Just observed: Metals have taken a sharp drop, and that also directly hit the Krypto-Märkte. Copper, gold, and silver—what are metals actually in the context of modern trading? For many Krypto-Trader, they are no longer just physical commodities, but tokenized versions that can be traded around the clock. And it was precisely these that took a solid beating on Friday.

The numbers are impressive: copper fell by nearly 4% from over 14,500 to about 13,000 USD per ton, while gold and silver dropped by 4% and nearly 6%, respectively. That sounds like normal market movement, but on the crypto platforms it was different—there, about USD 120 million in positions were liquidated. Silver contracts led the way with losses of USD 32 million. Tokenized bar products lost in some cases over 7%.

Why so harsh? Traders had bet on crypto contracts at the start of the week, because the leverage and 24/7 availability make it seem tempting. When prices then turned, the same market acted as a vent for all risks at once. On top of that, the US dollar strengthened—what are metals without currency dynamics? Exactly, under pressure.

Bitcoin itself behaved relatively independently. Just above 76,000 USD, then back to around 74,500 USD. This actually shows that Bitcoin is now doing its own thing and no longer simply dancing to the classic commodity cycles. The funding rates on the Perps remain negative, so more bearish— but that’s a different story.