Silver's sharp drop on Hyperliquid HIP-3 triggers $11M liquidations for crypto traders

On January 27 2026, silver trading on Hyperliquid's HIP-3 platform drove record daily volumes of $1.79B, while a rapid price reversal from above $120 to around $101 per ounce wiped out leveraged positions. One whale on the XYZ: silver perpetual futures pair reportedly saw over $8.99B liquidated in a single transaction, contributing to a total of $11M in on-chain silver liquidations.