Tokenized silver futures have overtaken Bitcoin in liquidation volumes over the past 24 hours, driven by a sharp decline in spot silver prices. This unusual event triggered significant cross-market leveraged liquidations, with the largest single liquidation occurring on the Hyperliquid platform. A highly leveraged XYZ:SILVER-USD position worth $18.1 million was forcibly liquidated due to severe price fluctuations. The surge in liquidation volumes is attributed to the rapid pullback in silver prices following a recent rise, alongside exchanges increasing margin requirements for precious metal futures. This led to the passive deleveraging of high-leverage positions, intensifying short-term market volatility. Market participants are now watching to see if precious metal prices will stabilize and if liquidation focus will return to core assets like Bitcoin and Ethereum.