PANews reported on January 31st that, according to CoinDesk, tokenized silver futures became the cryptocurrency with the largest liquidation volume in the past 24 hours, surpassing Bitcoin in a rare occurrence, due to the rapid pullback in spot silver prices from their highs. This triggered a wave of cross-market leveraged liquidations. The largest single liquidation occurred on the Hyperliquid platform, where a highly leveraged XYZ:SILVER-USD position worth $18.1 million was forcibly liquidated due to drastic price fluctuations. Analysis indicates that this abnormal liquidation was mainly due to the significant pullback after the rapid rise in silver prices, coupled with exchanges raising margin requirements for precious metal futures. This forced high-leverage positions to be passively deleveraged, exacerbating short-term price volatility. The market is focused on whether precious metal prices can stabilize and whether the focus of liquidations will shift back to core assets such as Bitcoin and Ethereum.