The discussion was sparked after Eric Balchunas, senior exchange-traded fund (ETF) analyst at Bloomberg, highlighted an eye-catching trading anomaly on X.

Balchunas noted that trading volume in the Ishares Silver Trust (SLV) hit $32 billion—roughly 15 times its average daily volume—making it the most actively traded security globally for the session.

“For context,” Balchunas wrote, “SPY is $24b, NVDA and TSLA $16b. Can’t remember the last time something so relatively small took over like this. Gamestop maybe.”

That observation drew a detailed response from Jeff Park, partner and chief investment officer at Procap Financial, who used silver’s explosive trading activity as a foil for bitcoin’s current malaise.

“My latest view on BTC is that this is still a trader’s market,” Park wrote, adding that bitcoin is unlikely to move meaningfully higher without renewed turbulence. He pointed to implied volatility hovering near 38 and weak month-to-date trading volumes, calling the setup “a worse setup for disappointment” when contrasted with activity in the metals complex.

Park also pushed back against a common narrative among bitcoin proponents—that so-called “paper” bitcoin suppresses price discovery. “I have long argued it is quite the opposite,” he said, drawing parallels to silver’s recent meltup.

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According to Park, silver’s dramatic move did not occur because of vibrant physical demand alone. Instead, he argued it was fueled by pressure inside leveraged, financialized markets tied to “paper silver,” where margin rules, liquidity mismatches, and derivative exposure can collide suddenly.

“Silver didn’t have a 6-sigma event because the spot market was so vibrant,” Park wrote. The Procap exec added:

“Silver’s record-setting meltup comes from all the shenanigans behind ‘paper silver.’”

He described commodities markets as uniquely prone to these pressure points, citing their global reach, discretionary frictions, and reliance on narrative momentum. Bitcoin, in his view, is not exempt from those dynamics—it is defined by them.

“To root for bitcoin is to root for its volatility,” Park said. “Anyone who tells you otherwise does not understand the fundamentals of the commodities market.”

Park closed his remarks with a blunt warning to investors hoping for a smooth ascent. “It may not be today or yet tomorrow, but eventually bitcoin is going to rip many faces off,” he wrote. “ Volatility or bust.”

• Why did silver trading volume spike?
  Silver volume jumped due to intense activity in leveraged and financialized markets tied to silver ETFs and derivatives.
• What is Jeff Park’s view on bitcoin right now?
  Park believes bitcoin remains a trader’s market that lacks upside momentum without higher volatility.
• Does Park blame “paper bitcoin” for price pressure?
  No, he argues, financialized markets often amplify moves rather than suppress them.
• Why does Park compare bitcoin to commodities?
  He sees bitcoin as operating under similar global, narrative-driven, and leverage-heavy dynamics as commodities markets.

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