Trading activity in silver-linked products surged across Asia on Tuesday, with volumes on the decentralised derivatives platform Hyperliquid approaching the US$1 billion mark, as investors searched for momentum outside a largely stagnant bitcoin market.
Market participants said the spike in trading reflected a renewed appetite for alternative macro hedges and high-volatility assets, particularly as bitcoin continued to trade in a tight range after weeks of muted price action. With the world’s largest cryptocurrency struggling to establish a clear directional trend, traders appear to be rotating capital into assets offering clearer short-term opportunities.
Hyperliquid, which has rapidly grown into one of the most active on-chain derivatives venues, saw unusually heavy interest in silver contracts, according to market data. The near-US$1 billion turnover highlights the increasing role of decentralised platforms in global commodities-linked trading, traditionally dominated by centralised exchanges and institutional players.
Analysts noted that silver’s appeal has been supported by a mix of factors, including expectations of looser global monetary conditions later in the year, persistent geopolitical uncertainty and ongoing debates around industrial demand, particularly from the renewable energy and electronics sectors. These dynamics have helped silver attract speculative interest even as broader risk sentiment remains cautious.
By contrast, bitcoin remained “frozen”, with price movements limited and volatility subdued during Asian trading hours. Traders attributed the slowdown to a wait-and-see approach ahead of key macroeconomic signals, including central bank guidance and inflation data from major economies. Some also pointed to reduced leverage across crypto markets following recent bouts of volatility.
The divergence between silver activity and bitcoin’s consolidation underscores a broader theme in global markets: capital is becoming more selective. Rather than broad-based risk-on behaviour, traders are increasingly targeting specific assets with strong narratives or technical setups.
Looking ahead, market watchers expect volatility to return to crypto markets once fresh catalysts emerge, particularly around regulation, monetary policy or institutional flows. In the meantime, the surge in silver trading on platforms like Hyperliquid suggests that decentralised markets are continuing to mature, offering liquidity and scale that can rival more established venues.
