#金价突破5200美元

#slvon/usdt
Silver, known as the "common people's gold," has recently been sweeping through the global asset markets with an unstoppable momentum. The core driver behind this surge is an unexpectedly violent rally. This market movement not only rewrote silver's price history but also made it stand out in the asset gain rankings, becoming a market focus.

In recent trading, silver prices temporarily broke through the $117/ounce mark, successfully hitting a new historical high. Looking back at the performance since the 2017 crypto market cycle peak, silver has gained approximately 517%, significantly surpassing gold's same-period increase of less than 300%, and slightly leading Bitcoin's 500% rise. According to 8marketcap data, silver's current price remains stable around $110, with a total market cap of $6.18 trillion, ranking second among global assets, just behind gold.

In the face of this rapid rise, investor participation is no longer limited to traditional physical silver purchases or brokerage channel silver fund investments. Tokenized silver products, as well as leveraged trading on decentralized exchanges via trading platforms and on-chain perpetual contracts, are gradually becoming new strategic directions.

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Tokenized Silver Landscape: Only Two Assets Have Sufficient Liquidity
The overall market cap of the tokenized silver sector is approximately $446 million, with a 24-hour increase of around 5.6%. Among many similar tokens, only two products dominate the market with relatively sufficient liquidity, while others have obvious shortcomings.

Kinesis Silver (KAG): Market Leader, Backed by Physical Assets
KAG, with a market cap of $406 million, is the leading tokenized silver product. It is issued by Kinesis, a digital asset platform registered in the Cayman Islands, based in the UK. It complements the platform's gold token KAU, with trading on exchanges such as Kinesis Money, BitMart, and UAE's Emirex.

KAG's core strength lies in its strong anchoring: each token corresponds to 1 ounce of investment-grade silver, fully backed by physical assets stored in globally dispersed vaults. These vaults are insured and undergo regular third-party audits. Additionally, the token supports real-time global payments, allowing investors to redeem physical silver directly without any storage fees.

However, potential risks of KAG should not be ignored. Similar to Tether's XAUT gold token, its value stability heavily depends on the issuing institution’s asset credibility and faces regulatory uncertainties. Due to its market cap, the market depth is limited, and prices can be affected by market volatility, leading to premiums or discounts. Trading efficiency also depends heavily on the platform's order management. Despite these limitations, KAG maintains a 24-hour trading volume of about $5.5 million, ranking second in tokenized silver trading volume.

iShares Silver Trust (SLV): Institutional Backing, Strong Leverage Adaptability
SLV, issued by Ondo Finance, has a market cap of about $39.5 million. Its value is anchored to the physical silver assets of the underlying iShares Silver Trust (SLV) ETF managed by BlackRock, effectively bridging traditional finance and blockchain investment channels.

The core advantages of this token are compliance and convenience: it tracks the regulated traditional SLV ETF, with better liquidity than most similar products. Non-U.S. investors can enjoy instant minting and redemption services. Backed by reputable institutions like BlackRock and Ondo, investors do not need to directly hold or store physical silver to participate in silver asset allocation.

On the risk side, SLV also depends on the credibility of the issuing institution. Investors do not gain direct ownership of physical silver nor can they redeem physical assets. Holding this token incurs ETF management fees, and U.S. investors face strict trading restrictions. There is also potential risk from tightening securities regulations. Currently, SLV is listed on centralized exchanges such as Gate, Bitmart, Bitget, and AscendEX, supporting up to 10x leverage contracts, with a 24-hour trading volume of $21.2 million, ranking first among tokenized silver.

Besides these two mainstream tokens, the market also has products like Silver rStock (SLVR) issued by Solana ecosystem platform Remora Market, and Gram Silver (GRAMS), launched by Token Teknoloji A.Ş, each pegged to 1 gram of silver. However, these products generally have low market caps, poor liquidity, and significant deviation from physical silver prices, making them unsuitable for ordinary investors.

Leverage Trading Channels: Three Major Platforms with Unique Advantages
Beyond spot tokens, various channels such as U.S. stock tokenization platforms, on-chain perpetual contracts on decentralized exchanges, and centralized exchanges have launched silver leverage contracts, with maximum leverage up to 100x, offering investors diversified leverage options.

Hyperliquid: On-Chain High-Activity Trading Channel
As a core on-chain trading platform, Hyperliquid offers the SILVER-USDC contract trading pair, which is highly active, with a 24-hour trading volume exceeding $1 billion, making it a preferred channel for on-chain investors to participate in leveraged silver trading.

Binance: Leading with High Leverage and Liquidity
The leading centralized exchange Binance offers XAG/USDT contract leverage trading, with up to 100x leverage. Since its launch on January 7, 2026, the trading pair has maintained high popularity, with a current 24-hour trading volume of $1.32 billion. According to Binance's official announcement, the platform will adjust the price index components of the XAUUSDT U-based perpetual contract on January 29, 2026, with Dxfeed, Massive, and Pyth each accounting for 33% of the new weights.

Bitget: Stable Leverage Trading Option
Bitget also offers silver leverage contracts, supporting the XAG/USDT trading pair, with a maximum leverage of 50x. Its 24-hour trading volume reaches $174 million, providing a mainstream trading option for investors preferring stable leverage ratios.

Is the Rally Continuing? Multiple Core Factors Resonating to Drive Growth
The current surge in silver prices is not an isolated event but the result of multiple factors including macro policies, market supply and demand, and risk aversion sentiment, with the supporting logic still strengthening.

J. Safra Sarasin strategist Claudio Wewel pointed out that the continued rise in silver prices is mainly driven by two factors: first, the market’s expectations of U.S. rate cuts are cooling; second, silver’s new status as a "key mineral" is restructuring its valuation. In November last year, the U.S. Department of the Interior added silver to the list of key minerals, which not only increases the possibility of tariffs on silver but also intensifies market concerns about long-term supply shortages, prompting U.S. importers to accelerate stockpiling of physical silver.

Meanwhile, gold prices remain at historic highs, discouraging many retail investors and turning their attention to silver as a more cost-effective safe-haven alternative. This shift in market demand further pushes up silver prices. Coupled with the ongoing tense situation in the Middle East, the scarcity and safe-haven attributes of silver resonate, suggesting that there may still be considerable room for its upward movement.