After silver's liquidation price surpassed bitcoin, "The Big Short" author Michael Burry sounded the alarm of a "death spiral."
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According to CoinWorld, investor Michael Burry pointed out that due to high leverage and insufficient liquidity, price declines have triggered a "collateral death spiral," resulting in large-scale liquidations of tokenized silver futures. On some cryptocurrency platforms such as Hyperliquid, the scale of these liquidations has even surpassed that of bitcoin. This volatility highlights that cryptocurrency exchanges are becoming alternative venues for macro trading, and pressure in traditional markets may lead to unexpected and larger-scale sell-offs.
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