A $47.38M leveraged silver long is now sitting on a $1.31M unrealized loss. The trader holds 739.8K SILVER at 20x leverage, with an average entry of $65.8127. Silver has pulled back from a local high of $67.578 to around $64.04, leaving the position down 53.75% on margin. The account still shows $38.05M in total value and $21.09M in cumulative PnL. Its seven-day PnL remains positive at $3.22M, but total unrealized losses across perpetual positions have reached $1.45M. The position’s displayed liquidation price is $27.4791, so this is not an immediate liquidation setup. The near-term question is whether silver can reclaim the high-volume area around $64.60 and then move back above the trader’s $65.81 entry. If price remains below those levels, the $47.38M long could stay under pressure even without liquidation risk.