Silver dropped 17% in one day — this is already the third time in recent days that the metal has experienced such sharp movements. Yesterday, it seemed that the rebound would hold, but no. Along with silver, gold and copper also declined. Against the backdrop of low liquidity, speculators are unwinding their positions in a hurry.

The main pressure is coming from cryptocurrency platforms. At Hyperliquid, there was a mass liquidation of positions in tokenized silver — roughly $17.75 million was forcibly closed, of which $16.82 million were long positions. Traders entered with high leverage, betting on a recovery, but the first jolt of volatility sent them out. Leverage works both ways.

This is reminiscent of the dynamics that Michael Burry warned about during the week. He called it a collateral spiral — when crypto collateral falls, institutions are forced to sell profitable metal positions in order to meet margin requirements. It turns out that losses in Bitcoin lead to sell-offs of silver. In such a setup, metals sometimes fall harder than Bitcoin itself.

Macroeconomics has taken a back seat. Yes, there’s talk about Kevin Warsh being put forward for the position of head of the ФРС, and yes, Trump is commenting on the regulator’s stance. But right now, the main thing is market positioning and forced sell-offs, not fundamental demand for precious metals. The outlook for silver now depends less on macro factors than on when the liquidations will end.

It’s also interesting that SpaceX holds 8.285 Bitcoin on an account with a major custodian, valued at about $603 million. The company went through a difficult 2025: it had a profit of $8 billion, but now it’s at a loss despite revenue growing to $18.5 billion. But the crypto position wasn’t dumped. Maybe this is a signal that even amid difficulties, some players believe in the long-term outlook.