The trading volume with silver is approaching $1 billion.

Silver Contracts Become Active Market

Silver futures have rapidly risen in the Hyperliquid crypto derivatives exchange, securing the third place in trading volume after Bitcoin and Ethereum. The high volume of the SILVER-USDC contract, along with a wide open interest and light negative funding, indicates that traders are utilizing the crypto infrastructure for volatility and hedging in macro commodities.

Bitcoin on Defense, Ethereum Lagging Behind

Bitcoin is being held around the "defensive balance" level of 88,000 dollars due to cooling ETF flows, imbalanced derivative positions, and increasing demand for downside protection. Meanwhile, Ethereum remains weak, as investors are directing their capital towards hard assets like gold and silver.