Silver’s 17% plunge reignites market behaviour that once topped bitcoin

It is the same setup Michael Burry warned about this week, when he said falling crypto collateral can force metal selling in a feedback loop. What to know : Silver plunged as much as 17% in 24 hours, erasing a recent rebound and dragging gold and copper lower amid thin liquidity and heavy speculative positioning. Tokenized silver markets saw large forced liquidations, including about $16.82 million of long positions in XYZ:SILVER on Hyperliquid, underscoring how leverage is amplifying the sell-off. Hedge fund manager Michael Burry has warned of a "collateral death spiral" in which falling crypto collateral triggers selling in tokenized metals, with positioning and forced unwinds now outweighing macro drivers such as shifting Federal Reserve expectations.