Silver dropped a full 17% yesterday in a single day—this is no longer the first time it has happened in a short period. The price of silver remains under pressure today, and along with it, gold and copper are falling too. Traders say this is due to low liquidity and massive speculative positions that just push the market down.

The situation on crypto platforms is even worse. On Hyperliquid, there were large forced liquidations of tokenized silver—about $17.75 million, of which $16.82 million was attributed to long positions. This shows how leverage amplifies sell-offs. Traders were betting on a rebound, but then came the next spike in volatility, and everyone was knocked out of their positions.

Hedge fund manager Майкл Беррі called it a “death spiral of collateral”—when криптоколатераль falls, institutions are forced to sell tokenізовані метали to cover margin calls. The result is that the silver price fell even further. Interestingly, in such a scenario, metal products cause more losses than біткойн itself. Positioning and forced selling are currently more important than macroeconomics.

Macro news also doesn’t help. Markets are still discussing the nomination of Кевін Уорш for the head of ФРС, and President Трамп dismissed the idea of strict monetary regulation. For precious metals, expectations about interest rates usually matter, but right now, it plays a secondary role. Today’s silver price depends more on who is knocking whom out of positions than on pure macroeconomic demand.