News

Jinse Finance reported that the current price of silver has risen above $50 per ounce, causing chaos in the London silver market. A massive short squeeze has almost completely drained market liquidity. Traders pointed out that any spot silver short sellers are finding it difficult to source silver, forcing them to pay high borrowing costs to roll over their positions. Some dealers have even booked cargo space on transatlantic flights to transport large silver bars, a costly shipping method usually reserved for more valuable gold. Anant Jatia, Chief Investment Officer of commodity hedge fund Greenland Investment Management, stated that he has never seen a market situation like this before, with no available liquidity for silver at present. This unprecedented situation has caused the premium of the London silver market over the New York market to rise from the usual about 3 cents to over 20 cents. Robert Gottlieb, Managing Director at JPMorgan, pointed out that banks are now unwilling to quote prices to each other, resulting in huge spreads, which is also the reason for the lack of liquidity. (Golden Ten Data)

According to Jinse Finance, on-chain analyst OnchainLens (@OnchainLens) has monitored that six wallet addresses, possibly linked to the same entity, spent 1,130 stETH, worth approximately $4.29 million, to purchase 626,778 UNI, 86,807 LDO, and 885,933 SUSHI.