Tokenized silver futures have recorded the largest liquidations across the entire crypto market over the past 24 hours, surpassing Bitcoin and Ethereum in a rare reversal of usual risk levels as the precious metal’s pullback spreads to commodity-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 liquidation, with approximately $142 million in liquidations related to products that track silver prices. Bitcoin follows closely behind with sales of approximately $82 million, while Ethereum reaches 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 forced to liquidate due to large price fluctuations.
The move marks an unusual moment in the cryptocurrency market, with Bitcoin and Ethereum typically dominating the liquidation lists. This time around, traders who use crypto rails to express macro views on metals are bearing the brunt.
Silver prices have been under pressure after an unusual rise earlier this month gave way to a sharp reversal.
Data released by the U.S. government on Friday showed that hedge funds and large speculators reduced their long silver positions to a 23-month low in the week ended January 27, with net long positions reduced by 36%.
The pullback accelerated after exchange volatility cooled.
CME Group said it would increase margin requirements for gold and silver futures starting Monday, raising collateral requirements for some silver contracts by as much as 50%. Higher profits tend to force leveraged traders to add capital or exit positions, which tends to amplify short-term price swings.
Tokenized metals, which allow traders to gain leveraged exposure to gold, silver and copper without using traditional futures accounts, saw active trading on Friday as prices moved lower. These products trade around the clock and require less upfront capital, which makes them attractive amid fast-moving macro changes.
Bitcoin’s lower ranking on the liquidation list is noteworthy.
While Bitcoin prices also fell during this period, the losses were much smaller compared to metal-related products. Ethereum follows a similar pattern, with liquidations reflecting broader risk aversion rather than a single dominant liquidation.
These moves demonstrate how cryptocurrency venues are increasingly being used as alternative macro trading tracks. Traders not only speculate on digital assets, but also express views on commodities, interest rates, and currencies using tokenized tools that mirror traditional markets.
Whether the metal stabilizes or continues to fall could determine whether tokenized commodities remain the focus, or whether cryptocurrency attention returns to its usual core assets.
