereum is trading around $2,300, falling this week and lagging behind Bitcoin as leverage and risk appetite remain subdued.
Gold: Gold is extending its breakout, up around 15% over the past 30 days and more than 50% over six months, reinforcing the same macro stress trade seen in silver as capital tilts toward hard assets rather than crypto beta.
Nikkei 225 Index: Japan’s Nikkei 225 index hovered near flat in Asian trade, even as South Korean auto stocks swung sharply on the threat of a new round of U.S. tariffs and regional markets were mixed, with gains led by chips in Seoul and Australia offsetting weakness in China.
