Headline: Burry Flags "Death Spiral" as Silver Token Liquidations Exceed Bitcoin - 2026-02-04

[Para 1: The Lead] Hedge fund manager Michael Burry warns of a "collateral death spiral" affecting tokenized metals, particularly silver, as liquidations surpassed those of Bitcoin on certain crypto venues. This dynamic, driven by high leverage and crowded positioning, has led to significant losses for holders. [Para 2-3: Supporting details & Context] Burry, known for his success in "The Big Short," highlights that on a platform ironically named Hyperliquid, silver tokenized futures liquidations surpassed Bitcoin's during a recent unwind. The volatility in tokenized metals, exacerbated by crowded leverage and thin liquidity, has forced traders to liquidate positions to meet margin requirements. This shift underscores the growing role of crypto exchanges as alternative trading rails for macro trades, which can amplify forced selling in stressed market conditions.