SILVER Perps Record $23.95M in Liquidations Over 4 Hours Amid Spot Price Swings

SILVER, a derivatives contract tracking silver, recorded about $23.95M in liquidations across the market over nearly 4 hours on February 2, driven by sharp short-term moves in the spot silver price, HyperInsight and CoinGlass data show. The notional wiped out was second only to BTC and ETH over the same period, with 64% of positions liquidated being longs. Most forced closures occurred on the Hyperliquid platform, where a whale holding a short XYZ:SILVER position was liquidated for $4.13M in a brief window and another single long position over $1.6M was also liquidated.