Silver perpetual contracts have recently overtaken trading volumes of major cryptocurrencies such as SOL and XRP on the decentralized exchange Hyperliquid, according to CoinDesk. This development underscores a noticeable shift in trading patterns as bitcoin struggles to establish a clear direction. The SILVER-USDC contract has emerged as one of Hyperliquid's most active markets, with approximately $994 million in 24-hour trading volume reported, highlighting silver's rising prominence in crypto derivatives.

The open interest for silver contracts is near $154.5 million, while funding rates remain slightly negative. This indicates a dynamic market characterized by significant turnover and two-way positioning, rather than a simple speculative long bet. The mix of trading suggests that traders are increasingly utilizing crypto infrastructure to express macro views, moving away from reliance on bitcoin and Ethereum for such strategies.

Interestingly, as silver gains traction, bitcoin's performance has been less dynamic. Glassnode data indicates that BTC is currently trapped in a defensive equilibrium, with cumulative volume delta sharply negative. Sellers are reportedly hitting bids on price rallies, and recent ETF flows have cooled, diminishing a key source of demand for bitcoin. In the derivatives market, open interest has decreased, funding remains uneven, and options skew has risen, signaling a growing need for downside protection rather than a strong belief in upward momentum.

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As a result, bitcoin has experienced periods of stability near $88,000, reflecting a lack of aggressive buyers and a hesitance to leverage positions, while Ethereum has also shown relative underperformance. The current market environment suggests that bitcoin is not being disregarded; rather, it is sidelined. The rise in silver trading on Hyperliquid could be interpreted as one of the clearest indicators of how traders are re-evaluating their strategies amid current uncertainties.

In terms of market movement, bitcoin is hovering around $88,000, experiencing sideways trading as ongoing sell pressure curbs upward advances. Ethereum is trading around $2,300, reflecting a decline over the week and lagging behind bitcoin amidst subdued leverage and risk appetite. Conversely, gold has seen a significant breakout, increasing about 15% over the past month and more than 50% over the last six months, illustrating a broader trend of capital shifting toward hard assets rather than the volatility often associated with cryptocurrencies.

Regional markets are also showing mixed signals, with Japan's Nikkei 225 remaining relatively flat while South Korean auto stocks react sharply to renewed tariff threats from the U.S. The overall sentiment in the market appears to be cautious, with traders likely reassessing their positions and looking toward alternative assets like silver for potential opportunities.