Silver nears $1B in volume on Hyperliquid as BTC remains frozen: Asia Morning Briefing
Silver perpetuals are nearing $1 billion in 24-hour volume on Hyperliquid, signaling traders are using crypto infrastructure for macro hedging while Bitcoin remains range-bound near $88,000.Summary
The SILVER-USDC perpetual contract on the Hyperliquid decentralized exchange is seeing significant activity, approaching $1 billion in 24-hour volume, surpassing major crypto assets like SOL and XRP. This trend suggests that traders are repurposing crypto derivatives infrastructure for macro hedging and volatility plays, especially as Bitcoin struggles to find direction.
Bitcoin is currently stuck near $88,000, exhibiting defensive equilibrium characterized by negative spot cumulative volume delta, cooled ETF flows, and rising options skew indicating demand for downside protection. Ether is also underperforming. This stability masks a lack of aggressive buying conviction, leading to Bitcoin being sidelined rather than abandoned.
Meanwhile, gold is reinforcing this macro stress trade, extending significant gains, which aligns with the capital rotation seen in silver. The increased trading of commodities like silver on crypto venues highlights where market uncertainty is currently being priced, away from the stalled major crypto assets.
(Source：CoinDesk)