Silver Is Soaring, Can Tokenized Silver Amplify Leverage Further?

Odaily星球日报Pubblicato 2026-01-27Pubblicato ultima volta 2026-01-27

Introduzione

Silver prices have surged dramatically, breaking historical records by surpassing $117 per ounce and achieving a cumulative gain of approximately 517% since 2017—outperforming both Bitcoin and gold. With a market cap of around $6.18 trillion, silver is now the second most valuable asset globally after gold. This explosive growth has increased interest in tokenized silver as an alternative investment, particularly through leveraged contracts on exchanges and perpetual decentralized platforms (Perp DEX). Currently, the tokenized silver market has a total capitalization of about $446 million. Two tokens dominate in terms of liquidity: - **Kinesis Silver (KAG)**, with a market cap of $406 million, is backed by physically allocated and audited silver, each token representing one ounce. - **iShares Silver Trust (SLV)**, with a $39.5 million market cap, is tied to BlackRock’s SLV ETF and allows instant creation/redemption for non-U.S. users. Both tokens are traded on multiple centralized exchanges, and SLV also supports futures with up to 10x leverage. For higher leverage, platforms like Hyperliquid, Binance, and Bitget offer silver perpetual contracts with up to 20x leverage. Hyperliquid’s SILVER/USDC pair alone has seen over $1 billion in 24-hour trading volume. The rally is driven by expectations of U.S. interest rate cuts, silver’s new classification as a critical mineral (raising potential tariffs), geopolitical tensions, and its role as a more accessible safe-haven...

Original|Odaily Planet Daily(@OdailyChina)

Author|Wenser(@wenser 2010)

Silver, this precious metal asset once known as "poor man's gold," is sweeping through global markets with a storm-like momentum. The reason is none other than its terrifying surge.

Recently, the price of silver once broke through $117 per ounce intraday, hitting a record high. As a result, since the peak of the 2017 crypto cycle, silver has officially surpassed Bitcoin's gains (about 500%) and gold's gains (slightly less than 300%) with a cumulative increase of approximately 517%. According to data from the 8marketcap website, the current price of silver is around $110, with a market capitalization reaching $6.18 trillion, ranking second among global assets, second only to gold. Such an astonishing trend naturally triggers a frenzy in the market. Besides buying silver funds or physical silver through traditional brokerages or offline stores, tokenized silver might also be an option, especially the leveraged contracts on exchanges and on-chain Perp DEXs.

Current State of Silver Tokens: Only 2 Targets Have Relatively Good Liquidity

According to data from the Coingecko website, the overall market capitalization of the tokenized silver sector is temporarily reported at approximately $446 million, with a 24-hour increase of about 5.6%; specifically, the silver tokens with relatively good liquidity are the following 2 types:

Kinesis Silver (KAG): Market Cap Temporarily Reported at $406 Million

Like the gold token KAU, the KAG silver token is launched by Kinesis, a British digital asset utility platform registered in the Cayman Islands. Major trading platforms include Kinesis Money, BitMart, the UAE exchange Emirex, and others.

It is understood that KAG is backed by fully insured and regularly audited vaults (globally distributed storage), with each token pegged to 1 ounce of investment-grade silver; it supports global real-time payments; supports physical silver redemption; and has no storage fees.

Its potential risks are similar to those of the Tether company, which issues the XAUT gold token. This token is highly dependent on the asset credibility of the issuer and faces certain regulatory uncertainties. Furthermore, limited by its small market capitalization, the market depth is relatively average, and market fluctuations may lead to premiums or discounts, making it more reliant on trading platforms to manage order matching.

Nevertheless, information on the Coingecko website shows that KAG's 24-hour trading volume is approximately $5.5 million, already ranking second in the silver token market by trading volume.

iShares Silver Trust(SLV): Market Cap Temporarily Reported at $39.5 Million

A silver token pegged to the iShares Silver Trust, launched by Ondo Finance, holds the corresponding physical gold through the BlackRock iShares Silver Trust (SLV) ETF.

Its advantages lie in tracking a regulated traditional SLV ETF, having good liquidity, and supporting instant minting or redemption (for users outside the US); it combines traditional finance with blockchain convenience; has institutional-level endorsement; and does not require direct handling of physical silver.

Its potential risks include: heavy reliance on the asset credibility of issuers like BlackRock and Ondo; it does not support physical silver ownership or direct redemption; includes certain ETF fund management fee costs; US users are restricted from trading, and it faces potential securities regulatory restrictions.

Main trading platforms include Gate, Bitmart, Bitget, AscendEX, and other centralized exchanges.

It is worth mentioning that SLV also supports contract trading, with leverage of up to 10x.

Coingecko website information shows that SLVON's 24-hour trading volume is approximately $21.2 million, ranking first in the silver token market by trading volume.

Apart from the two major silver tokens KAG and SLVON, the silver token Silver rStock (SLVR) launched by the Solana生态 stock tokenization platform Remora Market, and the silver token Gram Silver (GRAMS) pegged to 1 gram of silver launched by Token Teknoloji A.Ş, also belong to spot tokens, but their market capitalization and liquidity are extremely low. Compared to KAG and SLVON, their price difference from the physical silver price is larger, and participation in trading is not recommended.

Silver Leverage Trading Platforms: Hyperliquid, Binance, Bitget, and Other Exchanges

In addition to spot silver tokens, many US stock tokenization trading platforms, on-chain Perp DEXs, CEXs, and DEXs have already opened leveraged contract trading related to silver, supporting leverage of up to 20x. The following are specific trading platforms for readers' reference:

Channel One——Hyperliquid: https://app.hyperliquid.xyz/trade/xyz:SILVER, the Silver/USDC contract trading pair has a 24-hour trading volume exceeding $1 billion;

Channel Two——Binance:https://www.binance.com/zh-CN/futures/XAGUSDT, supports leveraged trading for the XAG/USDT trading pair, with leverage of up to 20x. Currently, the 24-hour trading volume is $1.32 billion. According to the official announcement, this trading pair was officially opened on January 7th; the latest news shows that Binance will change the price index composition of this contract on January 29, 2026.

Channel Three——Bitget:https://www.bitget.site/zh-CN/futures/usdt/XAGUSDT, supports leveraged trading for the XAG/USDT trading pair, with leverage of up to 20x. Currently, the 24-hour trading volume is $174 million.

Conclusion: Trump's Hawkish Policies and Preference for Rate Cuts Will Be the Best Catalyst for Precious Metals

Looking back, Trump's rise to power, which led to tensions in the international political and economic situation, the turmoil of tariff trade wars, and his preference for Federal Reserve interest rate cuts, is the best catalyst for the rise in precious metal prices. Specifically for silver, beyond the past reasons of supply tightness and its importance as a basic raw material, risk-off assets and the US attitude are crucial.

J. Safra Sarasin strategist Claudio Wewel pointed out that the continuous surge in silver prices stems from the market's reduced expectations for US interest rate cuts and the new key mineral status that silver has acquired. The US Department of the Interior listed silver as a key mineral in November, increasing the possibility of the US imposing tariffs on this metal. He noted that this exacerbates the long-term supply tightness and prompts US importers to accelerate silver purchases. At the same time, retail investors, finding it difficult to buy gold due to its historically high prices, are turning to silver as a safe-haven asset.

In other words, the main rise in silver comes from both "scarcity" and "safe-haven nature." Combined with the recently tense situation in the Middle East again, the price peak of silver may be far from over.

Domande pertinenti

QWhat are the two tokenized silver assets with relatively good liquidity mentioned in the article?

AThe two tokenized silver assets with relatively good liquidity are Kinesis Silver (KAG) and iShares Silver Trust (SLV).

QWhich platform offers a silver contract with up to 20x leverage and had a 24-hour trading volume of 13.2 billion USDT?

ABinance offers the XAG/USDT perpetual contract with up to 20x leverage, which had a 24-hour trading volume of 13.2 billion USDT.

QAccording to the article, what are the two main drivers behind the recent surge in silver prices?

AThe two main drivers are its 'scarcity' due to supply tensions and its 'safe-haven' nature amid geopolitical tensions and economic uncertainty.

QWhat key factor did J. Safra Sarasin strategist Claudio Wewel attribute to the reason for the price surge?

AClaudio Wewel attributed the surge to weakened market expectations for U.S. interest rate cuts and silver's new designation as a 'critical mineral' by the U.S. Department of the Interior, which increased the possibility of tariffs.

QWhat is the main potential risk associated with investing in the Kinesis Silver (KAG) token?

AThe main potential risk is its high reliance on the asset credibility of the issuer (Kinesis) and facing certain regulatory uncertainties.

Letture associate

STAR 50 Soars 10.73%, Why Did A-Shares Stage a "V-Shaped Reversal"?

After a prolonged decline, the Chinese A-share market staged a strong rally on July 21. The STAR 50 index surged 10.73%, its largest single-day gain in nearly a year, leading a broad-based "V-shaped" reversal. The Shanghai Composite Index rose 1.79%, the Shenzhen Component Index gained 4.81%, and the ChiNext Index jumped 7.05%. Total market turnover reached 2.97 trillion yuan, an increase of 256.1 billion yuan from the previous session, with over 3,100 stocks advancing. The semiconductor sector spearheaded the rebound, with related ETFs posting significant gains. Analysts attribute the surge to three converging factors. First, coordinated capital inflows from "national team" institutions, insurance funds, listed company buybacks, and fund house self-purchases have bolstered market liquidity and confidence. Second, supportive policy signals, including commitments from regulators to ensure stable market operations, provided a favorable backdrop. Third, a stabilization and recovery in overseas markets, notably South Korea, created a positive external environment. Institutions suggest the most severe panic selling phase for the tech sector has likely passed, following a significant digestion of crowded positions and leveraged funds. While short-term volatility may persist, the medium to long-term outlook remains underpinned by enduring trends like AI computing demand expansion and semiconductor localization. The market's focus now shifts to the sustainability of supportive fund flows, earnings reports, and upcoming catalysts from the global AI industry chain.

marsbit5 min fa

STAR 50 Soars 10.73%, Why Did A-Shares Stage a "V-Shaped Reversal"?

marsbit5 min fa

U.S. Tech Momentum Stocks Post Largest Single-Day Gain Ever, But Is the Plunge Over?

US tech momentum stocks staged a sharp rebound on Tuesday (July 21st). Morgan Stanley's TMT Momentum Factor surged over 12%, marking its largest single-day gain on record, exceeding even peaks from the 2000 dot-com bubble. Key momentum indices from Goldman Sachs also posted their strongest daily performances in years. The rally was led by semiconductors, with the Philadelphia Semiconductor Index jumping 4.6%. This rebound followed three consecutive down days and a cumulative 33% plunge in momentum stocks, one of the steepest drawdowns since the dot-com era. Analysts attribute the surge largely to a short squeeze. Heavy selling had pushed high-beta momentum stocks into deeply oversold territory, forcing many short sellers, particularly in Asia, to cover their positions, creating a self-reinforcing buying spiral. However, the rebound's internals appear weak. Trading volume was notably low, and advancing stocks still lagged decliners on the S&P 500, indicating a narrow, concentrated rally rather than broad market participation. Diverging views emerge on the outlook. BTIG warns the bounce has hit key resistance and recommends selling into strength, citing extreme volatility and historical parallels to past market tops. Conversely, Goldman Sachs and UBS believe the momentum unwind is nearing its end, suggesting it may be time to gradually add exposure, as positioning has been significantly reduced. They caution, however, that high volatility warrants a measured approach, potentially using defined-risk strategies. The upcoming earnings season, particularly reports from major tech firms like Alphabet, is seen as a critical test for the rally's sustainability. Simultaneously, bond markets flashed a warning, with yields rising partly due to spiking oil prices. Analysts note that if long-term Treasury yields break decisively higher, it could pose a significant headwind for equities, especially growth stocks.

marsbit12 min fa

U.S. Tech Momentum Stocks Post Largest Single-Day Gain Ever, But Is the Plunge Over?

marsbit12 min fa

U.S. Tech Momentum Stocks Record Largest Single-Day Gain Ever, but Has the Rout Ended?

U.S. tech momentum stocks staged a dramatic rebound on Tuesday, July 21st. Key momentum indices like the Morgan Stanley TMT Momentum Factor and Goldman Sachs' High Beta Momentum Long Index posted historic or near-historic single-day gains, fueled largely by semiconductor stocks. This sharp rally followed a severe three-day sell-off that saw momentum stocks plunge 33%, marking one of the steepest pullbacks since the dot-com bubble. Analysts attribute the bounce primarily to a short squeeze, as forced covering from over-leveraged traders, particularly in Asia, created a buying spiral. However, the rally's health is questioned due to weak market breadth—overall trading volume was low, and decliners outnumbered advancers in the S&P 500 despite the index's gain—suggesting a narrow, concentrated surge rather than broad recovery. Opinions on the sustainability diverge. BTIG strategists warn the rebound has hit key resistance levels, citing extreme volatility and historic stock dispersion as signs of an ongoing broader correction, and recommend selling into strength. Conversely, Goldman Sachs and UBS view the aggressive momentum unwinding as nearing its end, noting reduced positioning and a lack of new fundamental catalysts. They suggest the sell-off presents a selective opportunity to add exposure, albeit cautiously and gradually using defined-risk strategies. The immediate trajectory hinges on the ongoing earnings season, with market focus on Alphabet's capital expenditure guidance for AI investment clarity. Meanwhile, bond markets present a risk, with rising Treasury yields—potentially heading toward 5.5%—and widening credit spreads for mega-cap tech companies posing a threat to equity valuations. The combination of technical factors, earnings results, and macro conditions leaves the durability of the rebound in doubt.

链捕手15 min fa

U.S. Tech Momentum Stocks Record Largest Single-Day Gain Ever, but Has the Rout Ended?

链捕手15 min fa

Bitcoin flashes 3 macro-bottom signals – But can BTC reach $70K?

The article discusses Bitcoin's recent price movement above $66,000 and a shift in market analysis from focusing on a local bottom to a potential macro-cycle bottom. It cites a crypto analyst noting that BTC has flashed three historical technical signals that previously coincided with major market bottoms in 2015, 2019, and 2022, suggesting the current zone could be a strong long-term accumulation area. However, the article also highlights a significant challenge: despite the price breakout, on-chain data shows a lack of supporting liquidity. Stablecoin dominance is rising while the total stablecoin market cap is shrinking, with capital continuing to leave exchanges. This divergence indicates that while the technical setup is bullish, the rally may struggle to sustain enough momentum for a decisive move into the $70,000 region without an influx of fresh capital.

ambcrypto17 min fa

Bitcoin flashes 3 macro-bottom signals – But can BTC reach $70K?

ambcrypto17 min fa

Long-Divided Must Unite, Long-United Must Divide: When L1 Becomes Its Own Rollup, What Is Ethereum's Endgame?

"The Inevitable Cycle: When L1 Becomes Its Own Rollup – What is Ethereum's Endgame?" For years, the Ethereum community grappled with concerns that L2s were fragmenting the ecosystem and eroding L1's value. While L2s provided cheaper execution, they also splintered liquidity and the unified user experience of a single chain. This has prompted a fundamental reassessment of the relationship between L1 and L2. Ethereum's roadmap is evolving. The "Scale" initiative merges L1 and L2 expansion into a holistic framework. L1 itself is advancing with higher gas limits, statelessness, and zkEVM verification, no longer content to be just a low-throughput settlement layer. Consequently, the primary value proposition of L2s is shifting from merely providing cheap blockspace to offering L1 cannot easily provide: application-specific optimizations, privacy features, and flexible governance models. L2s are becoming a spectrum of execution environments with varying degrees of security inheritance from Ethereum. A critical challenge in this multi-chain future is interoperability. The vision is to make Ethereum "feel like one chain again." This relies on advancements in native account abstraction (like EIP-7702) and intent-based architectures (Open Intents Framework), where users declare desired outcomes, and solvers handle the complex cross-chain execution. Furthermore, shortening Ethereum's finality time from minutes to seconds is crucial, as it underpins trust between chains for bridges, stablecoins, and cross-chain applications. Perhaps the most provocative idea is that Ethereum L1 itself could become a form of "its own Rollup." As zkEVM and proof systems mature, high-performance nodes could execute transactions and generate validity proofs. Regular validators would then verify these proofs instead of re-executing all transactions. This blurs the traditional L1/L2 hierarchy, making "Rollup" more of a general execution-verification architecture. Native Rollup aims to integrate L2 validation more directly into the Ethereum protocol, allowing L2s to inherit L1's security more fully and move away from reliance on security councils. In the end, L2s are not destined to replace L1 or be made obsolete by it. The likely future is a unified system where diverse execution environments—each optimized for specific use cases like DeFi, gaming, or privacy—coexist. They will share a common foundation of security, liquidity, and verifiable state, seamlessly connected to restore a cohesive user experience. The next phase for Ethereum is not just about scaling through separation, but about intelligently reintegrating what was separated back into a coherent whole.

链捕手31 min fa

Long-Divided Must Unite, Long-United Must Divide: When L1 Becomes Its Own Rollup, What Is Ethereum's Endgame?

链捕手31 min fa

Trading

Spot