Silver is experiencing significant volatility, and this fever has spread to the tokenization market, as on-chain trading volume increases alongside traditional futures and ETFs.

🔷 Data from RWA .xyz shows that the tokenized transfer volume of iShares Silver Trust (SLV) has increased by over 1,200% in the past 30 days; the number of holders has risen by approximately 300%, and the net asset value (NAV) has increased by nearly 40%.

🔷 Unusual price fluctuations occur when physical silver prices are higher than futures— in Asia, the premium over COMEX has reached double digits, while the London market has fallen into backwardation (current price higher than future price), with levels close to $80/ounce, indicating short-term supply pressure.

🔷 The price increase may be driven by tightening supply, structural demand, and macroeconomic factors supporting it. Notably, China will implement a license for refined silver exports starting from 1/1, raising concerns about a supply shortage.#Gate2025AnnualReportComing #BitcoinGoldBattle $BTC $ETH $SOL