Tokenized silver futures recorded the largest liquidations across the crypto market over the past 24 hours, overtaking bitcoin and ether in a rare reversal of the usual risk hierarchy as a pullback in precious metals spilled into commodities-based crypto futures.

According to CoinGlass data, 129,117 traders were liquidated in the past day, with total losses reaching $543.9 million.

Tokenized silver contracts led the wipeout, with roughly $142 million in liquidations tied to products tracking silver prices. Bitcoin followed with about $82 million, while ether saw nearly $139 million.

The largest single liquidation order during the period occurred on Hyperliquid, where a leveraged XYZ:SILVER-USD position worth $18.1 million was forcibly closed as prices swung sharply.

The move marks an unusual moment for crypto markets, where bitcoin and ether typically dominate liquidation tables. This time, traders using crypto rails to express macro views on metals bore the brunt of the damage.

Silver prices have been under pressure after an extraordinary rally earlier this month gave way to sharp reversals.

Hedge funds and large speculators cut bullish silver positions to a 23-month low in the week ending Jan. 27, U.S. government data showed Friday, reducing net-long exposure by 36%.

That pullback accelerated after exchanges moved to cool volatility.

CME Group said it would raise margin requirements on gold and silver futures starting Monday, lifting collateral demands by as much as 50% for some silver contracts. Higher margins tend to force leveraged traders to either add capital or exit positions, often amplifying short-term price swings.

Tokenized metals, which allow traders to gain leveraged exposure to gold, silver, and copper without using traditional futures accounts, saw heavy activity on Friday as prices turned lower. These products trade around the clock and require less upfront capital, making them attractive during fast-moving macro shifts.

Bitcoin’s presence lower on the liquidation list is notable.

While BTC prices also fell over the period, the damage was more muted compared to metals-linked products. Ether followed a similar pattern, with liquidations reflecting broader risk-off sentiment rather than a single dominant unwind.

The moves show how crypto venues are increasingly used as alternative macro trading rails. Traders are not just speculating on digital assets but are expressing views on commodities, rates, and currencies using tokenized instruments that mirror traditional markets.

Whether metals stabilize or continue to unwind may determine if tokenized commodities remain the focal point, or if crypto’s attention snaps back to its usual core assets.