$900B Gone: Silver’s Flash Crash Makes Ethereum Look Small

Silver lost about $900B in 90 minutes on January 26, 2026, nearly three times Ethereum’s ~$370B market cap.

Silver lost about $900 billion in 90 minutes, a figure near three times Ethereum’s full market value.

The move unfolded during U.S. business hours and inside a regulated commodities market, drawing wide attention from both traditional finance and digital asset observers.

Historic Intraday Reversal in Silver Prices

On January 26, 2026, silver prices saw an extreme intraday swing. Prices rose nearly 14 percent and reached record levels near $118 per ounce.

The rally occurred during the morning trading session in New York. Between 9:00 AM and 1:00 PM ET, silver added close to $500 billion in market value.

Trading volumes increased, and momentum strategies added pressure on the upside. Several exchanges reported heavy activity across futures and spot markets.

According to GEM DETECTER, shortly after reaching the peak, prices reversed sharply, and over the next 90 minutes, silver erased about $900 billion in value.

The decline continued for several hours, as liquidity thinned and selling orders accelerated.

Drivers Behind the Sudden Market Collapse

Market analysts pointed to stretched positioning across futures markets. Many traders had entered leveraged long positions after weeks of rising prices.

When prices stalled, forced liquidations increased selling pressure. Several desks described the event as a “no bid” period.

Buyers stepped back, while sell orders continued to hit the market. One commodities trader said, “Liquidity disappeared faster than expected once prices turned.”

The unwinding of leverage played a central role. Margin calls increased rapidly, and automated systems added to the downside.

Exchange data showed liquidation clusters forming within minutes of the reversal.

Related Reading: Ethereum Powers a $5B Stablecoin Revenue Engine Few Are Talking About

Comparison With Ethereum’s Market Capitalization

The scale of the silver decline drew comparisons with major digital assets. Ethereum’s market capitalization stood near $370 billion on January 27, 2026.

The silver loss exceeded that figure by roughly two and a half times. While silver moved hundreds of billions in hours, Ethereum traded in a narrower range.

The digital asset reclaimed the $3,000 level on January 28 after an earlier pullback. Trading conditions remained orderly across major exchanges.

Silver still leads asset performance in 2026. Despite the crash, it remains up about 53 percent year to date.

Ethereum continues to consolidate, as market participants watch macro data and rate expectations.

The episode placed renewed focus on volatility across asset classes. The move occurred in a long-established market with deep liquidity. Trading hours, regulations, and infrastructure did not prevent extreme price action.

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