- Hyperliquid’s SILVER-USDC perpetual has become a top market, trading near $110 with roughly $994 million in 24-hour volume.
- Open interest on the contract sits around $154.5 million and funding is slightly negative, indicating heavy turnover and two-way positioning.
- CoinGecko data places silver’s volume just behind Bitcoin and ether pairs and ahead of several major altcoins.
- According to Glassnode data, bitcoin shows defensive market dynamics as sellers hit bids on rallies.
- ETF flows have cooled, derivatives open interest has eased, and options skew has risen, signaling demand for downside protection rather than aggressive upside bets.
Hyperliquid’s SILVER-USDC perpetual has surged into one of the platform’s busiest markets, trading around $110 during Asia hours and posting roughly $994 million in 24-hour volume. Open interest sits near $154.5 million and funding is slightly negative, a mix that signals heavy turnover and balanced two-way positioning rather than a one-sided leveraged bet.
The contract’s volume now ranks just behind the top bitcoin and ether pairs, according to CoinGecko data, and it exceeds several large altcoin markets. When a commodity contract rivals major crypto pairs on a decentralized venue, traders appear to be using crypto plumbing to express macro views that bitcoin and ether no longer capture efficiently.
That dynamic helps explain bitcoin’s lack of direction. Glassnode data describes bitcoin as pinned in a defensive equilibrium, with spot cumulative volume delta flipping sharply negative as sellers hit bids on rallies. ETF flows have cooled, removing a key source of incremental demand, while derivatives metrics show eased open interest, uneven funding, and rising options skew.
The market outcome is stability without conviction. Bitcoin is trading near $88,000 and absorbing selling pressure without collapsing, but it is not trending. Ether trades around $2,300 and is lagging bitcoin as leverage and risk appetite remain muted. Meanwhile, Gold has extended a breakout, rising about 15% over the past 30 days and more than 50% over six months, reinforcing a shift toward hard assets.
The rise of silver trading on Hyperliquid stands out as a clear sign that uncertainty is being priced outside core crypto beta, with market participants using perpetuals for volatility and hedging needs rather than straightforward speculative longs.
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