
A sharp tokenized silver sell‑off triggered $142M+ in crypto liquidations and spilled into BTC and ETH; this investigative guide explains how tokenized commodities amplify systemic risk and lays out a mitigation playbook for exchanges and traders.

January’s sell‑off was not just spot panic — options flow and concentrated monthly expiries amplified squeezes and liquidations. This guide explains the Deribit positioning that signaled bearish hedging, the expiry mechanics that create squeezes, the metrics to watch, and practical hedging tactics for options traders and risk managers.