TechFlow News: On January 31, according to CoinDesk, tokenized silver futures became the largest liquidated asset class in the crypto market over the past 24 hours—unusually surpassing Bitcoin—due to a sharp pullback in spot silver prices from recent highs. This triggered a cross-market leveraged position liquidation wave. The largest single liquidation occurred on Hyperliquid, where an ultra-high-leverage XYZ:SILVER-USD position valued at $18.1 million was forcibly closed amid extreme price volatility. Analysts noted that this unusual wave of liquidations stemmed primarily from a significant correction following silver’s prior rapid price surge, coupled with exchanges raising margin requirements for precious metals futures—forcing passive deleveraging of highly leveraged positions and thereby amplifying short-term price swings. Market participants are now watching whether precious metals prices can stabilize and whether liquidation focus will shift back to core assets such as Bitcoin and Ethereum.
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