Hyperliquid claims ‘most liquid’ crypto platform as SILVER‑USDC nears $1B 24h volume; BTC 21‑week/50‑week EMA cross mirrors 2022 as BTC:silver hits FTX levels

first published 2026-01-27T02:28:08Z

The SILVER‑USDC perpetual on Hyperliquid traded near $110 in Asia hours with roughly $994M in 24‑hour volume and about $154.5M open interest. Funding is slightly negative, indicating heavy turnover and two‑way positioning consistent with volatility and hedging. Silver’s volume ranks just behind BTC and ETH pairs and ahead of SOL and XRP on CoinGecko. Glassnode data shows BTC in a defensive equilibrium (spot cumulative volume delta negative), ETF flows have cooled, derivatives open interest and funding are uneven, and options skew implies more demand for downside protection. Gold’s recent breakout (≈+15% over 30 days, >+50% over six months) is cited as reinforcing a shift toward hard assets.

AI Analysis

Hyperliquid SILVER‑USDC shows ~ $994M 24h volume and ~$154.5M open interest; funding slightly negative signals heavy turnover and two‑way hedging rather than a one‑sided leveraged bet; CoinGecko ranks SILVER volume just behind BTC/ETH and ahead of SOL/XRP; Glassnode and options data indicate BTC defensive positioning and demand for downside protection; gold’s breakout is noted as reinforcing flows into hard assets. These facts support modestly bullish but mixed near‑term implications for silver and mark the story as potentially market‑relevant.

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